Thomas Gibson’s Special Market Letters

Special Market Letters by Thomas Gibson is a remarkable continuation of the author’s classic The Elements of Speculation, capturing his first-hand analysis of stock and commodity markets during one of the most volatile periods in financial history. Issued as private correspondence to clients and traders in the early 20th century, these letters document how Gibson interpreted every major market shift—from wartime uncertainty to post-recession recovery—using logic, prudence, and disciplined speculation.

Each letter combines market commentary with teaching. Gibson dissects the interplay between business fundamentals, credit conditions, and public emotion, illustrating how speculation must balance analysis with judgment. Rather than predicting prices, he demonstrates how to reason through probabilities, manage capital, and maintain emotional balance when markets become irrational.

This rare collection bridges theory and practice: it shows how a thoughtful trader evaluated real markets as events unfolded. For students of market history, psychology, and disciplined speculation, Special Market Letters offers a priceless window into professional reasoning before the age of electronic trading—a timeless guide for traders who value principles over prediction.

✅ What You’ll Learn:

• How Thomas Gibson analyzed current market data and sentiment in real time.
• The relationship between business cycles, credit conditions, and prices.
• Methods of speculative reasoning that separate logic from emotion.
• How to avoid public errors through patience and disciplined timing.
• Lessons in capital preservation and risk control from historical case studies.
• How professional traders thought during panics, rallies, and recessions.

💡 Key Benefits:

• Gain a rare historical record of early market analysis in action.
• Learn the mental framework behind intelligent speculation.
• Understand how to apply macro reasoning rather than emotion.
• Improve discipline, timing, and capital management skills.
• Perfect companion to The Elements of Speculation for serious traders.

👤 Who This Book Is For:

This book is for intermediate to advanced traders, historians, and analysts who wish to study the mindset of professional speculators before modern technical tools. It’s ideal for readers interested in Trading Psychology, Risk Management, and Market Cycles, as well as those following the intellectual lineage of Dow, Gann, and Livermore.

📚 Table of Contents:

• Analysis of the World’s Wheat Supply
• Our Present Position in the Trade Cycle
• The Importance of the Argentine Republic in the World’s Wheat Trade
• Public Illusions and Their Effects on Investment Values
• Bulls and Bears
• European Capital Investments
• Report on a New Method of Compiling Index Numbers on the Sauerbeck Selection of Commodities Modified with the Dun System of Weighting
• The Investment Value of U. S. Steel
• The New Gibson Index Numbers
• Gibson’s Index Numbers
• The Copper Metal Situation
• Centralized Control of Bank Loans
• Importance of Scientific Index Numbers
• How Index Numbers Are Made
• How Index Numbers Are Weighted
• The Truth About Our Trade Balance
• Ability of Railroads to Pay Wage Increases
• The Scale Order

Thomas Gibson's Special Market Letters