Dawes Plan
In 1920, following World War I, the "Länderbahnen" were united to form the "Deutsche Reichsbahn". In accordance with the "Dawes Plan", on 30 August 1924 the state railways were legally merged to form the Deutsche Reichsbahn-Gesellschaft (DRG, German State Railway Company), a private company, which was required to pay reparations of about 660 million Marks annually.