estimates more widely at variance with each other. It is generally known that these speculative purchases have been very numerous and very widespread. Whether they amount to large figures in dollars is by no means so certain. It is to be noted that even very considerable purchases, as quoted in the foreign depreciated currencies, would be reduced to inconsiderable figures when stated in dollars.”
In the Chase Economic Bulletin, Vol. I, No. 1, it was estimated that the internal European securities held in the United States represented $155,000,000. John H.. Williams, however, estimates that $75,000,000 of these securities was purchased in 1919 and $100,000,000 in 1920. Previous to that time, especially in 1916, there had been large purchases of Russian internal bonds. The Russian financial authorities in this country estimate that between 100,000,000 and 200,000,000 rubles of the Russian internal bonds were placed with American investors in 1916 and 1917, but there seems to be no very definite grounds for their figures. In the absence of any better information we may assume the amount at 150,000,000. These bonds were largely sold at the price of about $300 per 1,000 rubles. We may estimate roughly an American investment of about $45,000,000 in this issue.
There have also been large purchases of French, Belgian, Italian, British and German internals. Recently South American internals commenced to attract the attention of speculators. The principal feature of internals is the speculative possibility through an advance in exchange. With the currencies of almost every nation of the world at a discount as compared with the dollar, the opportunities for appreciation of
