Excerpt from The Benefits of Speculation Economic evolution has produced the grain exchange, and benefits resulting directly from the establishment of this institution are uniform grades, honest weights, ample storage, large drying and cleaning capacity, adequate banking facilities and uniform and equitable trade rules. - Page 204, Chapter XIV, Volume 20 of the modern business d104. The train was speeding thru the great Wheat coun try of North Dakota. It was harvest time and thru train Windows farmers in their broad-brimmed hats could be seen busily engaged in gathering the golden grain. Had you watched them, as the train sped along mile after mile thru those vast fields of the world's staple, you might have marveled at the great wealth that mother earth was bringing forth and might have glowed with pleasure in thinking that perhaps this very grain would avert famine in sorely stricken Belgium or Armenia or Poland. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Speculation on the Stock and Produce Exchanges of the United States The sixth chapter of this essay attempts to consider the evils of speculation, so far as to describe their nature and to point out what forms are of chief importance. There are many points which are passed over with the most meagre reference. So important a question, for example, as the relation of speculation to crises is little considered; but it is believed that enough has been said to show that the ad vantages of speculation presented are not the advantages merely of an idealized Speculation, but are genuine and practical advantages of speculation to-day, however much off-set by corresponding evils. Some books are devoted purely to the harmful influence of speculation, ' some more exclusively to its benefits. Neither the one nor the other can make any claim to furnishing a ground of ultimate judgment on the; system as a whole. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Investment and Speculation Every head Of a corporation, every business man, in fact everyone employed in a responsible position and upon whose judgment the success Of an enterprise largely de pends, should provide himself with a general knowledge of the problem of investments and speculation. Investment and speculation are so closely associated with the well-being of trade that the two are inseparable. Figuratively speaking, they are the propelling forces gov erning the money market, which, in turn, is the vital life blood Of business. This is an indisputable fact. 'it cannot be denied. Many a merchant and many a manufacturer who has mastered the problem of investment and speculation has been able to put his knowledge to great financial advantage in his ability to foresee a drain upon the money market and its consequent effect upon interest rates by providing for all his banking accommodations long before interest rates have hardened. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from The A B C of Stock Speculation Following the publication of The A B C of Wall Street there were many requests for a book dealing with the prin ciples governing stock speculation. If there is one man better qualified than another to produce such a book that man is Mr. Charles H. Dow. Several attempts were made to have him write the desired volume but they were unavail ing. From time to time in his Wall Street career, extend ing over a quarter of a century, Mr. Dow has carefully evolved his theories of successful stock speculation. They are to be found in Chapters IV to XX, inclusive, and can be commended to any one interested in stock speculation as remarkable for their grasp of a subject about which so little has been written and so much misinformation is gratui tiously offered the public. In the preparation of this little volume thanks are also due to the Wall Street Journal, the Evening Post, the Dow, Jones Co's News Agency, Mr. Alexander Dana Noyes, Mr. Daniel Kellogg, Mr. E. W. Harden, and a number of brokers and speculators. The reader of course understands that there is no royal road to success in speculation. It would be fallacy to undertake to show how money can be made. No infallible plan has yet been discovered. Experience and observation when intelligent, however, are valuable, and we are of the opinion that the average speculator will find a study of the following pages to be useful and profitable. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from The Elements of Speculation In former works I have pointed out in a general way the errors and the possibilities of speculative ventures and offered suggestions as to correct methods. In this volume I will take up in more detail the principal fundamental factors governing security price movements and endeavor to show how such factors may be examined and weigh-cd expeditiously and accurately. It is realized that the subject is too broad for a complete discussion in the limits of a single volume, but it is hoped that what is suggested will be found helpful and will act as an incentive to further personal ex amination and study. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Speculation and Hedging Hedging is usually defined by illustration. In the standard example, a buyer of (say) 5000 bushels of wheat at $2 bushel, fearful of the risk of price decline, simultaneously sells a futures contract representing 5000 bushels of wheat at $2. If the price subsequently drops to a bushel, the capital position of the buyer will be unaffected because the futures prices will also decline and the profit on his short sale of futures will exactly offset the loss on the inventory holdings. The exactness of the offset is guaranteed by the possibility of making delivery against the futures contract. Thus, by hedging, the holder of wheat eliminates the risk of price fluctuation. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Excerpt from Speculation on the New York Stock Exchange: September, 1904 March, 1907 Obtained under the régime of unhampered private control, it has seemed worth while to consider the activities on the New York Stock Exchange in a particular period. The 31 months, from September, 1904, to March, 1907, inclusive, have been chosen for this purpose, because of the sustained activity Of stock trading - measured by the number of shares sold each month - which characterized them. The degree of that activity is indicated in the following table in which sales for the 31 months chosen are compared with those in the periods Of equal length, immediately preceding and following. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.