Salt Lake Tribune | 1919-08-23 | Page 16 | Speculators Take Advantage of Foreign Exchange Slump

Speculators Take Advantage . of Foreign Exchange Slump SPECULATORS are buying drafts from Salt Lake banks on Italian Ital-ian and German banking houses, anticipating an advance ad-vance In the rate of exchange, according to local bankers. One bank yesterday reported the sale of several thousands of dollars' worth of drafts on Italian banks within the last few days. At present pres-ent the Italian lira fs quoted at 10.52 cents, or a little more than one-half Its normal value. Hoping to realize large profit from his Investment, i one Italian yesterday bought a draft for more than- $2000. Another banker said he had sold nearly $10; worth of drafts on German Ger-man banks recently. Tho mark is now worth 6 cents, he said. Before the war It was equal to 24 cents in American money. Those who have Invested in Italian and German drafts anticipate that these countries will increase their exports ex-ports and will Increase the value of the lira and mark sufficiently so they will realize large profits by sale of , their drafts. !