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