SPECULATION MANIA

Poverty Bay Herald, Volume LIV, Issue 16704, 23 July 1928, Page 2

SPECULATION MANIA

DECREASE IN NEW YORK'S SAVINGS NEW YORK, Ma v 26. A decrease of nearly £5,006,600 in savings banks deposits in New Y.ojfk last month is attributed in part to Unemployment, but more especially to the mania' for speculation in Wall Street, which has apparently spread throughout the country. Investigation show's that people once regarded as "conservative" not infrequently withdrew the savings of years to' buy securities on a marginvery often without the most elementary ideas regaiding stock market speculation and investment, Office boys who formerly backed horses now pool their resources to buy five or ten shares of speculative stocks. Small business men, tired of the low profits due to competition, says Mr. Reginald Roome, president of the Excelsior Savings Bank, New Pork, are turning to the market "to make money quickly.'' Women, he adds, speculate in ever-increasing numbers to btty spring clothes and to imitate their girl friends who become rich in Wall Street. On the other hand, it is reported that a movement sponsored by American business men to expose fraudulent promotors who sell worthless stock has been very successful in the last 12 months.