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The image shows a newspaper clipping with the headline "Schacht Quits As Bank Head; Bourse Uneasy." The article, written by John Elliott, reports on the resignation of Dr. Hjalmar Schacht, the president of Germany's central bank (Reichsbank), on the eve of a vote in the Reichstag regarding the Young Plan, which he opposed. The resignation occurred on March 7 in Berlin.

Key points from the article:

• Dr. Schacht's resignation came after the experts' scheme for the Young Plan was modified by political delegates at the Hague conferences.
• He had been the president of the Reichsbank for more than six years and was re-elected for another term of seven years in the autumn of 1928.
• The news of his resignation caused a near-panic on the Bourse (stock exchange), leading to a reduction in the Reichsbank's discount rate and a drop in shares.
• Political reactions varied, with some expressing dismay and others considering it an inopportune moment given the upcoming vote on the Young Plan.
• The German Cabinet attempted to persuade Dr. Schacht to postpone his resignation but was unsuccessful.

The article highlights the significant impact of Dr. Schacht's resignation on both the financial markets and the political landscape of Germany at the time.

The image is a newspaper clipping from the Herald Tribune dated March 8, 1930. The headline reads "Schacht Quits As Bank Head; Bourse Uneasy," with a subheading stating "President Resigns on Eve of Vote in Reichstag for Young Plan He Opposes."

The article, written by John Elliott, reports that Dr. Hjalmar Schacht, the president of the Reichsbank (Germany's central bank), resigned from his position. Schacht's resignation occurred during a critical meeting of the bank’s central committee and on the eve of a crucial vote in the Reichstag (German Parliament) concerning the Young Plan, which he opposed.

The Young Plan, which was intended to modify Germany's war reparations following World War I, had been adjusted by political delegates at two Hague conferences. Schacht's resignation was unexpected and caused concern in the financial world.

Following the announcement of Schacht's resignation, the German stock market (Bourse) reacted negatively, with a near-panic situation. Despite a reduction in the Reichsbank’s discount rate from 6% to 5.5%, shares dropped significantly. Reichsbank shares suffered a loss of 15 points, while other prominent stocks like Salzdetfurth, standard potash issues, and electrical shares like Siemens also saw considerable declines.

Political commentators speculated that Schacht's resignation might be a strategic move, coinciding with the final division in the Reichstag on the Young Plan, for which he was a principal signatory.

The article also notes that the German Cabinet had previously tried to persuade Schacht to delay his resignation for a few days but were unsuccessful, as Schacht had already made up his mind to step down.

The image is a newspaper clipping from the New York Tribune dated March 7, 1930. The headline reads "Schacht Quits As Bank Head; Bourse Uneasy," indicating that Dr. Hjalmar Schacht, the president of the Reichsbank, resigned from his position.

The article, written by John Elliott from the Herald Tribune Berlin Bureau, details the following:

1. Resignation Announcement: Dr. Schacht announced his resignation at a meeting of the bank’s central committee, citing opposition to the Young Plan, a scheme for the reparations payments Germany was required to make after World War I. This plan was discussed at the Hague conferences.

2. Background on Schacht: Schacht had been the president of Germany’s central bank for over six years and was re-elected for a second term in 1928.

3. Market Reaction: The news of Schacht’s resignation caused a near-panic on the stock market (Bourse). Despite an announcement of a reduction in the Reichsbank’s discount rate from 6 to 5.5 percent, shares dropped significantly. Reichsbank shares fell by fifteen points, and other major stocks like those of Salzdetfurth and Siemens also experienced notable declines.

4. Political Context: Schacht’s resignation was seen as a political blow, occurring just before a crucial vote in the Reichstag on the Young Plan, which he had been a principal opponent of.

5. Government Efforts: The German Cabinet reportedly tried to persuade Schacht to postpone his resignation, but he was determined to resign immediately.

Overall, the article captures the significant economic and political turmoil resulting from Schacht’s resignation, highlighting the market's immediate reaction and the broader implications for Germany's economic policy.

The image is a newspaper clipping from the New York Tribune, dated March 7, 1930. The headline reads "Schacht Quits As Bank Head; Bourse Uneasy" and details the resignation of Dr. Hjalmar Schacht, the president of the Reichsbank, the central bank of Germany. The article is written by John Elliott and is sourced from the Herald Tribune Berlin Bureau.

Key points of the article include:

1. Schacht's Resignation: Dr. Hjalmar Schacht, a prominent and controversial figure, announced his resignation from his position as president of the Reichsbank on the eve of a crucial vote in the Reichstag regarding the Young Plan, which he opposed.

2. Reasons for Resignation: The resignation was reportedly due to Schacht's opposition to the Young Plan, which aimed to address Germany's reparations following World War I. His opposition was well-known, and it was seen as a political decision.

3. Market Reaction: The resignation caused a near-panic on the Bourse (stock market). Despite an announcement of a reduction in the Reichsbank's discount rate from 6 to 5 1/2 percent, shares dropped significantly. The Reichsbank's shares fell by 15 points, and other major companies like Salzdetfurth and Siemens also experienced substantial declines.

4. Political Timing: The timing of Schacht's resignation was politically sensitive, occurring just before a critical vote in the Reichstag on the Young Plan.

5. Government Efforts: The German Cabinet had attempted to persuade Schacht to delay his resignation until after the Reichstag vote, but he remained firm in his decision.

6. Reactions and Implications: The resignation was viewed as a significant political move, with Schacht being seen as a deserter by some, particularly in the context of the Young Plan vote.

The article provides a snapshot of the financial and political turmoil in Germany during this period.

The image is a newspaper clipping from March 7, 1930, reporting on the resignation of Dr. Hjalmar Schacht, the president of the Reichsbank (the central bank of Germany).

The headline reads: "Schacht Quits As Bank Head; Bourse Uneasy," indicating a significant event in the financial world. The article states that Schacht announced his resignation on the eve of a vote in the Reichstag regarding the Young Plan, a proposal he opposed.

Key points from the article include:

1. Reason for Resignation: Dr. Schacht's resignation was attributed to his opposition to the Young Plan, which he had previously opposed at the Hague conferences.
2. Duration of Service: He had been the president of Germany's central bank for over six years, having been re-elected for another four-year term in the autumn of 1928.
3. Market Reaction: The news of his resignation caused a near-panic on the stock market. Despite a reduction in the Reichsbank’s discount rate from 6% to 5.5%, the shares dropped significantly, with the Reichsbank’s shares losing fifteen points and other significant companies like Siemens and Salzdorf-Furth experiencing notable declines.
4. Political Context: The timing of Schacht’s resignation was politically significant as it came just before a crucial vote in the Reichstag on the Young Plan, of which Schacht was a key opponent.

The article also mentions that the German Cabinet tried to persuade Schacht to delay his resignation but ultimately learned of his decision just before the meeting of the bank committee. He was described as a deserter by the German Cabinet in the context of his decision.

The image shows a newspaper clipping with the headline "Schacht Quits As Bank Head; Bourse Uneasy." The byline indicates the article is by John Elliott from the Herald Tribune Berlin Bureau, dated March 7. The article reports that Dr. Hjalmar Schacht, the president of the Reichsbank, resigned unexpectedly, causing consternation in the German business world. His opposition to the Young Plan is cited as the reason for his resignation. The news led to near-panic on the Berlin stock market, with shares dropping significantly despite an announcement of a reduction in the Reichsbank's discount rate. Political circles expressed dismay, as Schacht's resignation was seen as untimely, coming just before the final vote in the Reichstag on the Young Plan, which he strongly opposed. It is also mentioned that the German Cabinet attempted to persuade Schacht to postpone his resignation, but he ultimately decided to step down.

You are looking at an aged newspaper clipping with the headline "Schacht Quits As Bank Head; Bourse Uneasy." Just below the headline, there's a subtitle saying "President Resigns on Eve of Vote in Reichstag for Young Plan He Opposes." The article is bylined by John Elliott from the Herald Tribune Bureau, dated 1930, New York Tribune Inc. The article discusses Dr. Hjalmar Schacht, the then president of the Reichsbank, stepping down from his position. The resignation seemingly caused unrest in the German financial markets as mentioned by the term 'Bourse Uneasy,' which implies that the stock exchange was negatively affected.

The piece of paper shows signs of wear and tear, with the top right corner being slightly torn, and the paper itself is yellowed, indicating age. Text beyond the portion visible in the clipping seems to be cut off. This suggests that the clipping has been preserved from an old publication and may hold historical value, particularly in relation to the economic history of Germany during that period.

The image shows an old newspaper clipping with an article titled "Schacht Quits As Bank Head; Bourse Uneasy." The subheading states, "President Resigns on Eve of Vote in Reichstag for Young Plan He Opposes."

The article, written by John Elliott, reports on Dr. Hjalmar Schacht's resignation from his position as the president of the Reichsbank. The announcement brought unease to the German financial markets and was met with opposition because of its timing related to the Young Plan. The article goes on to discuss the implications of Schacht's resignation, the political climate, and reactions from various sectors, including the bourse (stock market).

Key points mentioned in the article include:

• Schacht's opposition to the Young Plan.
• The influence of political elements on the plan, notably at The Hague conferences.
• Schacht's tenure and contributions as the president of Germany's Reichsbank.
• Market reactions and near-panic following his resignation.
• Political ramifications and attempts by the German Cabinet to prevent his resignation prior to the critical vote.

The clipping appears to be from the early 20th century, given the historical references and style of reporting.

The image shows a newspaper clipping with the headline "Schacht Quits As Bank Head; Bourse Uneasy." The article is written by John Elliott and dated March 7, 1930, from the Herald Tribune Berlin Bureau. It reports that Dr. Hjalmar Schacht, the president of the Reichsbank, resigned from his position at a meeting of the bank's central committee. Schacht opposed the Young Plan, which had been modified by political delegates. His resignation caused concern and uncertainty in the German financial markets, with shares dropping and a near-panic on the Bourse. The article mentions that Schacht had been president of Germany's central bank for over six years and was re-elected for a second term in 1928. The resignation was viewed as ill-timed politically, coming just before a crucial vote in the Reichstag regarding the Young Plan. The piece also states that the German Cabinet tried to persuade Schacht to delay his resignation, but he was determined to step down.

The image shows the front page of a newspaper article dated March 7, 1930, from the Herald Tribune Berlin Bureau. The headline is prominently displayed at the top and reads: "Schacht Quits As Bank Head; Bourse Uneasy". Below the headline, a subheading states: "President Resigns on Eve of Vote in Reichstag for Young Plan He Opposes".

The article, authored by John Elliott, reports on the resignation of Dr. Hjalmar Schacht, the president of the Reichsbank (Germany's central bank), from his position. The resignation was announced at a meeting of the bank's central committee, just before a vote in the Reichstag on the Young Plan, which Schacht opposed.

Key details from the article include:

• Resignation Context: Schacht's resignation came as a surprise, especially since he had been re-elected for a second term in the autumn of 1928. The article notes that the move was driven by his opposition to the Young Plan, which had been modified by political delegates at the two Hague conferences.

• Market Reaction: Schacht's resignation caused turmoil in the financial markets. The announcement led to a near-panic on the stock exchange (Bourse), with the Reichsbank's discount rate being reduced from 6% to 5%. Share prices of the Reichsbank fell by six points, while shares of companies like Salzdetfurth dropped fifteen points and Siemens fell thirteen points.

• Political Reaction: The German Cabinet reportedly tried to persuade Schacht to delay his resignation until after a meeting of ministers, but he had already made up his mind to resign.

The article emphasizes the significance of Schacht's resignation, describing it as an "unexpected step" and noting that it came at an "inopportune time" on the eve of the final division of the Young Plan, of which Schacht was one of the principal signers. The piece also refers to Schacht as a "deserter," highlighting the political and economic tensions of the time.