H. W. R. [26] Letter to “_Spectator_,” of October 4th, 1873, Saxon-les-Bains: a Study in the Psychology of Gambling. [27] In New York we have now any number of “bucket shops,” which certainly deserve the name of “gambling hells.” H. W. R. [28] To a certain degree the agricultural industry of the United States takes the place of the manufacturing industries in England. Our manufacturing industries, however, are not unworthy of serious consideration. H. W. R. [29] I do not think that this has been done yet in this country, principally because the necessary charter cannot be obtained, unless companies similar to the Oregon Transcontinental may be classed as such. H. W. R. [30] The generally large increase in speculation in the United States and all the incidents connected therewith are too well known, and too fresh in the minds of the reader, to need enumeration here. H. W. R. [31] This is now generally done for the customer by his broker, who endeavors to collect, as far as possible, reliable information and statistics for the benefit of his clients. H. W. R. [32] This also applies to important changes or other matters affecting all kinds of corporate property, &c. H. W. R. [33] These remarks apply with the same force, if not more so, to grain, provisions, cotton, petroleum, &c. H. W. R. [34] I think his remark is worthy of serious consideration. H. W. R. [35] At the New York Exchange nothing less than ⅛. H. W. R. [36] Even such fluctuations are considered as unworthy of consideration in American railroad stocks, where fluctuations of 10 per cent, and even more, within a comparatively short time, are of frequent occurrence. H. W. R. [37] Or through Options at least insure himself against loss. H. W. R. [38] In Options, however, the poorer speculator virtually borrows, for a fair consideration, the capital and credit of the rich operator. H. W. R. [39] As said before, the settlement in New York is daily. H. W. R.