GAMBLING CRAZE IN “WAR BABIES.”

Taihape Daily Times, 30 July 1919, Page 5

GAMBLING CRAZE IN “WAR BABIES.”

.-———-——-o—-—j—- . '.The ~,;Vlational'l“'ms"l3‘ol't‘;__ of, ,s_pech-l»atilig- ~ ins Wall ‘Street, lile‘za..(li“ri‘g"",7-:i‘i'li'_ many __cases - ; to an-'tl'all'sfornlglltion from-‘a state of V compai'ative‘?p'oi}'crty to efl’lue'nce- with- ,5 out. any personal-exel".t~ioil, is due to phe-A. nonienal prosperity, says the New York correspondent of the Weekly Disptitch. 0'! The stocks of “war babics”—companics engaged- in War work-—-have multiplied in value V-tens and hundreds of times. ' - Of the lucky‘ 17,000 men and WO-men who C4iII‘IICd. a. million dol\l'-ars (£200,000) V 7000, according to th'e Income-tax Commissioners, are small saftadied clerks and others resident in New York, who were bit-ten with the Stock-market ~ germ and who, posseing advance'- information, invested -small sums in “margins” of war-baby stock, and made ‘unhexa.l'd.—of gpro-fits. The new millionaires include a large proportion" of women who took chances in Wall Street with the savings of their househql'd allowances, end were certainly swept by the ‘mael-strom of War profits into the ranks of the iwell-to-do‘. . There is a reverse side to the pic—.. ture', accordingto "the revenue collector of New York, and that is the host of men .-and women who lost their ‘ small savings in the stock market. No statistics are available regarding those losers, but it isigenerally believed 5' "in 'fina'n_cial cirezl'es that-for every new millionaire there. are at least aQdozen' yruined workmen, who are deprived, not only of their savingse, but of the impetus that made it possible for them to save anything out of their earnings.