[Vynne, Harold Richard] [from old catalog] · Chicago, Thomson and Zimmerman · leaf 105
ction. A corresponding declinemeans a loss of the same amount. But if thespeculator thinks that the article in which he isdealing is too high in price he puts up his mar-gin and goes short; that is to say, he instructshis broker to se//, instead of buying the amount.Sell what one hasnt got? Well,… … you are so much ahead, less always the commis-sion. This is the principle onwhich a *flyer may be takenon the Board. Thisoutside speculationis of course only afeature of the vastlegitimate buyingand selling that isdaily tran- >R^^ sacted on the Board; but it is^^^^j^^Ws th^^^ i^st the same, and…
