Chapter XIV Summary and Analysis

Livingston does his best to make money, but market conditions are not right. He becomes in debt to various brokerage houses. He comes to the conclusion that he cannot trade properly as long as he is worried about his debts, as it causes him to be less objective. He considers bankruptcy, but most of the brokerage houses tear up his debts, trusting him to pay them back if he ever has the means. He still declares bankruptcy to avoid two persistent creditors. After this, Livingston feels much better. However, he has no money with which to trade and the market is in a sad state, with not much money among any of the brokers, and none to lend. He decides to go to Williamson and call in a favor. Williamson agrees to allow him to buy 500 shares of any...