The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-11-08
Prom the s,oskholdsrc Guardian. ssH4
The TOeAnical TeFMs - Tie 0t0e1

host of others, would strike his ear, either
conveying no meaning at all, or one lu-l
dicrously different from that intended to be
conveyed. As many, however, are inte-
rested in knowing what the like means, II
will scarcely be considered out Of our pro
vince If we endeavor to enlighten them.
"ConsOls" is an abreviation Of thetefn
consolidated annuities, which date their
origin from the year 1851, and bear at the
present time three per cent. interest.
"Scrip" Is analogously q contraction Of
subscription" and is applied to the stocks
given in exchange for loan, reduced
scrip, consol scrip, sc. "Omnium I" IL the
term by which the whole of the stock Of
which Government loan consists Is de.
signated. A "bull" is one who buys in
the expectation of being able to sell ,sgaip
Mt higher price, and "bear" is, con-
versely, one who sells In the hope Of bring
ing down prices, and of the delivering what
he has sold by purchases made at cheaper
fate--in other words, the bull speculates
for rise and the bear for fall. A stag"
or, as he is sometimes called, an "outsider,"
Is one who Is not Q member Of the stock
exchange, but deals outside, and traffics
in letters Of allotment obtained under fcti-
tious names. ContaDgo" expresses the
amount paid per share or per cent. which
buyer pays to = seller for carrying over
the shares from one account to another
!. e., for q period longer than they were
originally bought for. Decentralization "
expresses the converse; /. e., the sum
which seller pays for not being obliged
to deliver the shares at the time before
agreed upon, but carry them over TO the
following account. In English and foreign
stocks and shares, the settling days are
twice in every month, the middle and the
end and the consols only once, from about
the 9Th to the 18th. -.r. ...,f u
"Options" are resorted to In nearly
every kind of shares, and might be used in
all. They consist in either what Is called
a"put and call" or "put" or "call."
A"put and call" is when person sgrees
10 give certain sum for the choice Of buy
ing or selling certain amount Of stock at
Q certain time, the price and date being
there and then fixed. A "put" 10 where
the money is given for the option Of the
only selling stock and Q "call where the
party reserves to himself the right of buy
ing, price and date being In both cases
agreed upon, and the "option" money
paid at the time Of the agreement. il, ct
the expiration Of the "option" time, the
price be the same as the "option" price,
the person who has paid the money has
the right to buy, sell, or neither, - no
thinks proper. ssh't. !,
There are various other terms, but thsir
Importance Is secondary. A glance, how
ever, at those We have given VIII ct once
show the spirit which toe largely pervadss
stock exchange business, via: gambling.
The "bull" buys and the !" bear " sells ;
il, the price of the shares In which both
are dealing rises, the |" bull Is not only 80
much In pocket, but the g bear - h Obliged
to buy TO meet his engagements, and thereby
to augment the price against himself and
the whole of his brother bears Of the
same time. In the same way the basis OF
the whole proceeding IL which "put and
call y and "put" o., call" are brought
into operation, Is altogether one Of gsnb-
ling. The chances. mixed With what APP
pears probability Of rise or fall within
given time, are taken, and on these the
parties speculate. II both are satssaed
TO continue the game, "contango" and
Decentralization come into play, asd'
enable them 20 do 80 without gsfpcreasing
the trouble Of commencing The trausaetsons
. ! -.
J Rut lat 1t not BE- supposed that The nssn-
bers of the Stock Exchange arc In sll, or
even the majority Of cases, the principals
IN such bargains I; on the eoatxsSy, u g tie
outside public, and how often rome q these
come 10 grief the records 20 Bankruptcy
show. The brokers and jobhsfs srs mare
intermedisries &between ono seetion Of
spectators and another, and are certainly
% little, II not leN, To- Be blamed than
those who employed them. SIN The emil
Of speculation, like al other evils hasits
attendant good. Il b stsths present tire,
all but essential TO The AoAtiaG of any M
dertakine, however excsllsnt. lila pity
that u should 30 %, haiti AoeN ~ invest
ors win not embark n any scheme whose
shares do not carry 3 premium, some one
Who knows the coneerA must nA16fa0tutt
the premium ipr them. ALT
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