Others of less capacity but greater daring saw opportunities for money-making, and a craze for mergers and for the incorporation of private enterprises swept over the country. By 1907 there were at least $38,500,000,000 worth of securities in existence. The natural result was speculation. When investors began to fear the soundness of the securities a collapse of credit was due.

The moon-jeep clanked and rumbled onward. The hissing of steam was audible. The vehicle swung around a pinnacle of stone, and Cochrane saw the space-ship. In the pale Earthlight it was singularly beautiful. It had been designed to lure investors in a now-defunct promotion. It was stream-lined, and gigantic, and it glittered like silver.

Having carried through these transfers, the Richmond and Danville then threw the remainder of its Terminal Company stock on the market, where it was bought by investors who knew nothing about these secret transactions. The Terminal Company was now left high and dry so far as the Richmond and Danville was concerned. But at this juncture a surprising thing happened.

No doubt a massive increase in Federal spending could also create jobs and growth, but in today's setting, private consumers, employers, and investors should be given a full opportunity first. No doubt a temporary tax cut could provide a spur to our economy but a long-run problem compels a long-run solution.

In the hands of many thousands of small investors in the country, as well as in national banks, in insurance companies, in savings banks, in trust companies, in financial agencies of every kind, railway securities, the sum total of which runs up to some ten or eleven thousand millions, constitute a vital part of the structure of credit, and the unquestioned solidity of that structure must be maintained.

In almost every case the engineers underestimated the cost of getting water on the land. Very often the amount of water available was not sufficient to irrigate the land which had been sold to settlers. In countless cases the district irrigation bonds-which were offered broadcast by Eastern banks to their small investors were hardly worth the paper on which they were written.

He went back to his restless inspection of the night outside. He tried to make sense of what Babs had said. He failed altogether. In the end he settled in one of the over-elaborately cushioned chairs that had made this ship so attractive to deluded investors. He intended to think out what Babs might have meant.

Bryant could discover on the speaker's face no other expression than a fixed intent to maintain his view. "Leaving out the injustice of such a course " "Injustice, nothing!" the New Yorker derided. "This is cold business. The project must be built as cheaply as possible in order to give the investors the largest return.

They may not have been aware of the exact nature and extent of the rot but they witnessed approvingly the public relations antics, insider trading, stock option resetting , unwinding, and unloading, share price manipulation, opaque transactions, and outlandish pay packages. Investors remained mum throughout the corruption of corporate America. It is time for the hangover.

When questioned, these English investors explain how raw fruit lands that sold at twenty-five dollars an acre a few years ago in the United States to-day sell for five hundred dollars and one thousand dollars an acre.