The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-01-26

the right TO deliver by giving days notice and 10
entted 10 hi- and interest Tor the time held
any time before the expiration OF the thirty days BY
simply giving due notice. On the other hand, should
the contract DO At the bayers option The buyer Is ent
tied to demand denvery ut any day before the expa-
ton oil the time by paying principal and interest for
we ume held. CONTRACTS 90 time are a. ootn buyers
and sellers option when either party Is entitled TO do
nand closing or the transaction before tue expiration
OF the time by simply complying with the rule OF
system as basis Tor speculation arises anomaly OF
speculation, he who practices which termed spread
eagle" From this semi fictitious system OF sale with
out actual aud with Only optional trausfer It is PLAIN
.na SPECTATOR may buy as sellers option on time,
ana ana sell SCI, on the spot at buyers option on time
OF Course that neither side presses him. Should the
seller insist upon delivery, however, the Spectator u
liable TO DO embarrassed unless he happens TO DO ready
with the funds; or again, should the buyer insist
that the stocks be- delivered before the expira-
ton Of the time, he is liable to secsnd difficulty, hav-
rskines the specuiaor who ransacts business on
tnis principle termed spread eagle, 10 aiuson no
doubt 10 the vapd baderdash OF Fourth Of July ofaons
oy which the title was first earned.
lame duck' 10 one who Ia unable 70 meet his con-
tract when called upon and hence the metamorphos "
daily occurrence.
lators generally needed. The process effected by
buying In a. buyers option any quantity Of stock and
holding long enough 70 Affect the market and induce
rise IN the stocks IN question. Some years since the
stock board pronounced hs system OF speculation He
gall but laery has grown into favor and has
recognized procedure In Wall street, she validity OF
which 10 not questioned. "Wbo gets famed gets famed"
10 now the motto. and outwitted compaIners have
redress In appeals TO the judgment OF the board.
"bull" is an individual who Is Interested In the
forcing up OF the price of stocks OF any Kind hence tho
buls are Frequently oompeled TO resort to tho making
OF Corners while "bear is who is interested in
and mice. the ''bulls and "bsan Of wall stree, wage
an almost interminable warfare OF lodges OF every
sort Tho "bus forever striving to make and
the "bears' as strenuously striving to prevent it.
'puts and caIls. by which toe spcculaor invested
with the right 70 buy sell certain OF stocks
his possession For this privilege q certain margin ID
paid the whole being simply system based upon the
loosest sort OF options and furnishing most Inviting
field for speculation. with exceedingly small capital
the part OF the Speculation
may be added here that tho whole system Of specu-
ation based upon brokerage and managed through
brokers who buy and sell to order and the regular
rates Of stock Il is rare thing, indeed, to find any
amount Of stocks actually in the hands Of the spscu
lator The broker buys the broker Sells tho broker
holds as security for his Margin the broker s rcspon-
sbe to the seller and the buyer 10 the broker tho
broker s In fact, the medium OF all speculative trans
actions Tho broker buys for you, and the stock Is
simply credited to you the brokers' books while you
broker sells TOR you when ordered; and thus you have
bought and Id and pockeed the profits OF that ch
you have never had and which you never had tho cap
tai to hold Tho broker Is everybody's agent, and in
this the agent Is often the only moneyed aud
sponsble principal In the transaction.
In speculation also there are the regulars and the
mitia-the former being members Of the stock board
and the lat or nero street operators, who keep up sort
OF communication with the regular army but seldom
promoted the dignity Of wearing the uniform Of the
regular service. IL is among these that daring
and audacous spectators found being subject as
they looser system Of rules and regulations tnan
those which govern the members OF the stock board.
From 1862 70 1884 some lew ladies sgured as among
the acutcst OF the Wall street specuators aud
ladies occasionally stricken with the stock unacy.
Tho monetary man9uvrings Of Wall stree. would
puzzle military critic monetary tactics being vastly
complicated lLan military tactics, which in them
solves arc IMPLICATED enough; but OF these nothing
with minute know tedgc OF the kinds OF SOCKS
In the market Just now railroad stocks 10 vogue,
the bulls having the advantage Of the bears.
DOWN By The RIVER.
photograph Of Wall street would not, no yever, be
complete without some reference to the grocery
BROKERAGE OF the slip which leads IL down to the East
Hero Is located the great wholesale auction
OF tho city-Pearl street, Hanover square and Old slip
having long since bocu outslnpped in the for
nopoy OF The tea sugar moassss brokerage OF tho
city. Horo brokers IL groceries ple their Offices story
upon story while from DAY TO day streets and sdewaks
bockaded with barrels OF moasses and hogeads Of
sugar. You pick your way through abyrn hs OF bar.
res hogsheads and tea cadd and for tnreo squares
you compelled 10 tread with the utmost upon
sidewalks moisteDed and slippery with molasses In
Vulnerable drays line the street either side,
talk ing its place. and this general is continued
until you pass tue corner OF Pearl street, throug
which flows the lido Of the grocery trade, divergn
In either direction. Having passed the Pearl
ner, you lind yourself running gauntlet OF numbeess
Insurance. Offices ali Of which seem 10 have maria for
brass letters upon broad sheet glass windows Presently
brokers' offices begin 70 DO scattered and sporadic
caiy along the ne and anon tho eye is caught by the
word banker Finally bankers ard brokers form the
staple, aud you walk for square or two fapcyng that
BANKERS and brokers are the only people wno are
mitted 10 settle IN Wall street. The gray Old Custom
House looms into view, and you are in the very
OF the whirlpool OF speculation Bulls and bears
walk on oil sides OF you in disguise corners are being
made under your very nose-invisble corners danger
TO run q muck aeainst-and every individual who
passes you has his pocket full Of puts" Tho brisk
clerk giides past; the medtatve Spectator moves by
you dreamy and with eyes introverted as II he had
los, something and looking for 1t inside OF his bead
cal fever-and yst all wax and TALK as il nothing wore
the matter with them or Their heads.
quaint English wrl'sr mas remarked that IN
need OF either manners or morals ana,
though tho remark is probably trifc too
sweeping, there is certainly somewhat mora than
grain OF truth Ia it The greater proportion OF soencd
terms for criminal PRACTICES which infect American
letters have had their origin in monetary circea For
instance, TO SEAL" strong old verb which means
something, has been softened into the unmeaning IN
lntye "io appropriate" which has been again soft
ened and dnused 10 ssembezze,n 'defaicatIon, - and
half dozen other terms equally weak and ngless
Dishonesty has been masked under the very iatterng
appelation OF shrswdness, and small deception, which
10 good Saxon 10 mean. has been dgnihed as sharp.
Strip tae wnoo matter Of lis verbago, however, and
call things by their rgnt names, aud many operator
who Ia Wall street psrauce IL simply sharp shrswd,
shrowd business man. or something OF that Sort Is SIM
ply rogue, dienihed ~ gentleman through mncing
use Of terms Accuse him OF dishonesty, and he aides
him elf behind Tho proyero. "Busness Is business
an informs you with smrk that some people have
very curious notions OF thngz
Not seldom IL happens that . sharp operator appro-
pirates few bonds without the leave Of the owner and
is sent 10 sing Sing for three, or four, or i've
his arrest over. the waters Of speculation roll
on, and ebb and Dew, aud many, IKE ODD
back again. for there shoals and qucksands under
your very feet al along this OF eges and
must walk carefully or be cnqulfed. The gamblers at
practice kinds OF art TO bring financial sh
their than the gold and stock gamblers Wall
street lame duck being permitted 70 walk hall with
out apparent notice. becomes the creature hs
hacker and ready attend to his hackers bidding The
with tho capital seldom soils his nngers. Ho las
hig creatures, part of whose busn the
acquaintance Of young men with capital, explain to
them how fortunss arc made, and tempt them 70 try
hand nj stock gambling. Once In the whirlpool tho
poor victim gets out and 70 In due season
lowed up wears the sppcllation Of "lame duck,n
and plays the bloodhound for the who cond
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