The Theory of Stock Exchange Speculation

CONTENTS.

		PAGE
CHAPTER I. Technical Terms Explained.
1.	Jobbers and Brokers	19
2.	The Bull	19
3.	The Bear	19
4.	Contango	20
5.	Backwardation	24
6.	Options	26
7.	The “Put and Call” Option	26
8.	The “Put” Option	26
9.	The “Call” Option	26
10.	The Fortnightly Settlement	27
11.	Speculation by Members of the House	28
CHAPTER II. The Importance of Special Knowledge regarding the Regularly Recurring Causes that influence the Markets.
1.	The Temper of the Public	32
2.	Meteorological Influences	32
3.	A Favorable Period of the Year	35
4.	Causes affecting the Value of English Railway Stocks	36
5.	The Course to pursue at the Turn of the Half-year	36
6.	Second Half of the Year more favorable for Bear Operations	37
7.	Activity among Buyers	39
8.	The Bull Speculator’s Great Chance	39
9.	The great importance of being now and again altogether Clear of the Markets	40
10.	The Movement of Prices near the Settlements	41
CHAPTER III. The Right Temperament for a Professional Speculator.
1.	Cool-headedness an indispensable Condition of Success	43
2.	The Uselessness of Haphazard Speculation	45
3.	Accurate Foresight	45
4.	The Cool Man, or Professional Speculator	46
5.	Observance of the daily published Telegrams from abroad	46
6.	The Selfishness and Hard-heartedness of the Professional Speculator	48
7.	The Non-professional or Haphazard Speculator	50
8.	The Misfortune of Early Gains	55
9.	Very few Failures made Public	57
10.	Greediness involves Loss	60
11.	Keeping one’s own Counsel	60
CHAPTER IV. The Increase of Speculation in Stocks and Shares.
1.	Stock Exchange Gambling increases in Europe, while Public Gaming-Houses are on the decline	62
2.	Speculation an Out-growth of prosperous times	63
3.	Commercial prosperity unhealthily fostered by Illegitimate Speculation	64
4.	The Influence of Trade Profits upon the Stock Markets	64
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