CHAPTER XVIII.

PANICS.—THEIR CAUSES.—HOW FAR PREVENTABLE. NOT ACCIDENTAL FREAKS OF THE MARKET.—WE ARE STILL A NATION OF PIONEERS.—THE QUESTION OF PANICS PECULIARLY AMERICAN.—VIOLENT OSCILLATIONS IN TRADE OWING TO THE GREAT MASS OF NEW AND IMMATURE UNDERTAKINGS.—UNCERTAINTY ABOUT THE INTRINSIC VALUE OF PROPERTIES.—SUDDEN SHRINKAGE OF RAILROAD PROPERTIES A FRUITFUL CAUSE OF PANICS.—RISKS AND PANICS INSEPARABLE FROM PIONEERING ENTERPRISE.—WE ARE BECOMING LESS DEPENDENT ON THE MONEY MARKETS OF EUROPE.—IN P…