CHAPTER V.

_Modern Influences upon the Markets._

1. A Fixed Line of Action 71

2. Closer Uniformity of Values in all Markets through the Development of the Telegraph System 72

3. A speculator cannot hope to succeed in any degree, unless his arrangements are as complete as those of a man engaged in _bona fide_ business 73

4. The Diminution of Gluts in all Markets 73

5. Modern conditions render it more difficult than formerly for Small Mercantile Houses to succeed 73

6. Every Commercial Revulsion destroys Houses of a Speculative character, and throws the good business into the hands of the large sound Establishments 75

7. The Extension of Long-wire Telegraphy 78

8. Money Famines should henceforth be as improbable of occurrence as Corn Famines 78

9. Advantages derived from opening up communications with the Corn-growing Provinces of Russia 80

10. The Growth of Wealthy Monetary Centres 82

11. Private Cipher Telegrams as exterior influences upon Prices 83

12. The Altered Character of interior influences upon Prices 84

13. The Creation of Securities to meet the Demand 84

14. Getting behind the Scenes 85

15. The Difficulty of “Cutting” a Loss 85