THE STINNES TRUST

Otago Daily Times, Issue 19500, 8 June 1925, Page 7

THE STINNES TRUST

AN APPARENT COLLAPSE. RAPID BREAKDOWN REPORTED. Press Association—By Telegraph—Copyright. BERLIN, June 5. (Received June 6, at 5.6 pm.) The Stinnes Trust is being split up. The proposed reorganisation has been brought' to a head by the withdrawal owing to family differences, of Dr Edmund Stinnes. The task of controlling the vast interests proved an oyenvhelming burden for Hugo Stinnes junior. It stated that tlie bankers are not curtailing their financial policy towards the Trust. Indeed, they arc willing to extend credits if necessary, though there was great anxiety during the period of transition from inflation. There has also been a slump in the circulation of tho Stinnes newspapers. Under the heading “Stinnes Collapses” Yorwaerts declares that tho Trust experienced an extremely rapid breakdown.—A. and N.Z. Cable. LIABILITIES ABROAD. ■ UNABLE TO BE MET. AMSTERDAM, June 5. (Received June 6, at 5.5 p.m.) Reports from Berlin state that the Stinnes Trust is unable to meet its liabilities abroad, amounting to 120,000,000 marks. Efforts to obtain new credits in the United States failed. —A. and N.Z. Cable. THE BOURSE DEPRESSED. ASSISTANCE FROM THE BANKSBERLIN, June 6. (Received June 7, at 5.5 p.m.) The Bourse is depressed fearing that the Stinnes collapse is the forerunner of similar trouble. The large banks with the co-operation of the Reichsbank are coming to the rescue of the Stinnes Trust with 40,000,000 marks to prevent the complete collapse of the organisation which encountered a financial crisis, alleged to be duo to taking up too many short-term credits, which it was unable to meet upon maturity.—A. and N.Z. Cable Herr Hugo Stinnes, chief among the captains of industry’ in Germany, with interests embracing many spheres of commercial activity, died in April of last year. Evidently the loss of his directing influence and organising ability has been too much for the vast concerns which ho built up to survive.