CR. £ _s._ _d._ 5000 Turks. 5% at 50½ 2525 0 0 ----------------- 2,525 0 0 ----------------- The operation so far is successful, and the speculator, taking courage from his success, awaits a further advance. He is not disappointed, we will suppose, and the stock continues to rise, to give him the favourable start which is so frequently the cause of his future troubles and losses. During the next account the stock gains a further ¼ per cent., and he credits himself mentally with an additional £12 10_s._ Here is a gain of £37 10_s._ minus the selling commission, which is generally charged when the stock is not bought and sold in the same account, and also minus the contango. This second commission, which is usually charged when a speculative account is kept open for a month, is frequently left out of the calculation by novices. Supposing, then, towards the close of the second account, there occurs a relapse of ⅝ per cent., making the price really ⅜ lower, which is a very reasonable hypothesis, as stocks do not always move in one direction,—how does the account to be rendered at the next settlement stand? We have— DR. £ _s._ _d._ 5000 Turks. 5% at 50½ 2525 0 0 Int. 6% 15 days 6 4 6 Commission 6 5 0 ----------------- 2,537 9 6 ----------------- To Balance £12 9 6 CR. £ _s._ _d._ By Balance 18 15 0 5000 Turks. 5% at 50⅛ 2506 5 0 Balance 12 9 6 ----------------- 2,537 9 6 -----------------