Periodicity: unreliable as basis of speculation, 35, 69 Pig Iron: Production in U. S., 29 Prices: “Composite” stock, 136 corn, 146 cotton, 156 ordinary swing of in speculative cycle, 113 wheat, 146 Presidential contest: Influence on prices, 81 Privileges, 89 “Puts,” explained, 90 Railroad: Basic values of, 104 Rights: How to compute value of, 109 Securities: Entire list should be studied, 166 railroad stocks the soundest, 166 selection of, 124 undigested, 108 Speculation: Cycles of, 21 possibilities of, 14 preliminary hard work needed, 17 Stocks: Borrowing and lending, 117 cycles of Speculation in, 133 “Straddles,” explained, 92 Tariff agitation: effect on speculation, 81 “Tips”: Operations based on them disastrous, 172 Trading: Best method of, 111, 172 hypothetical, 15 scalping, 120 Wheat: Chart, 147 prices, 146