Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1885-10-23
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The technology Of the stock exchange Is
too large for full quotation. "Oonversions"
are the exchanges Of bonds for equivalent
shares Of stock, such bonds being called "con-
vertiblee" "Oollateralsn are securities Of any
kind pledged for borrowed money. Pledging
them is termed "hypotheoation." A good
delivery" is Of certificates Of stock or bonds
legally issued, bearing satisfactory power of
attorney on the back or appended, and trans
ferred Sgreeably TO the laws Of the exchange.
"bad delivery" is the opposite, and involves
the right Of appeal TO the committee on So
ourities and thence to the governors. "Dif-
ferenoes" are money balances paid where
stock Is not ransferred-which seldom hap
pens. To lend "hat' means without interest.
To "wster" stock is to increase its quantity
and impair is quality. To pass" dividend
is not to pay it. There are other slang phras-
es ueed in connection with the business Of
stock privileges, which is not recognized" by
or done publicly at the exchange. Privileges
TO receive or 10 deliver securities are bought
and sold outside the institution. Russell Sage
Is the king operator in these peculiar traDsac-
tions. Stock privileges are puts" and ''oalls,
| or combinations of both. 'put' Is the
privilege Of putting or selling 10 the one who
sells 1t . certain quantity Of q specified stock
at designated price within fixed time. A
''call' is the privilege Of calling for or buy
ing certain stock at a specified price within
given time The seller Of the put" must
be ready to buy, and Of the "call'' to sell,
whenever called upon. "straddle" Is the
option Of either buying or selling It CON-
bines the ''pup' and "calP' in one, and differs
from the 'spread" In that the market price at
| the time Of purchase Is filed into the latter,
while in the "straddle" the price may vary
| from that OF the market, by agreement or
otherwise.
Brokers and operators are 'bears' when
they have sold stock, and particularly stock
| that they did not own, contracting TO deliver
| Il at some future time They are then ''short
Of the market" The disposition Of the bear is
10 pull things down. The Wall Street bear
is often found cunning q stock" by put
ting forth all his strength and craft to break
down the price, and especially when aware
that q certain house il heavily loaded and
cannot resist his attack. He "buys in" by
purchasing stock TO meet ''short" contract,
or to return borrowed stock ''oovers" or
''covers his shorts, h" by buying stock 10 fulhl
bis contract on the day Of delivery. This Is
q self protective measure and Is called "oov-
ering short sales" drop In the price
Of q stock is to bear next best 10 break" ="
He rejoioes in an of market when prices
fall He "sells OUT man by forcing down
the price of a stock that person is carrying
80 low that he Is obliged to let Il 20, and
perhaps 70 fail He groans Justify when the
| bulls get "tWist on the shorts" by artih .
oiAlly raising prices, and "squeezing," or
compelling the bears to settle at ruinous
rates. Neither "bull" nor "bear" is an al
together safe "critter." The latter, however,
is reputed to be about four times as mis-
chievous as the former, inasmuch as he rude
ly sells another mans property, whereas the
bull contents himself with carrying his
own.
The bear occasionally finds himself in a
corner" where il Is impossible to buy the
stock Of which he Is short" and which be
must deliver at specified time. he growls
Q ID begs, but must pay what the holders of
his contracts are willing 10 accept. Some
relief is Afforded by ''let up" or the with
drAwAl from the market Of the "clique," or
''pool," or combination OF operators that cor
nered him. A ''squeAl in the poor is the
revelation Of its secrets by one Of its members,
and leak in the pool" Is when one Of the
parties sells out his interest without the
knowledge of the others. Either form Of
detection yields some mitigation to the bear 8
sufferings. -Nooem6er Hd5per's.