U.S. BANKS REMOVE GERMAN MARK FROM LISTS OF FOREIGN EXCHANGES
New York City (JFK+50) On September 14, 1923, the Associated Press reports "the German mark has sunk so low in value that American banks are giving up the task of trying to compute its worth."
The AP says our banks are removing the mark from their lists of foreign exchanges. The National City Bank* is the first major Wall Street institution to "abandon all effort to adjust its figures on foreign bills to the rapidly shrinking paper mark."
*National City Bank (1909-1922) was located on Wall Street to Exchange Place between William & Hanover Streets in NYC.
JFK+50 NOTE
The value of the German mark plummeted as the first WWI reparation payments were made to the Allies in the early 1920s. In early 1922, 160 marks = $1 U.S. In November 1923, 4,200,000,000,000 marks = $1 U.S.
SOURCE
"American Banks Strike Mark Off Exchange Lists," The Evening Star, Washington, D.C., September 14, 1923, Chronicling America, Library of Congress, www.loc.gov/
