The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-03-11

No man-man bobble this, but one
that took nation all it's might to
blow. Nor, indeed was there any one
man. or group of men, who stood out
in the effort. Instead, each individual
blew and blew to his utmost, till the
bubble became balloon which lifted
the whole nation off its feet, and took
| it soaring towards the golden clouds
| OF everymans hope.
Before the year 1914, railways had
the approval of few people in Great
Britain. Many were terrified at the
sight OF locomotives, others rallied
against them for spelling the beauty
of the countryside. Most people agree
that railways were unchrisian and in
ventions of the devil, and would
surely bring disaster on the nation.
A failure of one of the few existing
lines to pay a dividend was always
joyfully pointed to as an indication of
the bitter fruit in store for those who
invested ther money in such an
abomination.
Then, suddenly the feeling changed,
and became as violent the other way.
Everyone now said that railways were
the wonder of the world BY bridging
distances they were going to be a
great socialising influence. In future,
there could be no prosperity without
them
The last two years, money had been
plentiful. With their ready cash now
people began to purchase railway
stock. Soon it was more popular
investment than government bonds.
There being few railway shares for
sale, new companies began springing
up. In January ,1s45. no less than 16
were registered. Next month there
we're still more, and the whole nation
went railway-mad. Where had been
nationwide scorn or railways. earls
bishops, and country squires, now
struggled with one another to become
directors Of the new lines. Merchants
and their clerks. old maids and widows
servant girls and ecrand boys. all
talked of their railway investments
No project that did not promise to pay
at least 1870 was thought worthy OF
their consideration.
Every small country town had lis
railway proposition. which was going
to bring unimaginable prosperity to
the, district. People rushed to sub
scribe. fearful lest a rival town should
; have it's line down first and gather al
The prosperity.
j No sooner was a comDany moOtet
anywhere, than hundreds of people
; clamored for it's shares. Traffic ir
them began before they were printed
A bare Acknowledgement of the re
ceipt Of an application for shares
would bring a huge price. People sub
scribed for amounts Which they would
never be able to pay in q lifetime
certain that they could sell their alIott
nlent OF shares for g fabulous sum be
fore the first call was made. In the
Dublin & Galway railu sv a retired of
ticer on a pension of $3.50 subscribed
) for $685.. 900 worth of shares. In an
other company a washer-woman's two
sons between them earning IS week
}, were allotted stock for 100000.
Through the months the nations
railway fever kept up. Bv Sept ember
1915. ! .035 comnanies had been formed
The whole country from coast TO coas
was to be traversed and dissected by
J railroads. Still more lines were pro
jected. and the buying and selling O
scrip went on undated. For sharee
on which not a penny had been paid
, people parted with all the money they
possessed. honing to sell at a highe1
price still. Those who sold out nov
and got free Of the railway mania
, made fortunes. But few could shake
lie fever off. For still the stock ros,
: and people rushed the shares of ever,
inew company. The bubble had nov