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 5. An increase in the amount of Trade Profits realized, causes an Increase in the number of Securities 65 6. Speculation by Established Companies 66 7. The Demoralization caused by Temporary Success 66 8. The New Era in Speculation 67 9. Collapse through Over-speculation in Austria 67 10. Increase in the number of Members of the London Stock Exchange 68 CHAPTER V. _Modern Influences upon the Markets._ 1. A Fixed Line of Action 71 2. Closer Uniformity of Values in all Markets through the Development of the Telegraph System 72 3. A speculator cannot hope to succeed in any degree, unless his arrangements are as complete as those of a man engaged in _bona fide_ business 73 4. The Diminution of Gluts in all Markets 73 5. Modern conditions render it more difficult than formerly for Small Mercantile Houses to succeed 73 6. Every Commercial Revulsion destroys Houses of a Speculative character, and throws the good business into the hands of the large sound Establishments 75 7. The Extension of Long-wire Telegraphy 78 8. Money Famines should henceforth be as improbable of occurrence as Corn Famines 78