The home journal. (Winchester, Tenn.) 1858-188?, 1873-10-30
Stock Brokers Vocabulary.

Stock Brokers Vocabulary
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! At this season, when our financial col
umn is 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 opera
tors are usually divided into two class
es, "Bp,l, and Bears. The object 0!
| the bull is 10 toss up or advance prices
and that OF the bear to depress the
same: but very often, when the beaI
! finds the bulls have got the market ria
ing, with prospect Of further adyan
ces, he suddenly deserts his friends
and goes over to tho bulls, until he
thinks the market is on the turn wher
he lushgs bacl, to the h ars again, and
growls Us vigorously NJ ever. Bulls
per Orm the same fcats among the bears,
50 that bulls and bears change places ms
the hope of ua|,ng money on the one
side or the other prevails. The bears,
however, have the special feature OF
thriving on troubles: anything that un
settles value puts money in their pock
efI. anl hence their constant schemes
t. produce money panics, lower prices,
create dislrust. for then timid people
arc anxious to sell at low figures, and
the bear has his profit, being sure that
when the panic is over The articles will
riso i'll value
Connected with these classes are the
terms "long and short, - usual in stocks
and gold. The bnlls being always long
OF stock and the bears short, for the
spccuatOr who holds stock, expecting
to soil ior profit, Is OF course, long,
while the bear keeps no stock on hand.
His business is to sell "short, y or to
sell property winch he intends to buy
mud deliver when prices are lower than
his contract specifics. Unusually q de-
livery j. required promptly, but often
the ben, brrlowa stock on loan, paying
90 much o. day fox the use Of it, while
meanwhile the bears who ure in this
condition of borrowing at high rates,
are busy in every possible way, by
means OF rmors, false reports, or even
lawsuits, in depressing the prices OF the
stocks they are "short - on, until they
can buy at reduced rates.
This hammeriug is a very exciting
business as the "hammers are quite
as busy in sustaining the prices, in
order to "suueene the bears, which IL
sometimes most eftectually and d'sas'
trousIy performed by the grand opera
ton of Getting up q "cornCr. y This Is
managed by It union of bulls, who,
ascertaining from the broGers 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 short,
in order TO control the market and
exact such prices as they please. AS
soon ~ 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
"short," and now sell it back to them
at a heavy profit for delivery! Corner
ing demands great generalship, but
when successful is enormously proiita-
bic, 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 IL
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 he had is in the hands Of the
"clique," who proceed to Twist the
bears until they squeal" dolorousIy,
and are forced either TO fail and become
"lame ducks" or else "cover" ut
ruinous prices. There are many instan.
ces in Now York and Europe where
million of dollars have been made i'll
day by single operator in a successful
"corner."
A "put il whep u person proposes
to "put" tia, il TO ieliver) TO another
AZ amount OF anv certain article within
certain time at price agreed upon