I. Establishment of the industry, 665. — The pioneers, their problems and achievements, 666. — II. Speculative development after 1910, 668. — The advance in prices, 669. — The advent of the promoter, 670. — The war and collapse of speculative activity, 671. — III. Some conclusions. — Fox farming a permanent industry, 675. — Promoters and stock selling, 675. — The economic factors, 677. — The psychological factors, 678. — Few cases of direct fraud, 680. — The present situation, 681.