THE MILLIONAIRE CUSS

New Zealand Times, Volume LIV, Issue 12652, 12 January 1927, Page 9

THE MILLIONAIRE CUSS

ELEVEN THOUSAND IN U.S.A. AND A CLUB FDR. FAILURES. According to statistics based on in-come-tax returns, the United States contains no fewer than 11,000 people who are worth over a million dollars {.£200, 000). This is a decrease of 800 compared with fne year 1917, when the industrial anc dommercial boom created by the war was at its height. The boom collapsed in 1920, and in the slump that followed the number of dollar millionaires in the United States was reduced to 8000.. It was during the depression that 6et in after 1920 that a Chicago philanthropist founded a club for millionaires who had lost their fortunes. Membership of the club was free, and every comfort was provided, including bedrooms with bathrooms attached, and free meals at the club dining-room. It was stipulated by the founder in the rules drawn up the management of the club that beneficiaries shmild have acquired their wealth honestly, in the first place, and should not have lost it through dissipation. "There is plenty of provision for the industrial poor, but the world takes small account of the rich wlio through no fault of their own have Become impoverished,” said the founder of the club.