The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1879-10-02
Some Eras OF Speculation.

The year 1928 witnessed the COM
mcncement of u speculation which cul-
minated in Il crisis such rs had not been
known since the South Sea Bubble. BY
1924 foreign loans to the nominal amount
of more than f34 100000 had been is
sued in this country. In 1928 began the
inevitable collapse. Chill and Brazil
led the way with failures more or less
redeemed in later years. Peru the pen
nilcss and Paraguay are to be found side
by side, as in the records of 1879.
Poyais, an Independent State of Hon
drlras, borrowed 100000 on the per-
sonal security Of Gregor MacGregor, the
cacique of the country, and proved II
worthy precursor of its present repre-
sentative by failing to provide the in
terest on single coupon. Its scrip,
adorned with all the high-tlown titles of
its author, long served the turn of petty
jobbers, and may even now occasionally
be found preserved us Il curiosity of the
time. Along with these ventures
from the New World just start
ing into existence came appeals
from countries having Il claim upon the
patriotic or the sentimental interest of
the English nation. Spain and Portugal
contracted obligations for which they
are wholly or partially in default at this
day. Greece drew from the pockets OF
sympathizing- bondholders the loans for
f2, 600, 900, the interest on which has
been suspended now for 80 years. The
speculation of the period seems TO have
been Unsuitable. The political fate of
nations hung in the balunce of the stock
markets The operations of Mr.. Roths-
child and the London financiers, it is
said, created an excitement scarcely in
ferior to the march Of armies. The
troops themselves, as Sydney Smith wit
tily remarked, advanced to the cry OF
" scrip and omnium,' reduced, and
per cents Following in the wake of
foreign loans and politico-iinancial spec
ulations came the more usual devices
of the ingenious promoter. Foreign
mines with Il nominal capital of more
| than f21, 100000, more than 600 III
dustrial companies calculated at near
| " f4OO, 900, stimulated the appetites
of the small investor. As on all such
occasions, charity and self-help, profit
and philanthropy, went hand in hand.
The same touching sympathy with the
poor which produced the charitable cor
poration of l733 produced the Equitable
Loan Company of 1925, and has since
been the fruitful parent of more doubt
ful children in the shape Of companies
for workmen's dwellings and other phil
anthropic objects. Designed to relieve
/ the industrious poor from the usllrious
exactions of the pawn-broker, and at the
same time promising to its shareholders
Il dividend of 40 per cent, the Equita-
BILE Loan Company was one merely OF
the many schemes by which the unwary
were lured to their destruction. Nor
was the speculation confined to the Stock
Exchange and its surroundings. Gam
bling in produce was another sign Of the
same spirit. The markets were glutted,
the warehouses filled, speculative pur-
chases were made us if prices must be
always on the rise, and by the end of
1925 the ruin and CONSERVATION were
widespread As usual, upon the Stock
Exchange was concentrated the wrath
of those who had speculated and lost
BlucktCo0d's Magazine. ....-,. t.....