New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-12-05

ner' Rock Island A pool is cliuusyof
men who operate together through a leader
and divide their profits. aud a corner Is
effected ny purchasing nearly all of given
stock that is for sale This makes it neces-
ssrv for those who are short of the stock
to buy IT IN az a very high price or else to
pay high premium TO borrow it from day
to day. The stock is then said to he scarce
for delivery Up to certain point our
pool was great success, and under the
leadership of W. S. Woodward we ran her
up to l3l, when, TO our constern alton. there
was sudden break 10 the price. We soon
found that some members of the pool,
tempted by the high price, had begun to
sell out privately. There was a panic
among Us ther-a regular scramble to get
out The best We could-and in an hour the
stock was selling freely at 1912. In that
short hour my $4,000 profit had melted
away and had sent s2o,0oo more to look
for II. Yes. thank YOU; | will take little
more gin and se.tzei-with sugar.
80 | went On, Sometimes winning and
more times losing, TIL one day Messrs. Lit
tie & Blgbead declined to buy or sell stocks
tor me without q stop order-that Is, If l
wanted to bug a stock quoted at say sew
enty-six, had to give an order at the same
time to sell i ont il il dropped to say sew
enty-four, and ius- the reverse if | wanted
to sell short Following this process soon
brought me 70 b low tiaancia, cob. and one
day Messgs. Little & Bight ID called up my
msrgin-that Is, demanded that ] should
put up more money to make myself solid,
tor purposes OF stock transactions. l was
unable TO respond ~ tae demand, and was
obliged to confess myself 'bustet'-or
,scooped, as they call It.
at made me sal Tor time 10 see how
was treated il tie office Of Little Il Big
head alter this The Oft hand manner in
which everybody elbowed me away from
the tape wher | wanted to lock at the
prices uf stocks. II was sad, too sad to talk
about, and began to have d respect for toe
lumber trade wkica L had never before
felt"
Here the writer's informant shed pass
ing tear of regret with his lumber of gin
and settler with sugar, and rose slowly
from the table taking care to close, by an
habitual effort. the terrible equatorial gap,
and wandered to the tape" near the door.
As he hung over tie ticker eagerly, l
asked him what the strange letters and fig,
ures constantly coming cut meant. "WeE,
sad he, AXE EN- SIS they come, they are
Authorizations of the names of different
stocks, and their market prices i'll full.
IS. 5 signifies tEat the seller has
three days in which to deliver
his stocks, and has that number of days
credit in the transaction. In very quiet
market seller makes fractional diiter-
t0Ce III Tue PRICE CoE lustdAet' LahO
Shore may not be- ootainable at l2le, the
seller demanding 72As. The purchaser bids
72l2 seller B. and gets it. b. 3 means that
the buyer has three days In which to re.
ceive the stock bought. y div means
that the sale is FADE dividends of. &C.
means a cash tranaaction-stock TO be de
livered and paid for the came day. r.
means regular way; that is, stock cold or
bought to be delivered and paid fer the
next day. To pass a dividend means that
the directors have voted against declaring
a dividend. Dividend declared means
tina, the stock will pay dividend.
Then he turned to the writer and said,
breathing freely ar aroma of gin amt
settler. with sugar: Don't you never
speckerlate, young man, don't you never
speckerlare; but-but, say, if you Go mean
to do a little business in that line take my
my advice and buy little Northwest I've
got a dead sure thing on Northwest way
from the inside One of the directors is a
personal fried Of miEe, and | tell you its a
dead sure thing, just take a flyer in a
hundred shares, and Ill trust you as gen
tleman to do the fair thing by ME if you
make, as l know you will. There's i've
ser cent in it, sure pop, and"
The writer excused himself lest he shonid
have too much faith and make too much
money GA "sure poins."-Ner York World.