Under the slogan “Christian capital must be freed from the hegemony of the Jews” there were established in Austria after the war a chain of banks exclusively for “Arian” business. The inefficiency and corruption which went into the creation of these banks and into their management was disclosed recently through the bankruptcy of the anti-Semitic Deutsche Bodenbank and the so-called “official” Merchants’ Bank.
Now we learn of the failure, under even more scandalous circumstances, of the anti-Semitic, Arian North-Austrian Bank. The scandal is so outrageous that the government has decided to investigate the matter. After announcing their insolvency the officials of the bank were afraid to show their faces before the depositors and creditors. The police actually had to drag them out of their beds, one by one, after which they were hauled into court and put to a rigorous crossexamination.
This bank was organized by a Swede, Niels Hugo Lenquist, who created a board of directors composed of clerical, anti-Semitic Austrians. Through publicity and advertising which cost a fortune and attempt was made to acquire a large number of depositors. But after some time it appeared that the number of depositors was much insufficient compared to the expenses under which the bank was laboring. From reports made now it is seen that the bank’s assets are less than 10 million marks, as against 25 million in liabilities.
It is now made known that the anti-Semitic board of directors of this Arian bank, in their corruption and inexperience, financed various unprofitable businesses which resulted in great losses to the bank.
Having noticed some time ago that they were headed for ruin the directors of the bank decided to sell their business to the “Overseas Banking Co.,” an English firm. In this connection it is interesting to note that the Christian-social government conspired with the officials of the bank, for when the Englishmen requested Dr. Grimm, Finance Minister, for information regarding the North-Austrian bank, he gave them a favorable report, and it was on his advice and good faith that the Englishmen bought up the majority of the bank’s stock. In making the transaction the honest Arian board of directors guaranteed that the bank’s operations could be conducted within the minimum limits of the original capital invested.
Before long the Englishmen discovered the true state of affairs and demanded the 300 million which they had given as deposit, but they could get no satisfaction from the board of directors which was composed entirely of members of the “Arian Association”. Of course the Englishmen are now taking action against the “honest” Arians.
But in the meantime the depositors cannot get their money. Among those who suffered heavily through the bank’s collapse are members of the Austrian aristocracy, leaders of the clerical, anti-Semitic element and a number of prominent monarchists.
This is the way Christian capital is being freed from “the hegemony of the Jews”!
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
