PREFACE. Ir is exactly twelve months since the author published a small volume, entitled the "Bubbles of Finance," and the kindness with which it was received, has induced him to print the present collection of what may be called, financial photographs. "The Bubbles of Finance," was composed of a series of papers, which had previously appeared in Mr. Charles Dickens' "All The Year Round," but "The Profits of Panics" is original, and treats chiefly of rascalities, which a year ago had hardly attracted the attention of the outside public. Owing to circumstances which need not be here detailed, the writer has been an unwilling witness of a great deal of the share "bearing," that has been going on since January last, and even before then. He has put THE PROFITS OF PANICS. CHAPTER I. THE CONFEDERATES, AND THEIR WAY OF WORKING. THE money I had made by first floating, and then helping to wind-up, the "Bank of Patagonia” (Limited), had nearly all come to an end. I could not accuse myself of any particular extravagance, nor had I wasted what I had gained by living, as it is termed, above my means. But, somehow or other, cash easily made is generally quickly spent. My speculations had been far from fortunate. Instead of investing the five or six thousand pounds I had got by the birth and death of the above-mentioned establishment in some safe undertaking that might have paid me a comparative small rate interest, but would have been free from risk, I purchased right and left a *See "The Bubbles of Finance," p. 216. |