New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1856-12-15
Bulls and Bears.

We presume that there are not many Of our readers
who have not heard of the well-knoWn terms :" bull
and bear, as used by brokers' who are not aware
that the former word is applied to those whose inter
est it is to increase the price OF stock while the latter
on the contrary belongs to those who seek to depre
ciate it. Few, however, are aware OF the origin of
either of the terms, it popularity said that the bear
is called because he endeavors to paw stock down,
while the bull the other hand losses it up, that
animal is wont to do with his horns. But the bears
at least are an ancient institution, and the term,
applied to Stockholders dates from more than
tury ago. Its origin, in fact, il from the fable Of
dIsop in which are told that two hunters after
going to furrier and obtaining from him the money
for bear skin, went out to hunt the bear and Jared
very badly in so doing. This is, we believe, the first
operation "on time" on record, but regret to say
that its example appears to have had very little effect
in lettering subsequent hunsmen in Third street and
Wall from selling bear-skns not as yet in possession
and which are to be "drummed up previous to some
coming day. The term was in very general use dur
ing the South Sea- excitement, and is probably of
much earlier date.
How the bulls came by their name, is we believe,
rs yet u matter of doubt On this subject such
authorities as Crosse, Mares and Bartlett are dumb 1t
may be remarked that, in almost every country in
Europe, the bull is by singular coincidence as
sumed in popular fable to#be the natural foe of the
BEAR just the horse is of the wolf we need seek
further for the true meaning. We go deep enough to
the bottom Of the well of TRUTH when we have
| reached the mud.
OF all animals recorded in natural history, there
are none which cause ehundredh part of the mis-
chief brought about by these same bulls aud bears.
! They eXaggerate stock values which would otherwise
assume steady level, into baloonng bursting atti
| tude, Or by ingenious mannuvres and tricks which
would aS0nnd any one out of the business COntrve to
depress them, at the risk of causing suffering to
thousands They exaggerate both prosperity and ad
yersity, and beyond question the greatest foes
to the gradual and healthy progress of the former
tant.
And yet the bulls and bears are, without doubt, n
necessary evil. Society, with its present system OF
industrial Development involves, as an absolute
necessity incorporated institutions and stock, anG
stock again implies transfer, and with it class OF
men who, having mastered the system of business
aud endless tcchnicaites which it involves, turl
them to profit Taking them as the old philosopher
took his cheese, all through find them. due re
gard being had to the general action of the class t.
which they belong, inseparable from business AS i
now exists, and even productive OF more good thar
harm. The same impulse which produced a reck
less spirit i'll buying and selling stock, has also pro
duced corresponding energy, which, in maj0rit.
of cases. makes good the rash promises madehy tost
first in the field. The history OF stock Institutions il
this country, has shown great daring, which ha
eventually produced, by example, a degree of care
funess and if this degree be- in many cases far be
You'd the limits of prudence, it is still sufficient t
show that we have protited by hy-gone follics. Gu
friends in Europe-the moncyed multitude, as ye
without experience in joint stock bnsness-hay
shown how UNNECESSARILY far they are behind us il
such matters by their present, Or, we may perhap
say, recent crisis The last eighteen months in Europ
has correspondent to our own " flush times Of lS3
and 1886 there has been the same reckless disre
gard to consequences-~thc same ilmitable hope i
the future. II is very possible that we, who hay
been so thoroughly through the mill of flush times,
and the reaction, may never be called on to weahe
financial crisis caused from 'ctdin. ENtnnco0
causes may of course, bring them about but we CT
terrain strong hopes that the most desperate effort
of bulls and bears will never effect such state
= unnatural prosperity or adversely.