chapter  Chapter IX
3 Pages

Speculation without Capital

ByRobert E. Wright, Richard Sylla

In this chapter, the authors suppose a young speculator, full of ideas upon such subjects, and having just sufficient knowledge of the different stocks to make believe that he knows a great deal, gets introduced to a broker, who, on ascertaining that he has two or three hundred pounds available, intimates his willingness to execute his orders. The fortnightly settlements on the Stock Exchange take place about the middle and end of each month. He rises with a light heart next morning to devour his money article and breakfast simultaneously, eagerly searching in the list for his friends the Turkish, Spanish, and Egyptian stocks. The rise reported to him by his broker the evening before is confirmed in his newspaper, and he is in the act of laying it down when his eye catches a telegram, headed “Defeat and resignation of the French Government.”.