1925−1943: Hans Baedeker (1874−1959), the eldest son of Fritz Baedeker, took charge of the company in difficult times. His two brothers, Ernst and Dietrich, were with him, running the company. The firm had lost heavily by investing in government bonds during the First World War. The war had not only wreaked havoc on tourism, it had also resulted in anti-German sentiments around the world, particularly in America and France, where the guidebooks had been very popular and from where tourists had come in droves. Rising inflation, too, played its part in affecting tourism and the balance sheet of the publishing house.