Az Eszterházy Károly Tanárképző Főiskola Tudományos Közleményei. 1994. [Vol. 2.] Eger Journal of American Studies. (Acta Academiae Paedagogicae Agriensis : Nova series ; Tom. 22)

STUDIES - Tamás Magyarics: The (Re) creation of the Relations between the US and the Successor States in Central Europe after the First World War

of Hungary to the U.S. be funded into bonds in the value of $1,939,000. Within the period between 1921 and 1925 there was one more treaty to be signed on June 24, 1925, that of Friendship, Commerce and Consular Rights.

4

3 Actually, American private banks also took part in financing the reconstruction loan given to Hungary in July 1924. Baring Bros, and Co., Rotschild and Sons, J.H.

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4 Schroeder and Co. issued bonds in the nominal value of £ 7,902,700, while Speyer and Co. of New York offered bonds for £ 2,276,801. As the total amounted to £14,386,583, it was obvious that the major fiscal agents were the Americans.

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5 The interest taken in Hungary's economic life by the Ameridan banks did not stop here. In April 1925 J.H. Schroeder and Co. of London formed a syndicate to purchase a large block of shares of the Hungarian Commercial Bank of Pest The U.S. and Foreign Securities Corporation and J.H. Schroeder Banking Con), also participated in the deal.

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6 As usual, the oil industry of Hungary also attracted the American firms. Standard Oil of New Jersey and Wortlington Pump and Machinery Co. had subsidiaries and branches in the country. In general, chiefly in the new branches of industry did American companies have direct and/or indirect interests. Thus, the bulk of the newly issued stocks of one of the most important factories of the Hungarian electro-technical industry, Ganz Works was bought by General Electrics; and the telephone factory section of Hungarian Egyesült Izzólámpa és Villamossági Rt. was made independent and developed with American capital under the name of Standard Villamossági Rt.

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7 As for Ganz Works, it even penetrated into the American market with galvanometers devised by Ottó Bláthy. Another great beneficiary of the American capital was Rimamurány Ironworks. It alone re4

3 (H.R. 8905), (Public, No. 128), Statutes, 1924, Public Laws, 136. 4

4 Papers, 1925, Vol. 2, 341—357. 4

5 The figures are taken from V. N. Bandera, Foreign Capital as an Instrument of National Economic Policy (The Hague: Martinus Nijhoff 1964) 27. 4

6 Cf. Dunn, op. cit, 152. 4

7 Berend and Ránki, Economic Development, 234—5. 87