South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-04-22
MONETARY DECLINE
CAUSES WRECK OF
RUSSIAN FORTUNE
Fortune of Odessa Banker
Shrinks as Exchange
Value Dwindles.

CONSTANTINOPLE, April o.
Spiridion Gromoff was a bank direc-
tor in Nikolaeff, not far from Odes-
sa. and when the war broke out his
fortune had mounted to about 500
600 rubles Besides. he owned sew
eraI pieces of land in the district Of
Kieff He and his young wife, with
their two children. are in CONSTANT
nople now, penniless refugees.
Rubles to Mr.. Gromon were just
merely rubles. In Russia, before the
revolution, he was a man Of wealth,
almost a millionaire, and he believed
in Russia. That was why he never
put away any Of his wealth in Lon
don, Paris or New York for the rainy
day.
Rich Man.
In the good old days his cash ac-
cumulations alone made him a rich
man according to Russian standards.
His 500, 900 rubles were worth about
so 600 pounds sterling In Ameri-
can dollars his rubles meant $500
600. As the revOlutiOp wore out
however. the ruble kept losing its
exchange value so rapidly that by
coup d'etat his rubles on the London
exchange would have brought him
something like $500 pounds sterling.
But by that time also his money had
ceased TO earn money and he had
dug deeply into his cavings. and as
a matter Of fact he really could have
gotten only about 1900 pounds ster-
ling for what remained.
Since the bolshevik regime and
during the civil war which followed.
Mr. Gromoff's bank was little more
than a wierd joke. Ii brought him
nothing He lived on his remaining
cash. spending on the average 5000
rubles a month to keep his wife,
children and himself alive. During
last years bolshevik occupation of
Odessa ne moved to that city from
%ikoIaeff and he hoped persistently
for better days. When Denikin cap
tured the great port town ne was
sure something of his ruins could
yet be saved
Dcprcciates i'm Value.
But as the weeks passed. the ruble
depreciated swiftly and at the end
when he and his family were about
10 board the refugee boat for Con
Stantinople. his remaining ZOO,OO0
rubles were selling at 5000 10 a
pound sterling. That is what he sold
his own rubles for, and he landed
here with the imposing sum Of ~
pounds sterling.
Mr.. Gromoff's is one of thousands
of instances Of Russian millonalres
and near millionaires turning into
pauDers-the kind that come every
day now 10 the American Red Cross
beadouarters FOR relief They are a
Gloomy lot for the most part, as
Russians generally don't believe M
concealing their feelings. either I'm
good or bad luck. They are like big
children. and they need careful
handling. Ii isn't easy for man
who was a millionaire only a rev
months back 10 go begging for a
roof and food.
since his arrival in CONSTANT
ponIe Mr.. Gromoff has spent nearly
half Of his 80 pounds sterling. He
called at the Red Cross headquar-
tors only when he realized clearly
that i'm a few days he his wife and
children would find themselves IN
the streets of Constantinople with
notbing 10 eat and no beds
Like hundreds OF others, Mr.. Gro
u,of has been found a roof and a
mace To eat. and his wife and chill
dren have been taken in by Greek
family Mr.. Gromof wants 20 work.
bur work is even harder 10 md than
a house and dinner table, and mean
while his mood isn't a sunny one.
Being a millionaire IS not a STEADY
/ lob in Russia these days.