A Plain Guide to Investment And Finance, in Two Parts:

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As part of the universal recklessness an enormous An enormous general speculation in commodities and general spec- securities had alike occurred, and railways ulation coin- , ' ■' oident with and other undertakings grasped the chance industrial afforded by the feverish temper of the nation, activity. to create fresh and extensive issues of bonds resting upon no real accession of material security.
The ooUapse was eminently aided by the disclosure of discredit associated wi
...th life assurance and other institu- Discreditable ^^°^^ °^ trust, in the use of the fiduciary use of trust funds of these bodies for purposes and funds for . .,,.,,,• ^ alien pur- enterprises entirely alien from the objects poses. vvhich those institutions were established and rusted to promote.
THE EECENT CEISlS IN AMEiEliCA 243 We have noticed the submergence of sanity of intellect in the rush for gain ; we here perceive the easy way in which the same influence, inflamed by example confidence so ^^^ competition, can extinguish in corporate tSrt'fuiTds ^°^^°^ ^^^ individual sense of honour.


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