not so in the same degree with a liability incurred by “time bargain” speculation, because what represents exactly the same tangible substance, was never fully, or even partially, realized as such. [Sidenote: CAPITAL TO EXPEND IN FEINTS.] [Sidenote: LA HAUTE FINANCE.] All large speculators are well known. If they try to operate through other persons in order to deceive, the truth leaks out some time or other. Large orders are very difficult of execution, unless the broker is either of very good standing himself, or hints at the source from which he receives his instructions. Unless, therefore, it can be shown that the real operator has a very broad pecuniary back, an attempt to buy or sell large amounts of stock through brokers is difficult. It is sometimes necessary to have capital to throw away in feints, before the speculator commences his operations, just as a general may find it expedient to throw away a quantity of ammunition, and even the lives of some of his soldiers, to draw off attention from the real attack. A speculator who contracts to bring out a new loan, unless the security he has to offer is of the highest class, runs considerable risk of losing his money, as he has, as a rule, to pay something down to the borrower as a guarantee of good faith, and to allow him also to taste the ready cash, as some immediate consideration for entering upon business, which, if successful, is of all business the most remunerative. This kind of speculation belongs to _la haute finance_. A supply of ready money is essential to the speculator in all markets, and it is marvelous that there can be so many persons who have to grope their way by the aid of bitter experience through the thick darkness of their ignorance to such a shining light of truth as this. And the full realization of this truth is, in most cases, only obtained at an expense which renders it impossible to repeat the experiment. [Sidenote: THE BEST OF ALL CHANCES FOR SPECULATOR WITH CAPITAL.] [Sidenote: THE MOST LEGITIMATE FORM OF SPECULATION, PAWNING THE STOCK.]