Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1873-10-09
sraCR BROk ERS' VOCABULARY.
From the Phil adeiphia Ledger

Regular operators are usually divi
ded into two classes, "BuiIs" and
Bears The object of the bull Is tG
toss mp or advance prices, and that ol
the bear to depress the same but very
often, when the bear finds that the
bulls have got the market rising, will
prospect Of further advances, he sud.
denly deserts his friends and goes
over to the bulls until he thinks the
market Is on the turn, when he rushes
back to the hears again and growls AZ
vigorously as ever Bulls perform the
same feats among the bears, SO that
bulls and bears change places as the
hope of making money on one side OF
the other prevails. The bears, how
ever, have the special feature OF thri.
wing on troubles; anything that un.
settles values puts money in their
pockets and hence their schemes to
produce money panics, lower prices,
create distrust, for then timid people
are anxious to sell at low figures, aud
the bear has his profit. being sure that
when the panic is over the article will
rise in value.
Connected with these classes are the
terms 'sIong and short, usual in stock g
or gold. The bulls always being long
Of stock and the bears short, for the
speculator who holds stock, expecting
to sell for profit, is, ofcourse, ''long,"
while the bear keeps no stock on hand.
His business is to sell "short,' or sell
property which he intends to buy and
deliver when prices are lower than his
contract specifies. Usually delivery
is required promptly, but often the
bear borrows stocks on loans, paying
so much day for the use of ii, 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
lawsuits, in depressing the price OF
the stocks they are "short" on until
they can buy at reduced rates. This
"hammering' is very exciting busi-
ness, as the "hammers' are quite as
busy is sustaining the prices, in order
squeeze" the bears, which is some
times most effectnally and disastrously
performed by the grand operation OF
getting up corner" This is man.
aged by union of bulls, who, ascer-
tanning from the brokers, and by other
means, that there is q large "ehort in
terest," proceed to form ''clique,'
and purchase or obtain the control OF
the stocks on which the bears are
short, i'm order to control the market
and exact such prices as they please
As soon as the control is assured, an
upward movement is suddenly begun,
which the bears, fearing further ad-
vances, are forced to buy; aud the
very men who hold the stock turn out
to be those to whom the bears sold
.short,. and now sell it back to them
at q heavy profit for delivery! Cor
nering demands great generalship, but
when successful is enormously profit
able. and often is arranged beforehand
to trap the bears. A fancy stock, or
one OF little or no intrinsic value, is
selected. BY means of brokers the
stock is picked up gradually by the
"clique" until the control is secured
then the bids for the stock are made,
and the bears 60 heavily short, believ-
ing there is plenty of it to be bought
for delivery, but when the day Of de-
livery arrives the only stock to be had
is in the hands Of the "clique," who
proceed to s'twist" the bears until they
"squeal' dolorously, and are forced
either to fail and become ELAINE
ducks" or else cover at ruinons pri-
ces. There sre many instances in New
York and in Europe where millions
Of dollars have been made In day by
q single operator in successful "cor.
ner."
A ''pnt" is where person proposes
to "put" (that IL to delivery to another
an amount of any certain article with
in certain time al price agreed up.
on when the contract IL made, and
gives bonus" for the privilege. u
the article does not fall in value to M
amount exceeding the "honns" paid, thu
party who paid the "bonus" he can no
make anything by the transaction, bu
Is not obliged to deliver the article. A
''call" differs from "put" in this: A
gives b 4 sum agreed upon for IN.
right to "call' from B with . cestsiI