Altoona Mirror from Altoona, Pennsylvania on November 7, 1929 · Page 23
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Altoona Mirror from Altoona, Pennsylvania · Page 23

Altoona, Pennsylvania
Issue Date:
Thursday, November 7, 1929
Page 23
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fHE ALTOONA MIRROR—THURSDAY,,NOVEMBER 7, 1929 STOCK CRASH HIT SMALLER PLAYERS Clarence Saunders Details His Bucking Wall Street . and Warns Against Buying ' on Margins. By NEA Service Correspondent. MEMPHIS, Tenn., Nov. 7.--"It's foolish business for any Individual to try to beat the Wall Street crowd, for In the end there is bound to be only one result—disaster for the Individual." ',. Thus d6es Clarence Saundera, grocery chain store king, comment on the spectacular Wall Street debacle of the last few days. Saunders knows what he la talking about. There was a time when he thought he had Wall Street licked. He bucked Wall Street with $16,000,000 In cold cash. Then, a day or so later, he woke up to learn that Wall 1 Street had him licked, proper. He put on a cpme-back and he'a very wealthy today—but he didn't get it in the stock market. It was only a few short years ago that Saunders found out about Wall Street. As head of Plggly-Wiggly He had run up paper profits of $30,000,000, taking a railroad car full of cash to New York under his own v t heavily-armed guards to work on. kaPhen, unexpectedly, the New York /"''Stock exchange suspended the rules, gave a five-day extension for stock deliveries—and Saunders went back to 'Memphis stone broke. Wall Street ridiculed the ex-grocery clerk as "the country boob from Tennessee." He came back, though, now has 500 stores of his own and is worth more than he evet was before. In three years he returned • to a millionaire •from semi-poverty. But he didn't put . : a dime In Wall Street during the recent upheaval, and the present crash Is to him a matter of academic interest only. . "My .advice to the great mass,' of American men and women," he says, ,"18'to refuse absolutely, whatever the temptation, to buy or sell stocks on margin. Such stock trading Is gambling and nothing else—und when you ,do it you'll get gamblers' loss more times than you'll ge£ gamblers' luck. . "What has happened In the stock market is just 'what had to happen The only question was, 'When?'" "Who Is to blame? That ia a ques^ tion that, can be answered In two ways. If the banking' interests of .the country, 'Including the Federal Reserve system, are to be held ,to a supposed duty of protecting the great mass called the American pubr lie, then they are to blame. "If the gullible public is to be left to • its own cupidity and ignorance \vithout the guiding hand of those^ in a position to guide, and with the powerful .r'ch left free' to feed on that cupidity and gullibility as long as there Is a pound of flesh left, then the blame must be against that cupidity and Ignorance. "Propaganda has poured out all over the country for the past few year* that the high and higher prices ' quoted on listed stocks were justified by the Immense prosperity then in effect and that was bound •• to follow —*yet at the same 'time the earning statements of many corporations did not show; as .much'-lncorne per share o£ stocks as would equal; one-third of the interest rate being charged for ^ihoney borrowed to carry .such stock. "Nobody but a, gullible fool would borrow money on silch .a basis ex 1 - cept with .the certainty that there was another sucker 'that/would take the load from him at a profit, and it seems that there-were too many of these suckers for thelr^ own 'good. "The money lender is the profit maker out of this wild orgy of uncontrolled gambling and speculation. The man and woman of moderate or small means haa been stripped'of his or her savings. The big rich have been made richer, for they first sold at a huge profit and now they can buy back (because they .have the cash the little fellow ' got squeezed out of him) at their own price the same stock they sold at a high price. "Most Americans are born gamblers. They want to get rich at some• body else's expense, and this same spirit and. desire 'is' in the hearts, of the little rich as well as in the hearts of the big rich. The only difference is that the big rich know their onions, LOSf FOftftWt Clarence Satinderg . . . he tried to beat Wall Street with $18,000,000 In cold cash—and 'failed. and when they make an occasional mistake they have plenty of resources for another try, whereas the little rich take a fling to win all or lose all, which in many cases will finally mean lose all. "I have been accused of trying to buck Wall Street. And buck them I did, with all the fight that was in fne; but my march into Wall Street with that reputed 'train of money' was not for the purpose of trj lag my wits and financial strength against the powers that be but simply 'to do all I could to keep the stock market sharks from ruining my business." Asked what effect the Wall Street crash would have on business, Saurt ders replied: "There's some slowing up in business, but on the whole the country is prosperous and I think it will continue on such a basis for a long time to come, regardless of what happens in Wall Street." ' • • • ' .At the height of his wealth before the crash 1 came Saunders built an enormous mansion here—the "pink palace," as it was called. When the crash came it'wa's sold under the auctioneer's, hammer, as was. nearly everything else,' Saundera possessed Now the city has it, transforming it into a museum. Saundera, 'wealthy again, now has a new home—a lo'g cabin in the middle of a 300-acre estate a few miles from Memphis. Its simplicity symbolizes his desire to get away from Wall Street—and stay away. ' MOTHER BEAR AND CUBS . DAMAGING FRUIT TREES WILLIAMSBURG, Pa., Nov. 7.— Bears which have been doing considerable damage within three blocks of the central part of Willlamsport, have been seen in numbers as lajrge as six at 'onetime. They have been injuring limbs and fruit of trees by climbing. It is known that a mother and t cubs are doing the chief damage,' bul three others also visit the orchards. AFTER AIX THE SIGNS. FORT WORTH, NOV. c-J.—A. E. Hunter either doesn't believe in signs or \they don't impress him. While Nathan Rubenstein was filling his,.gaa- oline tank at a filling station recently. Hunter str.uck a match. An .explosion followed which seriously burnec Rubenstein. He entered a damage ault against Hunter for $10,000. Cook the Modern Way Wltb » HOT POINT ELECTRIC RANGE . * J. E. Heaps Electric Co. 1001 Chestnut Ave. Phone 2-1022 Latest—finest—the outstanding value in modern radio. This seven-tube Screen-Grid Bosch Radio in a De Luxe Cabinet of old English Design provides you with radio in its most modem form. Engineered to Screen-Grid with • Selectivity, Sensitivity and Tonal quality that commands th<? expert's admiration. A quality'radio but not high priced—less tubes—$240. Altoona Leather Store ''Outfitters to the Sportsmen" 1509 Eleventh Avenue tfv For Quality Foods!— Patronize your nearest A & P Store regularly— there you can choose from a large variety of nationally known and advertised foods, with established high quality. Hundreds of families do all their food shopping at A & P Stores. ESTABLISHED 1859 |"WHERE ECONOMY RULES"J Pay Day Values!— The specially priced foods we offer this pay day, and other exceptional values, will help you save! „ To shop for them now is real economy. Choose from the foods listed below, to stock your pantry. Pillsbury's Cake Flour 2 Colored Glass Serving Plate With Every Two Packngei N. B. C. Kettle Cookies Lb '20c Robenette Treats • Lb -'25c Those are both wonderful cake delica- cies,—Jnst (lie thing to plense Hie whole family. Take home a pound of each today. Pancake Flour 2 pkgs. 25c Sugar 55c Brook's Pride, Country Roll Fresh Butter ^ 48c Viviano's Bulk Spaghetti 2 Viviano's Bulk Macaroni 2 u *»- 19c Cheese Wlllte or Colorfl(1 Lb '35c Catsup Menn 2 BH> 25c 8 O'Clock Coffee Lb - 37c Fancy Spinach 2 £*„"* 29c Corn Starch Ar «° 2 pkB " 15c Prunes ^i"" ™* . 2- lbl -35c Monty Nourishing and good Bread Dair y Maid Double Loaf For between meal "bites," Jubilee Ginger Snaps 2 Lb s . 25c Keep several bottles on ice Grape Juice B 0t ti e 21c For cereals, desserts—cooking, baking Powdered Sugar JS^'lOc Royal Baking Powder /2Co ° n * 48c , Jet Oil Black , * Shoe Polish 2 Bottles 24c Fresh Doughnuts Dozen 1 JU* •j Sunny Hold Bacon ¥2 Lb.pkg. 21c Octagon Laundry Buy for quality; save for premiums 10 Fairy Toilet Soap Supreme for toilet and bath 5 SiniiiykiHil Pancake Flour 3 '•'- 22c Cream of Wheat pk * 24c Turn a Sultana Jar OQ_ Jams Assorted OI ' C Vegetables Mlxc<1 2 Cans 25c Molasses Dn "'' »«« 29c Sunnyfield Buckwheat Flour \ t> ,' t 'L ! I White House Milk 3 48 Tall Cans Tall Cans 2Oc 3.2O Potatoes U. S. No. 1 peck 430 Cornichon Grapes 3 Ll * 25c Indiana Onions 6 LN - 19c Size 288 Cal. Oranges /><*= 20c Cranberries Late Howe " LU 21c Apples Wme * Goldc " 6 Lbfc 25c Size 54 Grape Fruit 3 for 25c Delicious with pancakes \ Log Cabin Syrup c«m 27c The supreme drink for meals Bokar Coffee Pound 47c Large family size Mother's Oats Quaker Maid Baked Beans Package 29c Prepare with milk for children lona Cocoa Lb. can 15c Spring Chickens Home dressctl--vvry special value LI*. 5 to 6 Lb. Slioulder Pork Roast 18c Tenderloin and Sirloin Beef Steaks u>. 35c Lamb Roast ^.Lb. 29c Pork Chops. .Lb. 30c Select Oysters, Pt. 38c Chuck Roast, Lb. 25c Country Style nnd Link Pork Sausage /<> J28e Spare Ribs "•• 2Oc Saner Kraut I "- 25c IK These Prices Effective In Stores In Altoona and Vicinity fl

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