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Show 0. S. GAMBLERS IN MARKS TO LOSE BILLIONS by Edward m. THIERRY. NEW YORK; Nov. 3 Gambling in German marks has cost Americans from a billion to two billion dollars. People are still buying marks and other foreign paper "money, but the k flood of speculation suddenly n t r i c 1 1 a few weeks ago. Bankers report that buying was go-inir go-inir on in large amounts In spito of their warnings that purchase of German Ger-man marks was a speculation and not an Investment. It Is believed th it even the wildest speculators have now reached the conclusion that the bubb'.o has burst, wiping out dreams of immense im-mense profits. "Estimates of the amount of American Amer-ican money spent for marks can on made better in Germany than In thl.i country," said Dr. B M. Anderson. Jr., economist of the Chase National bank "I have seen estimates ranging from $1,000,000,000 to $2.000,000.1100. Personally Per-sonally I wouldn't know how to guerfs NO CREDIT PROBL1 IJ "Speculation in German marks has been a big national lo?is, but It Is oj diffused that no credit problem has been created. I know of no institution institu-tion or individual suffering a cerlouj loss. "Tho most serious thing about it Is the. demoralization of Germany, which the crash In marks Indicates Demoralization in Germany Is most serious of course for her closer neighbors neigh-bors France, Great Britain. Koilaud, Belgium and the Scandinavian coun-trles--but it is very' serious for the United States also Germany ha3 r one of our best customers and a prosperous pros-perous Germany Is needed to balance the world's economic life." Dr. Anderson pointed out that While Germany as a whole has suffered very greatly in the financial demoralization a good many Individual German spe ulators havo p'tled up Immense profits. prof-its. Foreseeing the decline In the mark, they borrowed marks on a great scale and used the mto buy for-j elgn currencies dollars, sterling, etc. or to buy goods, common stock cf corporations and other things whose value would not decline with Ihe mark. After the fall of the mark these speculators could sell a small part of their purchases for enough marks to pay back tliolr debts, retaining the greater jjart of the real values they had purchased. Hugo Stlnnej is supposed to have built up much of his great fortune by this method. Other countries havo plunged In German marks. Spain II said to have 1 mm Mill, iiiiii t.r.u.itm inln innrUn by the end of 1920. As recently as last week an Italian put $140 Into German marks at tho rate of 7 cents a hundred, receiving 200,000 marks (which before the war were worth 850,000). At the New York bank where he bought them he was warned that ho might lose T1I3 $14 0. Tho mark since went to 4c a hundred. "Ah!" he exclaimed, grinning, "but I may make a million!" BELL BOY OWNS MILLIONS A small New York hotel has a bell boy, an elevator operator and a door- I man who own several million Polish marks, a million German marks, and i several hundred thousand French francs and Italian lire. Meanwhile reports from Germany , say hat "women there are protecting their savings by putting doubtful pa- i per money Into silk stockings some- tiling they can sell later! How widespread American speculation specula-tion In German marks has become is I Indicated by a letter received by a j New York bank from a small banker In Texas asking whether marks were a "good investment." He was told they ; were a "long shot gamble." Bankers believe, granting the Impossibility Im-possibility of a recovery' In German marks, that they will either go so low ; that they will cease to be used as i means of barter or else there will It? J official repudiation. oo |