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It seldom happens, however, that great fortunes are made, even in

great towns, by any one regular, established, and well-known

branch of business, but in consequence of a long life of

industry, frugality, and attention. Sudden fortunes, indeed, are

sometimes made in such places, by what is called the trade of

speculation. The speculative merchant exercises no one regular,

established, or well-known branch of business. He is a corn

merchant this year, and a wine merchant the next, and a sugar,

tobacco, or tea merchant the year after. He enters into every

trade, when he foresees that it is likely to be more than

commonly profitable, and he quits it when he foresees that its

profits are likely to return to the level of other trades. His

profits and losses, therefore, can bear no regular proportion to

those of any one established and well-known branch of business.