Nobody on this side of the border rode balloon-tire bikes. We all rode English 3-speeds like Raleigh and Mercury with Sturmey-Archer gearing. Then, almost overnight, they became obsolete. 'Ten-speed' became the new word for 'bicycle'.
The only 'story' I remember was that the doctor who lived next door ran off with his younger nurse and in an attempt to be a little more youthful, I guess, bought a ten-speed, crashed, and was paralyzed from the neck down for the rest of his life, much to the satisfaction of his ex-wife, who continued to live next door.