The New York herald., 1874-12-23
WALL STREET REFLECTIONS.


THE CHARACTER OF CURRENT BUSINESS
"sELLER's" AND "BuYERs" OPTIONS
INTERPRETING THE OFFICIAL LIST FOR OUT
sIDERs-PACIFIc MAIL, IRWIN AND THE
occIDENTAL-HATCH AND WAYS AND MEANS.
The Christmas holidays would almost seem TO
nave commenced In Wall street, so quiet was busf
ness yesterday and so free from anything In the
shape OF new influences The only point, SEEM
ingly, on the street which the SPECTATORS sought
to make that sales had run freely in the direc
ton OF '.seiler's optionnthat is for decline-but
II the reader viii take the trouble to examine the
transcript OF the ofical report Of stock Exchange
sales printed elsewhere he win see that "buyer's
option" was quite as much sought for rs 'seiler's
option was offered. II will be worth the readers
while, also, If he has any interest In the stock mar
Ket ana Is not familiar with the language or
SLANG. AS VICTOR HUGO PUTS IT, OF THE STREET.
to refer 10 the table spoken OF with the following
help to his understanding OF it,
B3 means buyer three days-tnat Is, that the
purchaser has three days in which to close MS pur-
chase, whence, II the market goes up In the mean
time, he may make profit, as his contract was
for lower figure, while. II 1t should 60 down, he
loses, as he has to pay the current figure when
he closes his contract.
s so means the inverse of the former-that is,
the seller disposes Of his stock (Which he has mott
at current figures, in the expectation that 1t will
go down in the interim before he s called upon to
deliver which, II 1t does he makes profit, having
sold 1t lor more than he is obliged to pay for 1t
when called on to deliver. Should 1t 60 up, on
the contrary, ne loses or fails, according as
he is in with Could or not vice Uersd
as to this result in both options
These two processes OF speculation are known, as
was said before as "buyer's option" and 'seller's
option," according as the operator goes 'long" or
''short" OF stocK-that 49, buys 1t or sells 1.-THE
impression in the latter case being OF course that
he sells what he has not got, and the explanation
will be useful to outsiders who care to read the
official list spoken OF above with clear compre-
hension. There are few other
MARGINAL NOTES IN THE OFFICIAL REPORT
that il Is worth while in this connection to
make the outsider familiar with.
S-S means "seller three days,n upon the same
principle as "seller co." explained above with the
difference in the margin or number OF days on
which TO deliver.
G. attached TO q sale means that 1t was for cash
that is, an immediate settlement in money.
When no marginal letter or letters follow the
stock sale the sale is known as regular-that is to
be settled through the Clearing House Lext day.
10 has, OF course, the same meaning as SD 81
the only difference being in the period OF settle
ment.
B c. viii be found to occur frequently both by
itself IN connection with buyers or sellers
option, as explained above, but 1t only means
sale made before the regular call or alter the
stock has been called in an interval between the
call OF other stocks. 1t Is merely used to designate
transactions not on the regular call while such
call is in progress, and has It's interest IN periods
OF excitement
From the slight definition OF the c1phers used in
the Official list printed as was said elsewhere, the
outsider will be able to Judge how far what he may
have heard OF current TRANSACTIONS comedies with
miliarity with -
THE TECHNIQUE OF THE STOCK EXCHANGE
we quote the following from an evening paper OF
last night IA prominent feature OF the market
ton. The difference between seller 90 and the
new ana rn psf a 'as case
per cent IN Rock Island, Pacific NAH, WABASH and
pointed our, the business at "buyer's option"
quite traverses any disposition to lower prices.
Bevond the necessity OF calling pubic attention
tie meaning OF these slang terms IN which the
business OF the street is enye!oped as 1t were,
there was nothing Whatever to record. The stock
market was, on the whole strong Pacific Mall
leaulng, upon the
APPARENT FAILURE IN MR.. IRwrN's CoNrUMAcy
to make out such case IN opposition to the SUBJ
sldy as would induce Congress to repeal II or the
Committee on Appropriations to reject 1t in their
/ bill. The remark OF Mr.. Dawes, sT am myself very
we'll convinced OF the motive which has brought
Of Ways and Means 10 bring him here and to draw
out OF him Just v hat mas been drawn out oil him,
but am ded with amazement that any sane
man could Ior one moment suppose that he could
testify this much and no more, was received on
the street with some curiosity as TO what he (the
speaxer) referred to, ana II was argued In some
quarters that what he meant was that Irwin was
by disclosures or pretended disclosures, to 80
OF The subsidy and so put The new line OF Occi.
denta and oriental, with Its connection with the
Pacific roads in position tioI,o to % run success,
went up. This upward turn was fur
tner helped By the announcement that
subcommittee Of the Committee Of Ways
and Means Of the House would visit New YORK
during the holidays to e anime the Pacific Mail
pooks The reason Of this bold move on the part
| OF Rufus was SAID to be that the examination or
the experts nad shown % The the company in much
! tors themselves conceived IL to be. This, II true,
is rather rough on the company's bookkeepers, but
ment IN this company 1t cannot De called o sur
PRISE TO hear it stated that it's clerks were incom-
Effort was made In the afternoon TO depress
! Pacific Mail stock by story that the City OF To-
, klo had gone ashore, but later advices developed
I the TACT that 1t was anotner steamer not Oh this
I line, that had suffered such misfortune.
! MINING STOCKS.
! On the 27th OF last month the Wall street
financial news bureau commenced getting over
and distributing current prices OF California min.
ing stocks. Tie following comparison OF prices
then received, and those last received being the
. closing prices December u, show the effect OF
bringing TINS market in such close relation with
q that Of San Francisco. IL may be added these
stocks are not dealt IN at any board, but through
4 private parties here. The advance III some OF the
q stocks, 1t VIII be seen, Is exceedingly great
CLOSING QUOTATIONS..
Nor. q. Dec. Il.
/ Gould Curry y........................... TN 4s
savage. ...............,................ 81 l2i
Chuar Potasi. asi..........,................. 63k sg
n
Hale 4 Norcross. 81 GA
Crown Point. t............................ 62k s.
Yellow Jacket. .I3lh log
Belcher. ACKNOWLEDGEMENTS.
Virginia consolidated. ..l65Z SOC
California ....,...........,.............S S5Z SOC
4
haVlnuud Il Ely lbia
MARRIAGES. AND DEATHS