Transcriber’s Notes:
Variations in spelling and hyphenation were retained as they appear in the original publication, except that obvious typographical errors have been corrected.
The following change was made:
p. 14: be inserted (to be the)
About This Book
The author provides a concise account of the speculative boom that led to the 1929 market collapse, analyzing how stock trading became mass activity through investment trusts, aggressive promotion, and popular confidence. He traces psychological and structural factors—widespread belief in endless price increases, piling into active issues despite low dividend yields, reliance on reputed financiers, and rumor-driven momentum—that converted cautious saving into speculative gambling. The chapter argues these dynamics created systemic vulnerability, with professional managers, advertising, and social contagion driving prices far beyond underlying values.