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This I did because I thought it would be injurious and prejudicial to the Funded Loan to have a panic in London, in which the market price of the new loan would drop considerably below par just at a time when its price and popularity were gradually rising, and just as it was coming into great favor with a new class of investors in England, the immensely rich but timid conservatives.
His career soon after ended in suicide and his party disappeared. The second event spoken of was the Panama Canal affair. De Lesseps, the maker of the Suez Canal, had undertaken to excavate a similar one across the Isthmus of Panama, but the work was managed with such wild extravagance that vast sums were spent and the poor investors widely ruined, while the canal remained a half-dug ditch.
Saloons and gambling-houses, which did business with such childlike candor and stridency, became offices for the sale and exchange of stock. The boom at Malapi got its second wind. Workmen, investors, capitalists, and crooks poured in to take advantage of the inflation brought about by the new strike in a hitherto unknown field. For the fame of Jackpot Number Three had spread wide.
The results of the calculations have hardly been encouraging to possible investors in interplanetary telegraphy, since it appears that heliographic mirrors with reflecting surfaces measured by square miles, instead of square inches, would be required to send a visible beam from the earth to Mars or vice versa. The projections of light on Mars can be explained much more simply and reasonably.
The bulk of the stock was scattered about among small investors, and it would require all of two hundred and fifty thousand dollars to collect it and have himself elected president or chairman of the board of directors.
Only when, as in the case of Egypt, there are important political objects in view, does the State protect those citizens who are creditors of foreign nations. One or two other countries, notably Germany, set us a good example, with the best results as far as their investors are concerned."
I think you saw it, sir, and you may remember it begins " and he read from a typewritten copy in his hand which was headed "Sahara Limited": "'We are now privileged to announce that this mighty scheme which will turn a desert into a rolling sea bearing the commerce of nations and cause the waste places of the earth to teem with population and to blossom like the rose, has been completed in its necessary if dull financial details and will within a few days be submitted to investors among whom it has already caused so much excitement.
International Journal of Ethics, vol. 18, p. 151. A third method of "fleecing" investors lies in skillful manipulation of the stock market. In ways which are known to the initiated, it is often possible artificially to raise or lower the market value of stocks.
For many years there was a good deal of prejudice in England against investing abroad, especially among the more sleepy classes of investors who had made their money in home trade, and liked to keep it there when they invested it. As traders, we learnt a world-wide outlook many centuries before we did so as investors.
Of course no one unless he had money to give away. The persuasive eloquence of the gifted leaders could not secure investors for the reasons I have given, and for other reasons of which I shall speak. The "Associationists" were not united. The centre of the movement was at New York, and from there great stories of the advancement of the North American Phalanx at Red Bank, New Jersey, went forth.
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