Another member—Mr. Markham—supported such a tax, adding that he did not wish to appear in a false light, and would admit that he gambled himself, and, like most fools, always lost money—a remark which excited considerable merriment.
Unimpeachable information about stocks and shares has ruined many a man—nothing indeed is more fatal, as a rule, than so-called good tips about the rise and fall of stocks, which, when originating from an inspired quarter, are so much sought after by speculators.
There have, of course, been instances where tips have made people a fortune.
A few years ago an author, who, though fairly successful, had made no particular stir in the literary world, and whose books did not seem likely to have had a very enormous sale, suddenly purchased a nice estate in which was included a luxurious country house, where he began to entertain. An old friend of his on a visit frankly expressed himself surprised at this sudden accession of prosperity, and alone one wet day with his host in the smoking-room bluntly asked:
"However did you make so much money, surely not by your books?"
"No," was the reply, "by speculating in the City."
"An experience as rare as it was pleasant—I suppose you were given some good tips."
"Yes, not taking them was the secret of my success!"
The host then proceeded to explain that, chancing to know a number of men in the City who were in the best possible position to have sound information as to the rise and fall of stocks and shares, the thought one day struck him that he might profit by such opportunities. Accordingly he let it be known that he had a certain amount of money which it was his intention to try and increase by careful speculation.
Tips poured in upon him—he was entreated to become a bear of this and a bull of that—people appeared anxious to put him into all sorts of ventures, and he became the recipient of much "exclusive" information.