HOARDING IN U.S.A.

Dominion, Volume 26, Issue 182, 29 April 1933, Page 13

HOARDING IN U.S.A.

100,000,000 Dollars a Day

PRESIDENT’S FIRM MOVE

The present troublous financial period in tbe United States is referred to by Mr. Harry N. Holmes, former secretary of the Y.M.C.A.. Wellingtou, who is now field secretary’ tor tlie World Alliance for International I’Tiendship through the churches, Now York City. Writing on March 31 to Mr. A. Leigh lluut. of Wellington, lie says: ”Wo have been passing through a terrific crisis in Ibis country which threatened the stability of our whole credit, structure. Until President Roosevelt took action and closed the banks for a week money was going into hoarding at the rate of 100 million dollars a day. and (housauds and thousands of people were cashing in their insurance policies. There was a line four deep extending several blocks drawing money from our greatest savings bank. "The situation has cleared by the decisively strong action of the President. After being in Now York those days I have nothing but. admiration for Hie stadiness of'tlie people in that great emergency. There was a good will and good humour and willingness to help each other Hint was really splendid. "We aro hoping Hull Hie economic conference will settle the exchange business which is hampering the economic life of Hie world, and once and for all selfie tlie war debts. "The batik shares of America are best imiiunted iu tbe fact that National City sluires sold three years ago for -ISO dollars each: lliey are now selling for •JO dollars. “We surely have lost: touch with the inlinite. The intangible and invisible things whii’li were forgotten are now appearing in their right proportions. After all. wo have not as much to live with, Iml. we have just as much to live for.”