Chapter IV Summary and Analysis

Livingston is broke and frustrated, and returns to Boston. There are some new bucket shops in Boston, but they will not allow large trades, and those who remember him will not let him trade. One day Livingston is complaining to friends about how slow trades are on Wall Street when he meets a new trader named Roberts. Roberts suggests there are alternative, smaller exchanges that take great care in executing quick trades, and which handle small stakes as well as large. Livingston knows these outfits are shady, but listens. These exchanges play tricks on their customers, getting some to buy a commodity while others are selling, making money on both deals. Livingston decides he can make money off of them, and goes to set up an account.

Livingston portrays himself as someone who has lost a lot of money...