The Theory of Stock Exchange Speculation

THE THEORY OF STOCK EXCHANGE SPECULATION.
BY ARTHUR CRUMP.
With Preface and Annotations by H. W. ROSENBAUM.
New York: H. W. ROSENBAUM. 1887.

Copyright, 1886. By H. W. ROSENBAUM.
Jones Printing Co. Press, 47 Broad St., New York.

Some years ago I came across a book, called “Crump’s Theory of Stock Speculation,” which had gone through several editions in England; and the practical wisdom expressed therein impressed me so forcibly that ever since then I formed the project of publishing an American edition.
The reader may be astonished that, as a broker, I desire to give such a book a larger circulation than it possessed heretofore, as the natural conclusion would be that it might injure my business. I feel, however, that it is not so, and think that a broker loses nothing by doing his duty in warning his clients against danger, and showing them the pitfalls.
I do not quite agree with the author of the book on every point, especially when he seeks to convey the impression that it would seem almost impossible that any profit could be derived from Stock Exchange speculation. During my long experience I have seen many speculators accumulate large fortunes, and I believe that when speculation is conducted by a clear-headed man, as a matter of business and not as a matter of amusement, it offers great chances.