In one speculative account, the real reason Mack sent Jellačić to the Tyrol was to get rid of Mayer, who led a brigade.

And traders said some speculative accounts were buying bonds as yields moved close to 8 percent yesterday.

What little activity there was today was mostly from speculative accounts who were trading against moves in the dollar.

Mr. Dubrow and others said that much of the demand for the new notes emanated from speculative accounts that would use the securities in arbitrage-related trading activity.

The initial trading in the futures market was characterized by buying by speculative accounts and moderate selling by portfolio insurers.

Traders said that much of the issue, which was auctioned at an average yield of 5.69 percent, was bought by speculative accounts.

The Devil and King John by Philip Lindsay is a highly speculative but relatively sympathetic account.

Mr. De Kwiatkowski accused the firm of disobeying his order to keep the trust fund money separate from a speculative currency-trading account he had opened.

That big run-up in prices - the largest since Jan. 15 - did prompt some selling early in yesterday's session by speculative accounts, dealers said.

"We had a lot of high-quality buyers and not a lot of speculative accounts," the head government securities trader at a Wall Street house said.