BACK TO SAVING HABIT

Poverty Bay Herald, Volume LV, Issue 17180, 10 February 1930, Page 10

BACK TO SAVING HABIT

10,000,000 HIT ON WALL ST PROFITING BY THEIR LOSSES NEW YORK, Dec. 9. Cyrus T. Muggins, the American "John Citizen," is emerging with his head ''bloody, but unbowed." He is a sportsman, with a strong partiality lor lootball and baseball, and he knows that the game of lite has its unexpected jolts which can be met only with courage. Within the past few days two football games, one in Chicago and the other in New York, have drawn enthusiasts to the number of 115,000 and 85,000 respectively, 'ibis is the spirit in which the "paper losses of paper prolits" ure being met. Kuggins, his wile, and even children are accepting the advice of the country's leaders that this is "a period of readjustment," although it seems to them more like the wake of a cyclone. Many American citizens are turning their heads after the black days in Wall Street, and find that they move less comfortably than when the bull market was sending stocks soaring. A LITTLE COMFORT Nevertheless the workers—and all Americans are workers-are putting their hands in then pockets on Jjriduy night and feeling the crisp bills of the week's salary, these have a comfortable sensation ol reassurance, easing some of the pain felt in the eonitemplation of the broker's records of the month's transactions. Doctors and dentists ' say that their bills are being more promptly paid, lor money which previously went into the great" bull market is now used for paying bills. .Behind this sturdiness, however, lie many minor tragedies. if serious unemployment has been checked by President Hoovef's prudent measures and the assurance of help from the big industries, clerks and helpers in some of the luxury trades have found their assistance no longer required. Wall Street's estimate is that 10,000,000 Americans were directly affected by the market's collapse, and, in the woVds of one writer, "these 10,000,000 are trying to get back to the savings bank habit." During the height of the a panic-stricken woman in a broker's office was met curtly by the brokers clerk with the remark: "Aw, go and get wise to yourself." iiuggins and his family are getting wise to themselves, with a quiet heroism that is meeting disaster with a smile.