The republic. [volume] (Washington [D.C.]) 1849-1853, 1851-05-30
From the Nesc Orleans Bulletin.
stock brokers.


From the New Orleans Bulletin.
stock Brokers.
These constitute class Of business men sui &C.
nsris. In this community they are little known;
for here there is not "ample room and verge
enough" for them to operatein. transactions in
stocks constitute rather inconsiderable in fact,
an insignificant item Of the business "on change"
in the Crescent City. There are many reasons why
not stock dealing community; one will
suficc-we have mo surplus capital 70 venture in
York the stock broker il in his proper element.
The Wall street journal, which speaks oracularly,
for being "to the manor BORN" 1t speaks Of what
1t knows, describes the stock broker az gentle
man in manners and in dress, onc who has u plea
SAINT word for every passing acquaintance; and
whether Jew or Gentle, is Christian like in his
department towards those in need of his assistance
Liberal in many cases to fault his name may be
found heading the subscription list to build
theatre or church, for the support OF the Italian
opera in New York, or religious colporteur in
the far West, according as his taste may happen
to be.
Stock brokers are generally married men; in tho
winter business season, they live up town, in the
vicinity of the squares and. avenues; they affect
fashionable life and easy manners. which, AFTER
while, sets upon them quite naturally-they drink
good wine, sport dashing equipagcs, and keep the
best company; III summer they have their rural
retreats or villas, to which they resort after the
fatigues and tolls Of the day. Upon the whole,
stock brokers' life is very enviabie one in such
city as New York, where mans bank book ID
sealed book II there be any class of men who live
upon their wits, they stock brokers; they may
have unlimited credits-they may be so fortunate
to get the blind side, rather the sharp side,
of every paying teller in every bank in sucha city
New York--and yet, without wit and shrewd-
ness. they are hollow and good for nothing merely
they reach
The business of broker, strictly understood, is
the buying and selling for another; but New York
stock brokers have souls above such limited and
contracted eDleres: who hGlonO n the
stock board never execute an order or make pur-
chase or sale OF stock except their account;
few or any OF them do exclusively commission
business.
Those who constitute this class (wo mean those
who are interested in stocks their own acc0unt)
comprise two grand divisions--the bulls and the
"benrs," or the sslongs' and the ssshorls.' These
are flash terms, but well understood. Our infor-
nation Of the attributes of these distinct species we
get from the authentic source we have before men,
toned. The "bulls" are those who purchase stocks
for rise; these they sometimes pay for themselves
If they have the money to spare, or "spout" them
with some capitalist or bank-that is, pledge them
for q loan of money; or they purchase them At the
board, "buyer 10, 80, or 'sbuyer GO days." in the
latter case they have the option TO take them any
time during the continuance Of the contract at the
purchase price,
The 'bull sees cvcry thing sscoleur de rose" the
horizon is always bright and cheering; If passing
cloud intervenes, sunshine is sure 10 follow; he
keeps stout heart, and is never dismayed, and il
il his business to nfuse the same spirit in others
which he hopes TO do, saving and excepting tho
"bears."
OF the "bcars.'' we are told that their business
is selling stocks "short'' that is he contracts to
deliver at his option, in ten, thirty sixty days.
stock Of which he s not possessed with the hope
lower price to fulfil his contract He believes in .
fall in the market price Of stocks. He views every
thing in different light from the "bull''-looka
sombre hue; he seldom laughs; and, as he slowly
walks about Wall street, preaching impending
ruin to railroads, banks, and merchants, often
looks as II suffering from the effects Of severe
dose OF medicine.@ He is of the opinion that the
crops OF the country this year will be short; that
the importations of goods from Europe so largo
that our banks may have to- suspend specie pay
ments; and asserts with great positvencss that
California 10 humbug, and that the receipts Of
gold from that quarter are nearly at an end.
There ia nothing strange in this classification,
and in the characteristcs which distinguish these
two distinct and. opposite species Of traders.
Cotton buyers, whether chased as commission
merchants, factors, or brokers, are gover1ed by
the same immutable laws which influence buyers
and sellers of any and every commodity; however
prudent and discreet and sincere may be the pro-
duce seller. ne is ah0rt crop man, and from the
same idiosyncracy constitutional iniirmity, the
buyer 10 invariably long crop man.
Stock brokers, class, are neither moro nor
less addicted to, or exempt from, the infirmi.
ties which govern oil who trade and barter with
their fellow men. Their business, as we have be-
fore remarked, il rather precarious one, for tho
AZ Ah0I VALUE VI 5tOCk Will, IN
a single day. either make break scores Of them.
Il has been known that q speculative house, with
little or no real capital, has had on hand stocks
to $25O,O00 per day. The profits Of
brokers are, however, az uniform az
any other business. The regular rate Of COM
mission, established by the board, is one-quar-
ter of one per cent the par value Of stock. but
eighth only is the rate charged by one broker
to another. The business of stock brokers has be-
come systematized in large cities conventional
rules have been established for their guidance and
conduct, and they comprise some Of the most in
auential and respected of our citizens.