CHAPTER IV.

_The Increase of Speculation in Stocks and Shares._

1. Stock Exchange Gambling increases in Europe, while Public Gaming-Houses are on the decline 62

2. Speculation an Out-growth of prosperous times 63

3. Commercial prosperity unhealthily fostered by Illegitimate Speculation 64

4. The Influence of Trade Profits upon the Stock Markets 64

5. An increase in the amount of Trade Profits realized, causes an Increase in the number of Securities 65

6. Speculation by Established Companies 66

7. The Demoralization caused by Temporary Success 66

8. The New Era in Speculation 67

9. Collapse through Over-speculation in Austria 67

10. Increase in the number of Members of the London Stock Exchange 68