Over speculation means to over "guess." eg, majority of the people feel the stock market will go up, so they greedily buy, when in reality it's the peak already and stock market prices will drop soon.
The statement is incorrect. Martin Luther King Jr was arrested for participating in the Birmingham campaign, among other people. This is when he wrote his famous letter from Birmingham jail. The person who was arrested for refusing to give up their seat was Rosa Parks, and this was in 1955, which is 8 years before the mentioned year.
American federation of labor
