CERMAN CROESUS.
WEALTH FROM PAPER MARKS. POLICE INVESTIGATION. LONDON, Dec. 23.—The Berlin police requested Jacob Michael, Germany's wealthiest, citizen, to explain some recent financial transactions. After the explanation, Michael departed on a holiday in Switzerland. ’ Michael, at the ago of 30, is now Germany’s financial dictator and postwar industrial magnate. When the mark was almost worthless lie 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, insuraoe companies, and owns thousands of houses. At the Berlin Bank his deposits total £6.000,0C0.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/PBH19250109.2.56
Bibliographic details
Poverty Bay Herald, Volume LI, Issue 16630, 9 January 1925, Page 5
Word Count
128CERMAN CROESUS. Poverty Bay Herald, Volume LI, Issue 16630, 9 January 1925, Page 5
Using This Item
The Gisborne Herald Company is the copyright owner for the Poverty Bay Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of the Gisborne Herald Company. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.