Successful Stock Speculation

By J. J. BUTLER

Written April 1922 Published December 1922

Published by NATIONAL BUREAU OF FINANCIAL INFORMATION 395 Broadway, New York City

This Book Is Not Copyrighted

We believe the principles expounded in this book are of immense value to everyone who buys speculative securities, and we do not object to anyone reproducing any part of it, whether or not we are given credit for it.

National Bureau of Financial Information

Transcriber's Note:

Minor typographical errors have been corrected without note. Variant spellings have been retained. Bold text has been indicated as +bold+.

CONTENTS

PART 1 INTRODUCTORY CHAPTERS

Chapter Page I. THE PURPOSE OF THIS BOOK 7 II. WHAT IS SPECULATION 9 III. SOME TERMS EXPLAINED 13 IV. A CORRECT BASIS FOR SPECULATING 17

PART 2 WHAT AND WHEN TO BUY AND SELL

V. WHAT STOCKS TO BUY 23 VI. WHAT STOCKS NOT TO BUY 25 VII. WHEN TO BUY STOCKS 29 VIII. WHEN NOT TO BUY STOCKS 33 IX. WHEN TO SELL STOCKS 35

PART 3 INFLUENCES AFFECTING STOCK PRICES

X. MOVEMENTS IN STOCK PRICES 41 XI. MAJOR MOVEMENTS IN PRICES 43 XII. THE MONEY MARKET AND STOCK PRICES 47 XIII. MINOR MOVEMENTS IN PRICES 49 XIV. TECHNICAL CONDITIONS 51 XV. MANIPULATIONS 53

PART 4 TOPICS OF INTEREST TO SPECULATORS

XVI. MARGINAL TRADING 61 XVII. SHORT SELLING 65 XVIII. BUCKET SHOPS 69 XIX. CHOOSING A BROKER 71 XX. PUTS AND CALLS 73 XXI. STOP LOSS ORDERS 75

Successful Stock Speculation

PART 1 INTRODUCTORY CHAPTERS✦

PART 2 WHAT AND WHEN TO BUY AND SELL✦

PART 3 INFLUENCES AFFECTING STOCK PRICES✦

PART 4 TOPICS OF INTEREST TO SPECULATORS✦

PART 1 INTRODUCTORY CHAPTERS

PART 2 WHAT AND WHEN TO BUY AND SELL

PART 3 INFLUENCES AFFECTING STOCK PRICES

PART 4 TOPICS OF INTEREST TO SPECULATORS