The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1903-09-10

" aii street iournail
Speculation. serviceahie as o. b.. TO the
couattl. when held riihin bounds. &. liza
Doe Co great abuses Chief ct the evil. b.
7fcf-srecu There b. a condition
arising Too great a ,ola ano of transaction.
accompanied hf Goo rapid az advance Ia
prices. causine fuch en- expausios Of cred
De- a- to produce O. situation fulI OF peril 20
iHe coaHtfg. Most of abe ranics have
hcln ODE result rot ovcr-spccuisfion.
Whom ihe crops ore houniifal trade 8. /
aci'e. fhc miiis aud faciorics are working
"n lu'I fmc. isiar h. we'll cmnio,cd th.
RAILROAD carry ius heavy traffic and make
large cArrinrs, commerce expands. and
i''fc is shat usually called ths "iioon 90
lhis boom is alea,s reflected ON the .,o.l
Naftrt Indeed d b. ususliy proceeded
N' an upward movement there. ior WALL
sir'rf Dos habit Of adiscouutinc" fafnr,
r''ni-. When Che couutr, i. nro.nerou.
500 Hnsiress ana traffic active. Che rail.
0'aa aai Iniastr.ai corporations pa, large
dividends, mou Engaged in hosiu,s. and
iNat taeir profits are largely exceeding The
expenses oi living. aud they havea SUR
r.ls io lowest some of them NAV NUT
'his rafr'us into an extension of their
'"n business. MANY Of them invest in ,
.eeurfss
iN.' BRINGS iHto Wsn street large and
wealthy GLASS OF outsiders ~Ihe public {.
' boz tae sicei," thc phrase b. Invest. d
n'ni iral. to speculation There B.. sn o.
tfaus'uH ui ihe market. Prices sd,.n,, a
Boy 'etps and bounds Nothing h. 90 a.. +"
'faeiitc as advancing priccs The, io,- ii
a''"i''i' bring .n aea buyers. aud soon ID
p market ei great dimensions is created 81
or a uno % is likely that the advance q
1913 cofresrond cqutatlf to The actual %,
alae- resulting from the increased rro.. b.,
'cnts oi ite country. Bat sooner or LATER oi
ho speculation viii expand into dimen. ,n
''os '''t mean initiation. At this point On
foco.aiioa hecomes speculation. ~
a craze Coz great proets made quickly %
ee iu The eamb'isg prospeusi,ie, of u u''
Be- countrl Dec themselves loose A de. ne
'urins fever seize. TIE markets. Their, m
great vntnut ei ace securities. some m'
''a' Oei so,ae bad. Tor ia such q condi.
'n as tAi. the temptation is strong to Ga.
'at Doc oi vatercj, aud be- some case. ths
ot'hists' securities ou a public that d. en-
'5er 90 b"y snyihiag labeled ~stoek % -.
ora time everything eoes. and there
,'' Go os no iimit TO the expansion
a' ihere is umn. The time comes Cd
aeh ihefe b. an explosion. The inAaicdl 2
'iion cpiiapscs with ioud reu.rt Price.
a. ntfsins are wiped out, paper profits \
q itaNrleI NEE into aeiuai losses. MANY Rot
faincd' confidence a. shattered and car
pee may ssi in- There seems 10 be nc lac,
~ &C times 90 nrercutiuc oscr-sn.c.i.- M,
.n on large scale lAs banks NAV nor
eeA Is os siiAara~iuE credit. aud thev eat,
.c generally ~ The conservative forces nav
tes market, bat even these somstimes oth,
eh tae fPeuolatise fever psesailarl Ala
.uuEhout tts ccuntrv 80,
a O. in boom that most OF tia sAuses -
speeplsiion take place. although II i f,l,
'Hiif 'e tinse oi collapse that the evil Mr.
.etr are discicseG. Les me name soa.s RIO,
nese evils, although they are rery hvn
ICES. hen the banks loan 90 large Gers
BARS ~ theis credit capacity Tor sceee. tuo,
fe ventures that raerc bsstii~ iaterests the
y aiecalt 10 seeere ace0m mod Ations tte
rnxe1ei iu the soopcy market occurs Dru.
~ - a. ttd that i rot iafreqaeniiy plsts
etsfca, ana there can be no rrsser. nee
'iaef evil y taat ALREADY referred to. Co
e corporations ara tenptcc 10 iacrease sreel
e espii.i aad feaded Sehi 10 an easentl
~sffAssea ~ their aasiness, When
e'Sferstions arc created uith eAccs-
capitalization. snd thea ..teresl
Il are nnie4ded apoe he public al
.>s,fc prices. THIS produces a sort ell g..
AZ. cssPersis .. Pisrpost Ncegan
= e. eeaths ags that Ice countrs -
sza@fins fsem TO sasny saad.xsste1 - :
rites cents
go peSri<tien "a ssoeks lead 10 ever Ne
4es.en IN The ieeasfiss and 70 ever frou
- - feefeeenis. IL exsa asmeral.i n.
,s'ashcs % easisess aud = eosssps- inr
rnrtnee a. eh<ncfes, especially oil Mort.
,eenf : msSnihs< ~ssy % The sps- YEA
's"< % tsu stfsef. Il f>ssiss ~ a.,