The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1922-10-08
j. 5. GAMBLERS
IN MARKS MAY
LOSE BILLIONS
Bankers Report Speculation
Goes on Regardless of the
Warning Given Those
Who Invest.
BY Edward VI. Thierry

NEW YORK Gambling in German
marks has cost Americans from bill.
lion TO Two billion dollars
People are stin buying marks and
other foreign paper money!" but the
big flood OF speculation suddenly stop
ped few weeks ago.
Bankers report that buying was going
ON in large amounts in spite Of their
warnings that purchase of German
marks was "A speculation auG not an
Investment. 1t j. Believed that even
the widest spectators have now reach
the conclusion that the bubble has
burst, wipng out dreams OF immense
profits.
Estimates OF the amount of Ameri.
can money spent for marks can be
made better in Germany than in this
country said Or. K NJ Anderson. Jr..
economist Of the Chase National Bank.
Il have seen estimates ranging from
sl00OO00,000 to $1,000 goo coo Person.
ally l wouldn't know how to guess"
National Loss Large
Speculation IN German marks has
been big national loss. but it is 50
diffused thar no credit problem has
been created. know OF no institution
or individual suffering a serious loss.
"rhe most serious thing about it is
the decentralization of Germany which
the crash in marks indicates. Demoral-
ization In Germany is most serious Of
course for her closer neighbors- France,
Great Britain, Holland, Belgium and
the Scandinavian counuies--but it is
Very serious for the United States also
Germany has been one OF our best Gus.
toners and prosperous Germany is
needed to balance the worlds economic
life"
DR.. Anderson pointed out that while
Germany as i whole has suffered very
greatly in the financial Generalization,
good many individual German specu.
lators have piled up immense profits.
t'oreseeing the decline in the mark. they
borrowed marks on great scale and
used them 10 buy forfeign currencies-
dollars sterling. etc or to buy goods.
common stock of corporations. and 9th.
er things whose yslue would not decline
with the mark
After the fall of the mark these spec.
ulators could sell small part of their
purchase for enough marks 10 pay
back their debts. retaining the greater
part or the real values they had pur.
chased. Hugo SHINES is supposed 10
have built up much OF his great for.
tune by this method
Other countries have plunged in Ger.
in T.
put l.O00,O00,000 pesetas into marks by
the end OF 1920
As recently as last week an Italian
put $40 into German marks at the rate
OF Z cents hundred receiving 200 600
marks (which before the war were
worth s50,O00J At the New York
bank where he bought them he was
warned that ne might lose his sl4O.
All he exclaimed, srinnins but
/ may make million"
Lab0rers Own Millions
small New York hotel has a bel
boy, an elevator operator and q door
man who own several million Polisf
marks. 4 million German marks anc
several hundred thousand French
francs ana Italian lire
Meanwhile reports from Germany say
that wemer there are protecting theil
savings by putting doubtful papel
money into silk stockings -somethin.
they can sell later
How widespread American specula
ton Ia German marks tas become Il
Indicated by letter received by & New
York bank from 4 small banker il
Texas asking whether marks we're
good investment he was iold the!
were long shot gamble"
Bankers believe granting the impos
eioility of recovery ia German marks
that they viii either go SO low tina
they viii cease 70 be used 4s a mean
OF barter OF else there VIII bs oftic.a
JspudlRtlon
In either case American speculator
win have one o. Two billion dollar
worth OF wallpaper Oh their hands.