MASTER MIND GONE.

Taranaki Daily News, 21 July 1925, Page 7

MASTER MIND GONE.

COLLAPSE OF VAST. TRUST, STINNES’ CONCERNS SOLD. IXOO BIG TO CONTROL, By Telegraph.—Press Assn.,—Copyright. Received July 20, 5.5 p.m. London July 20. The Berlin correspondent of the Daily Chronicle states that when Herr Stinnes died he controlled 13'89 concerns, but the vast trust has now been pulled down in a few days by Frau Stinnes, his widow. With iron nerve and determination she has laid lower the Tower of Babel her husband erected, selling desperately in order to rescue a little from the wreck; Her two sons proved quite incapable of carrying on their father’s business. Under Frau Stinnes’ orders hundreds of concern? big and little have been sold at bargain prices, including eight million marks worth of shares in the Berlin Handelsgesellsschaft, which had been of immense value when the trust required credit. These shares had become worth thirteen million, but Frau-Stin-nes sold them for ten million. The bank, therefore, has shaken off an undesirable Stinnes interest and made a profit of three million marks. The Rhineland-Westphalian electricity works, of which Herr Stinnes was specially proud, were sold to a rival firm, called United Industries Undertakings, at a bankrupt stock price, though the nominal capital was valued at £6,090,000. Stinnes’ company for trading in the East will be closed down, as will the Russian trading department. Stinnes’ shipping lines will be sold to American and German concerns. The palatial offices of the Deutsche Allgemeine Zeitung were sold at an amazingly low figure. The'Prussian Government bought large portions of the trust’s landed estates. Practically the Whole trust, except a few iron and coal interests, has been broken up. It was too complicated for anyone to control except a master mind.