CAUSES OF LOSS IN SPECULATION. Inadequate Information.—False Information.—Defects of 201 News Agencies.—Insufficiency of Margins.—Dangers of Personal Idiosyncrasies.—Operating in Season and out of Season.—Necessity of Intelligence, Judgment and Nerve.—An Ideal Standard.—What Makes a King Among Speculators? CHAPTER XXII. VILLARD AND HIS SPECULATIONS. Return of the Renowned Speculator to Wall 209 Street.—Recalling the Famous “Blind” Pool in Northern Pacific.—How Villard Captured Northern Pacific.—Pursuing the Tactics of Old Vanderbilt.—Raising Twelve Million Dollars on Paper Credit.—Villard Emerges from the “Blind” Pool a Great Railroad Magnate.—He Inflates his Great Scheme from Nothing to One Hundred Million Dollars.—His Unique Methods of Watering Stock as Compared with those of George I. Seney CHAPTER XXIII. FERDINAND WARD. Peculiar Power and Methods of the Prince of 215 Swindlers.—How he Duped Astute Financiers and Business Men of all Sorts, and Secured the Support of Eminent Statesmen and Leading Bank Officers, whom he Robbed of Millions of Money.—The most Artful Dodger of Modern Times.—The Truth about the Swindle Practiced upon General Grant and his Family. CHAPTER XXIV. HENRY N. SMITH. How Mr. Smith Started in Life and became a Successful 223 Operator.—His connection with the Tweed “Ring,” and how he and the Famous “Boss” made Lucky Speculations, through the use of the City Funds, in Making a Tight Money Market.—On the Verge of Ruin in a Pool with W. K. Vanderbilt.—He is Converted to the Bear Side by Woerishoffer, and Again Makes Money, but by Persistence in his Bearish Policy Ruins himself and Drags Wm. Heath & Co. down also CHAPTER XXV. KEENE’S CAREER.