3. The Question of Seeing it Out 108 CHAPTER X. _The “Tip” to Buy or Sell._ 1. A Friendly “Tip” 110 2. Unloading at other People’s Expense 111 3. The Qualified “Tip” 111 4. The Unqualified “Tip” 112 5. “Tips” worked by Syndicates 112 CHAPTER XI. _Speculation by Machinery._ 1. Machinery in existence for directing Human Volition 114 2. The Patrician Investor 115 3. Administering Shares to the Public 116 CHAPTER XII. _The Shifting of Speculation from the Higher to the Lower Classes of Securities._ 1. Speculation in Consols as a Hedge 120 2. Speculation has Changed its Venue 121 3. Increase of the Indebtedness of the States of the World 121 4. The Fluctuations in the Price of Government Stocks 121 5. High Class Stocks more firmly held than formerly 122 CHAPTER XIII. _The Short “Turns,” or who makes the Profits?_ 1. The “Turn,” a known quantity always against the Speculator 124 2. The “Turn,” a Loss in going into, and also in coming out of the Market 125 3. The difference in the character of the “Turn,” as compared with former times 125 4. Special Danger of Speculating in a Stock that is quoted very wide 127 5. The “Turn,” the Income of the Jobber 128 CHAPTER XIV. _In what respect is Speculation useful in Markets generally?_ 1. Speculation for the Rise, which is both Legitimate and of Benefit to the Community 129 2. Speculation for the Fall, which is both Legitimate and of Benefit to the Community 130 3. A Reasonable Relative Value for all Commodities 131 4. The Three Classes into which Speculators may be divided 132 INTRODUCTION.