Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1873-10-09
Stock Brokers' Vocabulary.

Stock Brokers' Vocabulary.
All this season, when our financial col
umns are examined with additional atten-
ton, the following explanation of the
terms used by stock brokers and others
engaged in financial transactions may be
found interesting. Regular operators are
usually divided into two classes-"Bulls
and Bears" The object of the bull is to
toss up or advance prices, and that of the
beer to depress the same; but very often
when a bear finds that the bulls have got
the market ri ing, with prospect of
further advances, he suddenly deserts his
friends and goes )yer to the bulls, until he
thinks the market is on the turn, when he
rushes back to the bears again, and grOwls
as vigorously as evel. Bulls perform the
same feats among the bears, SO that bulls
and bears change pla es 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 unsettles values puts money
in their pockets, and hence their constant
schemes to produce the money pancs,
lower prices, create distrust, for then
timid people are anxious to sell at low
sure that when the panic is over the arti-
Giles will rise in value
Connected with these classes are the
terms 'long and Short" usual in stocks or
gold. The bulls being always long of
stock, and the bears short, for the specu-
lator who holds stock, expecting to sell
for profit, is, of course, long" while
the bear keeps no stock on hand.
His business is to sell short" or to
sell property which he intends to
buy and deliver when prices are lower
than his contract specifies. Usually de-
livery is required promptly, but often the
bear borrows stocks on loan, paying so
much day for the use of it, while mean
while 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 depress-
ing the prices Of the stocks they are
short on, until they can buy at reduced
rates. This 'hammering' is a very ex-
citing business as the "hammerers" are
quite as busy in sustaining the prices, in
order to squeeze" the bears. which is
sometimes most effectually and disastrous
ly performed by the grand operation of
getting up "a corner" This is managed
by union Of bulls, who, ascertaining
from the brokers and by other means that
there is a large short interest,"" proceed
to form clique" and purchase or OBJ
tain the control of the stocks on which
the bears are short, in 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,
when the bears, fearing further advances,
are forced to buy; and then the very men
hn hn1 thn cfn he 81 he hoo
to whom the bears sold short" and now
sell it back to them at a heavy profit for
delivery! Cornering demands great gen
eralship, but when successful is enor-
mously profitable, 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 gradu-
ally by the Clique" until the con-
troll 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 "clique,"
who proceed to "twist' the bears until
they 'squeaI" dolorously, and are forced
either to fail, and become 'lame ducks"
or else cover" at ruinous prices. There
are many instances in New York and in
Europe where 81 900. 900 have been made
in a day by a single operator in sue
cessful CORNER"
putt is where a person proposes to
put" THAT is to deliver to another an
amount Of any certain article within a
certain time at a price agreed upon when
the contract is made, and gives bonus
for the privilege. If the article does not
fall in value to an amount exceeding the
'bonus" paid, the party who paid the
"bonus'' cannot make anything by the
transaction, but is not obliged to deliver
the article A "call" differs from "put''
in this: A gives B sum agreed upon for
the right to "call' from B within a GER
tain time a fixed smount of stocks. 1.-THE
stock advances A calls for it, and makes
profit; if it does not, he need not call
but the sum paid B is forfeited.
A margin is effected by depositing a
fixed amount of security against depre !
citation in prices. A man buys one hun
dred bales of cotton at so much per pound |
believing it will increase in value in sixty |
days the seller will hold it for him If an
agreed sufficient margin is put up. When
the sixty days arrive the cotton is sold; II |
it brings more than when he bought, the |
Spectator pays for it out OF the proceeds
gets back his margin, and makes ms !
profit, but if cotton has fallen the margin
makes good the Observation-Disclosures
Ledger.
Once when Congressman offered
Beau Hickman twenty-cent cigar, Beau
replied: mo, sir, thank you; such cigars
are good enough for a Congressman, but
can't peril my reputation"
Cholera and Patn-Kfller.
PERRY DAVIS PAIN-KILLER.-This unpaf-
alleled preparation is receiving more testlino-
malls Of its wonderful efficacy in removing
pains, than any other medicine ever offered 10
the public. And these testimonials conlo
from persons of every degree OF intelligence,
and every rank of life. Physicians OF lle
first responsibility, and perfectly conversanI
with the nature of diseases and remedies, ;r
commend this as one of the most ehectuai a III
the line of preparations for the cure s oi
Cholera, Cholera Morbus and kindred oo"0'