STINNES TRUST COLLAPSES.

Timaru Herald, Volume XCVIII, 21 July 1925, Page 7

STINNES TRUST COLLAPSES.

Widow’s Desperate Sacrifice

VALUABLE SECURITIES AT BANKRUPT STOCK PRICES.

By Cable—Press Association—Copyright.

Australian ;m<l N.Z. Cable Association. (Received July 20. 5.5 p.m.)

LONDON, July 20. The Berlin correspondent of tho “Daily Chronicle'’ states that when Herr Stinnes died he controlled 11388 concerns. The vast Trust has now been pulled down iu a few days by Frau Stinnes, the widow who, with iron nerve and determination, has laid low the tower of babel her husband’ erected, selling desperately in order to rescue a. little from the wreck. The two sous proved quite incapable of carrying on the father's business. Under Frau Si: nines’,s orders, hundreds of concerns, big and little, have been sold at bargain prices, iududing S,Ui)(),(J(JO marks worth of shares in.the Berlin Handels Geseilsschatt, which hud been of immense value when the Trust required credit. Tbeso share* had become worth 1.'1.0U0.000, but Frau Stinnes sold them for 10,000,000. The bank therefore has shaken off the undesirable Stinnes interest, and made a profit of 3,000,001) marks. The Rhineland and Westphalian electricity works,, of which Herr Stinnes was specially proud, were sold to a rival firm called the United Industries Undertakings, at a bankrupt stock price, though the nominal capital- was valued at £6,000,000. The Stinnes Company, for trading in tho East, will be closed down, as will the Russian Trading Department. The Stinnes shipping lines will bo sold to American and German concerns. The palatial offices of “Deutsche Allgemein Zeitung,” were sold at an amazingly low figure. The Prussian Government bought large portions of the Trust’s landed estates. Practically the whole of the Trust, except a few iron and coal interests, has been broken up. It was too complicated for anyone to control, except a master mind.