The Shifting of Speculation from the Higher to the Lower Classes of Securities
Merchants and bankers once upon a time used to speculate in the Funds as a hedge. One reason why speculation in Consols has been reduced to a minimum is, that speculation has of late years changed its venue. The stock markets are the field of operations for dealers in the stocks of all nations and all climes. One of the reasons why speculation in high-class securities has more or less ceased is obviously because Consols and such like stocks are more firmly held than they used to be when the country was oftener engaged in wars, or disturbed by semi-revolutionary agitations. Speculation consequently has shifted from the Consol market, and from the market where the highest class of securities is dealt in, to departments of the Stock Exchange where a bull or a bear stands to make something in a reasonable period, if he chance to be operating the right way.