The same principle applies to undertakings of less national character, like immense factories or combinations in a trust. The stock of such enterprises is often widely distributed, and when profits are fairly begun, even upon a small scale, the chances of gain on the value of the stock are made more prominent than the actual profits of the enterprise. It is not uncommon to find enterprises starting with the expectation that a large portion of this stock will be paid for out of the profits of the business and the profits on a portion of the stock to be sold. This is especially true when business is reviving after a period of depression. It is one of the first symptoms of the return of a speculative spirit. With the rise of such enterprises there is almost sure to be an advance in prices of real estate, though it follows later. The starting of a railroad line involves the purchase of station sites, and almost surely the laying out of villages at intervals along the line. The promoters of the railroad are likely to be promoters of town sites as well. And this increased demand for farms and lots brings a larger faith in the future of these locations. Everyone who can save a little from his income hopes to increase that little indefinitely by investment in the chances of increased value of a lot or a home. Under such circumstances the machinery of credit moves easily, and one does not hesitate to extend his credit to the utmost for the purchase of what is increasing in value each day. The result is a temptation to larger expenditures.