GERMAN CROESUS.
WEALTH FROM PAPER MARKS. POLICE INVESTIGATION. LONDON, Dec. 23. Tho Berlin police requested Jacob Michael, Germany's wealthiest citizen, to explain some recent financial transactions. After tho explanation, Michael departed on a holiday in Switzerland. Michael, at the age of 30, is now Germany's financial dictator and postwar industrial magnate. When tho mark was almost worthless, he sold all his possessions, acquiring a fantastic total of paper marks. When the mark was stabilised, it instantly doubled its value. Within six months Michael was the only man in Germany* with abundant ready money, able to lend to industrial concerns huge sums at 10 per cent. interest. To-day he controls banks, factories, coal mines, hotels, insurance companies, and owns thousands of houses. At the Berlin Bank his deposits total £6,000,000.
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Bibliographic details
Manawatu Standard, Volume XLV, Issue 1210, 7 January 1925, Page 10
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129GERMAN CROESUS. Manawatu Standard, Volume XLV, Issue 1210, 7 January 1925, Page 10
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