There is a distinction between the qualified and the unqualified “tip.” One man is a shade more honest than another, and does not exactly wish to charge his conscience with having deceived a friend with regard to a certain event. He merely suggests on general grounds that such a stock is going up. If he can get the person to whom the suggestion is made to act on such general advice, he achieves his purpose without exposing himself to be saddled with direct responsibility in case the result should be unfavourable. There are numbers of such persons who daily administer “tips,” not only to their friends, but to strangers who will not trouble themselves to go farther to obtain any confirmation. Such an important communication coming from credited quarters, is of course looked upon as a valuable secret to be acted on silently and immediately. [Sidenote: THE UNQUALIFIED “TIP.”] The unqualified “tip” comes from the individual who intends from the first to drive his horse full of armed men into the town, _vi et armis_, without too much parleying at the gates. He assumes an optimism of manner, and displays such a degree of confidence as shall override any rising objection, gets a promise to act on his advice, and passes on before the person to be made a tool of has time, or can summon courage, absolutely to refuse. [Sidenote: “TIPS” WORKED BY SYNDICATES.] Then there are “tips,” worked by syndicates, which is a more elaborate affair. The extent of the increased area over which it is intended to operate depends upon the magnitude of the amount to be unloaded, the quality of the security, and the necessity for reaching a certain class of individuals. A vast deal of the rubbish that is shot away from the great financing centres is carefully and eagerly laid hold off by clergymen, and teachers male and female. As a rule, these good people seldom pause to reflect that what is so studiously brought under their notice in their rural retreats, is almost sure to lack a market anywhere else. Is it at all likely that so much trouble would be taken to recommend investments to people, by means of prospectuses delivered by the postman, if the statements contained in such prospectuses were really as true as they profess to be? In large cities there are innumerable agents for all country districts always on the look out for sound remunerative investments, and there is no need to recommend them to people’s attention by thrusting them upon them at their own houses. Such a process of advertising is obviously to net the unwary, who are ignorant of what constitutes good security. The “tip” of a syndicate is passed on, so to speak, for a consideration, in proportion to the amount bought by the clients of the persons employed.