Speculation. Dealing on expectations; buying in expectation of an advance or selling in
expectation of a decline.  There is a constant, large speculation in stocks, bonds, grain, cotton
and coffee. Speculative operations are conducted on margin—that is, speculators deposit with the
brokers who execute their orders certain amounts of money, designated as margins, which are
intended to protect the brokers in case the movement of prices should be against the speculators
and they (the speculators) should be unwilling or unable to make good the loss sustained. A party
who purchases a stock or a commodity in anticipation of a rise and pays the full price of it is not, in
the usual acceptation, engaged in speculation.