Smyrna times., 1873-10-01
SceIIN 10 e o. IL S.
Stock Brokers' Vocabulary.

At this season, when our financial column is
examined with additional attention, the follow
ing explanation of the terms used by stock
brokers and others engaged in financial transac-
tions may be found interesting Regular op-
orators 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
bear to depress the same; but very often, when
bear finds that the bulls have got the market
rising, with prospect of further advances, he
suddenly deserts his friends and goes over 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 ever. Bulls per
form the same feats among the bears, SO 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 spe
cial feature of thriving on troubles any thing
that unsettles values puts money in their pock-
cts, and hence their constant schemes to pro-
duce money panlcs, lower prices, create dis
trust, for then timid people are anxious to sell
at low figures and the bear has his profit, be.
ing sure that when the panic is over the arti-
cles 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 speculator who holds stocks,
expecting to sell for a profit is, of course,
long" while the bear keeps no stock on hand.
His business is to sell short, or to sell prop
| erty 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 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 10 every pos
sible way by means of rumors, false reports or
even lawsuits, in depressing the prices of the
| thaty oh -,
at reduced rates. This hammering" is very
exciting business, as the hammers" are quite
as busy in sustaining the prices, in order to
"squeeze" the bears, which is sometimes most
effectually and disastrously performed by the
grand operation of getting up "a corner. y
This is managed by union of bulls, who, as
certaining 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 the bears art
short, in order TO control the market and ex
act such prices as they please. As soon as the
control is assured, an upward movement il
suddenly begun, when the bears, fearing fur
ther advances, are forced to buy; and then the
! ! very men who hold the stock turn out to b,
those to whom the bears sold "short," anC
now sell it back to them at a heavy profit TO
Q delivery! Cornering demands great general
$ ship, but when successful is enormously profit
able, and often is arranged beforehand to tral
I, the bears. A fancy stock, or one of little O
d no intrinsic value, is selected by means o
brokers the stock is picked up gradually by tn
: clique" until the control is secured thel
!, bids tor the stock are made and the bears &
+ heavily short, believing there is plenty of it t.
+ be brought for delivery, but when the day o
3 delivery arrives the only stock to be had is il
the hands of the clique" who proceed t
t, "twist" the bears until they squeal dole
d rousy and are forced either to fail, and becom
:: lame ducks" or else "cover" at ruinou
u prices. There are many instances in Ne,
ID York and in Europe where a million of dollar
have been made in day by single operate
d in a successful corner.'
:. A Put" is where a person proposes {
q put THAT is to deliver) to another an amouu
q Of any certain article within a certain time
g, price agreed upon when the contract is mad
Or and gives Bonus for the privilege.
.. the article does not fall in value to an amour
exceeding the Bonus" paid, the party wh
rr9e paid the Bonus" cannot make anything b
d the transaction, but is not obliged to dclive
" the article. A . CALI differs from Put
IL this A gives b a sum agreed upon for tn
g right to " CALI from B within certain tim
u a fixed amount of stocks. If the stock advaI
no ces A calls for it, and makes profit, if it doe
al not, he need not " CALI but the sum paid
bv is forfeited
=. A "margin" is effected by depositng fxe
amount as security against depreciation
price. A man buys one hundred bales of co
9i p: ton at so much per pound, believing it will
crease in value in sixty days; the seller wi
d. hold it for him if an agreed sufficient margin
s. put up. When the sixty days arrive the CO
y ton is sold; if it brings more than when
T bought the speculator pays for it out of Il
proceeds, gets back his margin and makes h
nd profit; but if cotton has failed the margi
Al. makes good the difference.
ne. A drug clerk, who has had fourteen year
he experience at the business, and is now recei
,rk ing only fourteen dollars week. though |
Oh works eighteen hours out of twenty-four, writ
rs to the New York Times to suggest that
me me clerks were better paid, druggists would ha,
nd no difficulty in seeking competent ones. III
s6- communication is composed of twelve line
'n- and they are afflicted with twenty-six bluuder
The He may be compent drug clerk for all tina
@u' hut ha should etnnIov aoma ona m rvrifa l.