the broker, who has undertaken an operation the
reverse of his own. Occasionally the jobber runs considerable risk,
since, after concluding a bargain, and while endeavouring to obtain a
profit on it, the market may turn. Still he is a useful middle-man, and
saves the broker a world of trouble.

But there is much business transacted which is less legitimate, and is
known as time bargains, which are bargains to deliver stock on certain
days at a certain price, the seller, of course, hoping that the price
will fall, and the buyer, that it will rise when the period for
completing the bargain has arrived. The speculative settlement is
effected without making full payment for stock; the losing party simply
pays the difference. One who speculates for a rise is a Bull (it is said
the great Rothschild made a vast deal of money in this way), the
speculator for a fall is a Bear. Continuation is the interest on money
lent on the security of stock. A great deal of business is done in this
way. A merchant, or a railway company, or a bank, have large sums of
money to dispose of. Instead of locking it up they employ a broker, who
lends it on certain securities, for a few days or a few weeks.
Operations on the Stock Exchange answer in this way, but the small
tradesman, or clerk, or professional man who ventures within the charmed
circle of Capel-court for the purpose of speculation, generally learns
bitterly to rue the day.

THE LONDON HOSPITAL.

I am walking along the streets, and in doing so pass a scaffolding where
some new buildings are being erected. Suddenly I hear a shriek, and see
a small crowd collected. A beery Milesian, ascending a ladder with a hod
of mortar, slips and falls on the pavement below. He is a stranger in
London, has no friends, no money, scarcely any acquaintance. "What's his
name?" we ask. "He ain't got no name," says one of his mates; "we calls
him Carroty Bill." What's to be done? Why, take him to the hospital.
The police fetch a stretcher. "Carroty Bill" is raised on it, and a
small procession is formed. It swells as it goes along. The idle street
population joins. We form one. A medical student is in the rear; he
meets a chum, and exclaims exultingly, "They are taking him to our
hospital." The chum turns back, and the door is reached; admittance is
easy. Happily, the place is not a Government establishment, and patients
are received whilst there is hope. Poor "Carroty Bill,