The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1857-03-30
wall stree, Vocabulary.

BuIIs-ln Wall street parlance, IS an op-
orator in stocks for a rise. He buys either
for cash or time, his own or the sellers op.
ton, with the expectation that prices will
advance, and with the hope Of making more
or less by that advance.
Bears operate for fall in prices. This
class OF spectators never buy stock for any
other purpose than for delivery on maturing
contracts. The bear sells principally on
time, his own or buyers option, and gener-
ally waits until called upon TO deliver before
purchasing. 1t is Of course for his interest
that the market should huctuate largely and
suddenly. Operators of the longest expert
ence in Wall street are found among this class
Of spectators.
Buyers Optional purchaser Of stocks
at the Brokers' Board, buyers option, thirty,
sixty, or ninety days, can call for the stock
any day within that time, or wait until its
expiration. lie pays interest a, the rate Of
six per cent. up to the time be calls. Apur
chaser on buyers option is generally frac-
ton above the cash prices.
Sellers Option.--This gives the seller the
option to deliver any time within the time of
his contract, or at its maturity, and the buy
er is required to take it when offered. The
buyer in this case, as in the other, pays in
,erests up TO delivery. Sales at sellers OPP
ton are generally fraction below the cur
rent cash price. The spsculator who sells
stocks, either on his own or the buyers OPP
ton, draws interest on his contract from the
date until it is closed.
Corner.--When party is made up TO buy
IA large amount OF stock, larger quantity
than is known to be at the time on the mar
ket, it IS called corner. The plan is gen
| orally kept very private. As soon rs the
clique is formed, the brokers purchase grad
uslly large lots of stock on time, buyers OPP
ton. After this has been fixed, they sell on
time, sellers option, if possible nearly to the
extent Of their purchases on buyers option.
The object of this is to provide market for
this stock, after the corner has run out
This having been oil arranged, the clique
commences buying for cash, and, in so doing,
put up prices rapidly. Having inflated the
market pretty well, they make a sudden call
for several thousand shares Of stock on their
buyers option, and then there comes sharp
time among the sellers, who are generally all
short. This creates an active demand, and
| the eliques sell their cash stock to the bears
or shorts, who purchase at high rates for de-
livery at much lower prices to the very par
| ties selling it. Ii will be seen by these oper-
utiofir, tuHt NhC btuES WIN HhNC soid otoSA oI
| time, buyers option, at low prices, buy it in
| again at high prices, for cash, from the very
parties who hold their time contracts. As
soon as these deliveries are all made, the
| parties who have received it at low prices
! Immediately turn about and deliver on their
! contracts at high prices, made sometime be-
/ fore on sellers option. The object is to get
/ the bears to make contracts to deliver on call
more stock than is known to be on the mar
/ ket, and compel them to pay enormous prices
4 for cash stock. Parties getting up these con-
\ Germs must be connected with the managers
( of the stock concerned, for they must have
access to the stock and transfer books, to set
| how much stock is on the market, and who
holds 1t, and to calculate the chances of new
supplies coming in. Corners are dangerous
affairs, and result injuriously to the stock
and the parties Immediately concerned. Al
prices advance under the large purchases
small holders sell out, and frequently the
supply OF new stock from the country is
sufficient to defeat all the plans Of the com,
bination. The bears manage generally Il
get the best Of j, in the end.
Regular Way.-yery often in the report
Of stock sales the letters r. ". are attached
to certain operations. This Irregular way
means the delivery Of the stock sold, tn,
next day. All sales for cash are for imme
mediate delivery.