must tend to drag down many others successively, just as a whole line of
bricks standing on end and a few inches apart will fall if an end one is
toppled upon its next neighbor. Indeed, the major cause of "business" or
"financial" panic is just reasoning upon existing conditions rather than
a foolish fear of them. Over-trading and loss of nerve constitute the
medium. Recent national legislation has gone far in enabling the
business world in the United States to prevent panics, and farther yet
in providing the means to cope with them when, in spite of precautions,
they shall recur.

DEC. W. THOM.

"BLAKEFORD,"

October 10, 1915.






A BRIEF HISTORY OF PANICS






INTRODUCTION