The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1879-11-26

him; but, as if noticing my scared look
for now the time had come began, in
common parlance, to "funk" it-he called
his partner, Bond, who had just come in,
and my friend T. into his private room,
and with closed doors they consulted to-
gether for some little time. I. then
came out, and said that though Script &
Bond would be very pleased to operate
for me, they would not carry over.
"Carry over! What on earth do they
meang I said.
T. smiled at my simplicity; but as
some of my readers may be just as ignor-
ant of the ways of the Stock Exchange
as | was then, | will give them the gist
of T.'s explanation. .ut.
When person buys or sells shares or
stock he either pays or is paid for them
at once, or he waits for the account,
which is term used ON the Stock Ex-
change to denote the time generally
about two weeks) in which the transac-
ton must be completed, and all purchases
or sales of stock must be "made up or
paid for on or before the settling-day,
which is the last day of the account. If
a person is only speculating-it will
often happen that the price of the shares
has not gone up or down according to
his expectations-he can sometimes, by
paying small fine, "carry over" his ac-
count till the following settling day.
This operation is attended with some risk
to the stockbroker, as should the shares
go down instead of up, or vice versa and
the operator should prove unable to pay
the difference between the buying and sell
ing prices, the stockbroker would have to
pay the difference out of his own pocket. 1t
follows that unless he knows his client to
be man of substance, he will as rule
refuse to transact business of this kind
l was unknown to Messrs. Script e. Bond
they therefore naturally refused to "carry
over" for me.
To comfort me, T. added to his expla
nation: .... .rt.
81 am quite sure that even if they
would do it there would be no occasion
for it. Long before the Goth, the day fol
which propose to sell, the shares will
have gone down, and we shall have
bought in. You needn't be afraid; they
must to moral certainty go down."
/ was satisfied, and so were Messrs
Script & Bond. gave my orders to sci
Great Buffaloes, and then it was that
first began to understand how could sell
things that | did not possess, and coulc
buy them back again aud still be with
out any,
The contract note was forwarded to my
rooms in the evening, and 1 spent hall
the night in intricate calculations of how
much l should make if they fell to GER
tain points. did not sleep much that
night, and by the next morning my fears
of any evil consequences had totally van.
ished, and my only regret was that l did
not know more brokers who would sell
shares for any amount l pleased. did
really 60 the next day to one man l knew
slightly; but fortunately for me he was
away from town, and as l was
not known to his partner, I merely said
that my business, like that Of Mr.. Toots
was not of "the slightest consequence. y
The pamphlet was published, and wa;
noticed by several of the newspapers
one paper which especially delighted in
abuse of any kind gave it whole col
umn. Still the effect was imperceptible
upon the shares of the Great Buffalo.
They remained stationary. On my rep.
resenting this to Z. he Immediately ex.
planned that the news had not yet had
time to get down into the country; that
when the pamphlet reached the great
centers of industry in the middle and
north of England, there would naturally
be large orders for sales upon London
and we should then see the shares begir
to move with vengeance. Never before
in my life had the money article been o
any interest to me; but now it was tn,
very first thing / turned to whenever
took up paper; and, not content will
the latest quotations in the "special' eve
ming papers, gave my servant strict or
ders to bring the morning paper directl,
: it arrived to my bedroom, that / Nigh
see if the latest quotations were con
, firmed, before I was out of bed. Two 0
three days passed, and still the rush down
wards did not come. On the contrar,
) the shares went up. T. was ready witt
: his explanations as usual.
) "My dear fellow" he said, "don't b
: alarmed. As told you before, the in
formation must get down into the coun
try, and must thoroughly filter through
the minds of holders of stock there. o
course people are suspicious at first o
any news, and they wait till it is con
firmed by their London correspond
ents."
"But why don't the London peopl
!. act upon this information you have 81
kindly given them?" | remarked.
Il 80 they will shortly" he said. "Bu
!, during the last month there has beel
great speculation in Great Bufaloes, an,
) fictitious buoyancy is given to the mar
ket by the mere fact that people arr
forced to buy in for the next settle
ment."
"What do you mean by that%' aske1
innocently.
"a large number Of people have beareC
: the shares; that is, gone in for fall
, but the market remaining stationary
they have been obliged TO buy back t
cover themselves. The sudden deman,