Waltershausen estimated her investments in Russian Government securities at $750,000,000.

This gives a total of $1,225,000,000, which is to some extent borne out by the figure of $1,000,000,000 given in 1911 by Dr.Ischchanian as a deliberately modest estimate.

A Roumanian estimate, published at the time of that country's entry in the war, gave the value of Germany's investments in Roumania at $20,000,000 to $22,000,000, of which $14,000,000 to $16,000,000 were in Government securities.

An association for the defense of French interests in Turkey, as reported in the _Temps_ (Sept.

8, 1919), has estimated the total amount of German capital invested in Turkey at about $295,000,000, of which, according to the latest Report of the Council of Foreign Bondholders, $162,500,000 was held by German nationals in the Turkish External Debt.