The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1873-10-30
So Brokers, vceabularY.

engaged in financial transactions, may
be found interesting. Regular opera
tors are usually divided into two class
es. Balls and Bears. The object Of
the bull is to toss up or advance prices.
and that Of the bear to depress the
same; but very often, when the bear
dnds the bn1is have got the market ris-
ing, with prospect of further adVan-
ces, he Suddenly deserts his friends,
and goes over to the bulls, until he
thinks the market is on the turn when
ne rushes back to the b ars again, and
growls as vigorously as ever. Bulls
per orm the same feats among the bears,
40 that bulls and bears change places as
the hope of making money on the one
side or the other prevails. The bears,
however, have the special feature Of
thriving on troubles: anything that I'M
settles value puts money'in their peck
cts, and hence their constant schemes
to produce money panics, lower prices,
create distrust, for then timid people
are anxious to sell at low figures, and
the bear has his profit, being sure that
when the panic is over the articles viii
rise in value.
Connected with these classes are the
terms 81 long and short, usual in stocks
and gold The bulls being always long
of stock, and the bears short, for the
Spectator who holds stock, expecting
to sell for profit, is, of course, "long, 1"
while the bear keeps no stock on hand.
His business is to sell +" short, +" or to
sell property which he intends to buy
aud deliver when prices are lower than
his contract specifies. Unusually de-
livery is required promptly, but often
the bear borrows stock on loan, paying
so much a day for the use of it, while
meanwhile the bears who are in this
condition of borrowing at high rates,
are busy In every possible way, by
means of rumors, false reports, or even
awsuits, in depressing the prices of the
stocks they are short /" on, until they
can buy at reduced rates.
This thammering is very exciting
business, as the 6 hammers are quite
US busy in sustaining the prices, in
order to squeeze "lthe bears, which is
sometimes most effectually and d sas-
'trously performed by the grand opera
ton of getting up I" corner" This is
managed by . union of bulls, who,
aseertaining from the brokers and by
other means that there is large " short
interest," proceed to form "clique,"
and purchase or obtain the control of
the stocks on which the bears are abort,
in order to control the market and
exact such prices as they please. AS
soon as the control is assured, an up
ward movement is suddenly begun,
when the bears, fearing further advan-
ces, are forced to buy; and then the
very men who hold the stock turn out
to be those to whom the bears sold
s'sh?rt," and now sell it back to them
at heavy profit for deliveryi Corner
ing demands great generalship, but
when successful is enormously profta-
BILE, and often is arranged beforehand to
trap the bears. A fancy stock, or one
of little or no intrinsic value, is selec-
ted by means of brokers the stock is
picked up gradually by the " clique, -
until the control is secured then bids
for the stock are made, and the bears go
heavily short, believing there is plenty
Of it to be bought for delivery, but when
the day of delivery arrives the only
stock to be had is in the hands of the
"clidue," who proceed to twist the
bears until they squeal" doloFously,
and are forced either to fail and become
ELAINE ducks" or else cover" at
ruinous prizes. There are many instan-
oes in New York and Europe where a
million of dollars have been made in a
day by single operator in a successful
corner. 4"
A "put is when person proposes
to {" put" Cthat is to deliver to another
an amount Of any certain article within
certain time at a sprice agreed upon
when the cantract is made, and gives 6
d" bonus" for the privilege. If the arti.
Gle does not fall in value to an amount
exceeding the "bonus" paid, the party
who paid the 'sbonus"- cannot make
anything by the transaction, bit is moi
obliged to deliver the article.
- A "call differs from "put In this
"A gives B sum agreed upon for tn,
right to "recall from B within a Ger
tain time fixed amount of stocks. 1
the stock advances A calls for it, an(
makes profit, if it does not, he need no
+" call, but the sum paid B is forfeited
A margin is effected by depositinl
a fixed amount as security against de
probation in price. A man buys on
hundred bales of cotton, at so much pc
pound, believing it will increase il
value in sixty days the seller Will hol,
it for him if an agreed sufficient margi
is put up. When the sixty days arriv
the cotton is sold if it brings NOR
than when he bought it, the speculate
pays fer it out of the proceeds, get
back his margin and makes his profit
/ OUT II COtlOA uAn Ad11cn AliG uldEk A
makes good the differences. PhiIape
ohia Ledger.
The Man WHO oounDN'r REooIuEc
THE QUEEN's NAME--You all Kno
Macpherson, by name, at all events
once a page at court, and great favot
ite with her majesty; then in th
guards, where he didn't do quite {
we'll afterward of nowhere in partiel
lar. In point of fact, he has bee
obliged to live in Scotland for the la
ten years drinks whisky in the da,
time, and lots of it. Well, Lord Dul
ronald asked him to bis castle, Il
! other day, when the queen came out
, see the falls, and lunch. In the afte
noon she came out Of the pavilion AZ
walked about bit among the compan
D Macpherson was standing alone, a lit
, ''fou" with his midday dram, and |
! she came to him. "It is many yea
D since saw you, sir, but never fore
!. cid friends. How are you, Mr.. Nj