220 The Stock Market Crash—And After 
expert guidance is almost as apt to aggravate as to 
alleviate the inequalities in prices. 
[n such cases speculation becomes little more than 
gambling. In fact, it is worse than gambling, for the 
evils are more extensive, being communicated to 
others than the gamblers themselves. Such evils of 
speculation are especially grave when, as usually hap- 
pens, the general public speculates in a mass, that is, 
all in the same direction. 
We see, then, that the chief evils of speculation are 
largely the work of the unprofessional speculators, 
just as the chief evils of reckless automobile driving 
are due to untrained chauffeurs. 
[t must not be supposed, however, that the pro- 
fessional speculator is always a public benefactor. 
Not only may he also make mistakes which cost him 
and society dear, but he may sometimes “rig the mar- 
ket” and manipulate prices. There is a vast differ- 
ence between merely anticipating the market and 
manipulating it. When a professional speculator 
merely attempts to take advantage of an impending 
rise or fall of prices, he is usually a public benefac- 
tor; but when he attempts to create the rise or fall, 
of which he is to take advantage, by false reports, 
by “cornering,” or by sudden and great short selling, 
especially in conspiracy with others to cause a panic, 
he becomes a mischief maker. 
In short, the speculator who correctly anticipates, 
and so mitigates, price changes does good, while he 
who manipulates, and so aggravates price changes 
does harm.