New national era. [volume] (Washington, D.C.) 1870-1874, 1873-11-27
RATES OF ADVERTISING,
J05 AND sDOy esIsrIsc
>iotk ErokcT's Vocabulary.

Regular operators are usually divided into
two Bulls aud Bears" The OH
Jeci 81 the hull Is TO toss up or advance prices.
and that of the bears to- lcprc>s the s,ur
but very often, when the bear finds that the
bulls have got the market rising. with the
prospect 81 further advances, he suddenly
deserts his friends and goes over 10 The bulls.
until he thinks the market is on the t,rru
when hc PUSHES back To the bear again, and
SrowI> rs vigorously A. ever. Bulls pcriartu
the same icat> among the hears. 80 that bull,
aud bears change places a. the hope OF max
ing money on one side or the other prevails.
The bears, however. have the special feature
OF thriving on troubles auythiu. that I'M
settles values puts money in their pockets.
ana hence their schemes 10 produce money
panlcS, lower prices, create diStruSt Tor then
tlmld people ATE anxious To sell NJ low figures.
that the bear has his profit, being sure that
when the panic is over the articles will r.,r
in value.
Connected with these classes are Ia, terms
long and "short," usual in stocks or cold.
The bulls being always long OF stocks and
the bears short, tor the spcculator who holds
stock, expecting to sell for profit, of course,
long while the bear keeps no stock OF
hand. His business is To sell ">hort, =" or 10
sell property which lie intends To buy and de
liver when prices are lower than hi> contract
specifics. lsually a delivery is required
promptly, but often the bear horrows stock
on loans, paving So much 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 r,i-
morS, false reports, or even lawsuits, in de-
pressing the prices at the stocks they are
short on until they can buy Mt reduced
rates. This "hammering' is a very exciting
business, as the "hammcrs" are quite 4 busy
in sustaining the prices, in order to squeeze"
the bears, which Is sometimes most eilcctual-
~ and dlsastrously performed by the grand
operation of getting up "a corner" This is
managed by a union ot bulls who ascertain
inG from the brokers aud by other means that
there is a large "short interest, :" proceed 10
form a clique, - aud purchase or obtain the
control OF the stocks on which the bears are
short, in order To control the market and cN-
act such prices as they please. As soon "a
the control Is assured IN upward movement
is suddenly beGun, when the bears, fcarinr
further advances, are forced To- buy aud then
the very men who hold the stock turn out To
be those to whom the bears sold "~hort and
now sell it back IT, them at heavy profit for
delivery
Cornering demand great grurral>hip, but
when successful is enormously profitable and
often IS arranged beforehand t. trap the
bears. y fancy stock, or one ct little or no
intrinsic value, i selected hV means of
brokers the stock is picked up gradually by
the clique" until the control j. secured
then the bids for the stock are made and the
bears - heavily short, believing there is
plenty of it to bc bought tor 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
"squcal'' doOrou>ly, and are forced either to
fail, and become ELAINE ducks" or else
COVER at ruinous prices. There are many
instances in New \ ORR and ia Europe where
a million of dollars have been made in day
by single operator i'll Il successful corner"
put Il where a person proposes 10
"puL' Chat is, to deliver to another an
amount of any certain article within a Ger
tain time at price agreed upon when the
contract is made and gives IA Bonus for
the privilege. II the article docs not fall in
value 10 an amount exceeding the "Bonus"
paid, the party who paid the "IBonuS" can
not make anything by the transaction, but /,
not obliged to deliver the article. A"call"
differs from il put in this \ give, Il sum
agreed upon for the right to "call' from /;
within a certain time 4 fixed amount OF stock.
II the stock advances 4 "calls" for il, and
makes a profit If he does not, he need not
''call. >" but the sum paid Il is forfeited
A "margin" is effected by dcpoeitinr
fixed amount as security against depreciation
in price. 4 man buys one hundred bales OF
cotton at 50 much per pound, believing it will
increase in value in sixty days the seller
will hold it for him an agreed sufficient sum
is put up. when the sixty days arrive the
Gotten is sold; if it brins> more than when
he bought, the Spectator pay, Tor it out Of
the proceeds, gets back hs margin, aud
makes his profit, but ii cotton has fallen the
,nprt,i,, ma trnnI tho ,itNaytsts.,.