The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1890-04-10
SLANG or WALL STREET.
A Dialect That Mystiees the Outer World.
Some Terms Translated.

mo use cunning in that quarter,
tell you. If you've been caught short,
best say nothing about it, unless you
want to get the razzle dazzle"
These emphatic remarks were made
by one of the young guard of Wall
street to an acquaintance at the Hoff-
man house last evening.
But it's an off market, anyhow"
Not much it isn't. I've had point
er, and couple of days will see things
swimming-see if they don't There
won't be break in P. and 0. in a
month. But it's going to be quiet.
There won't be any twisting about it
It's gilt edge, and the fellows who are
in have a clinch on it,.
To the uninitiated the dialect of
Wall street, of which the language
just quoted is fair example, is one of
The marvels of the metropolis.
The panic of 1887 BLACK Friday"
of 1869 and the great panic of 1878 all
contributed heavily TO the dialect of
the speculative class. After each
period of unusual excitement the slang
became more pronounced. The great
est contributor of all was the exciting
period of the civil war, from which
sprung remarkable list of word coin
ages that have been a hundred times
discussed by the men who were then
leaders on change. 1t is impossible
to trace the history of Wall street
slang without, in a measure, follow
ing the history of the street itself.
"a break" in the market-a thing
till then unknown expressed the
downward movement where stock had
been buoyed up by artificial means;
covering his shorts" described the di-
lemma of broker who, on a rising
market, bought where he could to pro-
tect himself on the day of delivery of
his contracts Brokers who have lost
standing or credit by unfortunate
speculation came to be known as the
lame ducks" and ''snipes" of the
street; they were distinguished from
the lambs, who were verdant out
siders who had taken a flyer" and
lost. "Goslings" were the younger
brokers who had not got crippled early
in the race. "To gun a stock" was to
attempt by every possible means to
produce break in that particular Sc
curity. Kite flying" was risky sport
INDUCED in by brokers who had out
run their credit and wero attempting
to negotiate worthless paper, or to Dor
row on wildcat" stock.
Collateral" was an invention of
Drew, and signified anything possess
ing value in Wall street, and which
was given in bond for loan. A
good delivery" meant that the broker
who had undertaken to deliver stocks
at a certain time found himself in
shape to do SO at the proper date; a
bad delivery" was just the reverse.
'Hypothecating" stock was to place
it IN anybody's hands as security for a
loan. Caught long" is where the
market drops and broker is caught
with a falling stock; caught short"
describes the fix of one who has sold
ahead and finds the market rising so
quickly that he cannot settle except at
a heavy loss. "a sick market" is when
brokers generally hesitate to buy-an
outcome of overspeculation. IA swim
ming market is just the reverse. ''An
OF market is where the prices have q
downward tendency. To saddle the
market" is to foist stock upon it which
it does not seem willing to take. This
is done either by forcing the quota
tions"-that is, keeping up the price of
stock, or preventing it from drop
ping beyond certain point, until an
opportunity arrives to boom" it. A
drop" IS equivalent to ''break."
The difference" a term which ap,
parently mystifies outside spectators
not little, means the variation in price
as between the time of buying and
selling, or from the hour the order was
given until the sale or purchase is ac-
tually accomplished. A fiat" loan is
one that carries no interest; a ''iobber"
is the street term for an operator in
stocks; all operator is wiped out"
clearly a western term, when he is
compelled to declare suspension, or is
sold OUT under the rules, because of
to carry out his contracts.
Watering stocks" "a favorite
phrase of Jacob Little, and first used
by the great bear-is the process of
increasing the Quantity, without add
ing to the value of the stock. Twist
ing on the shorts" is when the ''shorts"
have undersold heavily and the mar
ket has been artificially raised in order
to compel them to settle at rising
rates. Sailing down" stock, to wait
for raise; loading and unloading"
carrying" stock for a raise, or the
purpose of a pool or clique" "a term
borrowed from the Paris and London
exchanges, blocks" of sock, and
many other terms are familiar to out
siders. The "ballooning" of a stock
by circulating "roorbacks," or favor
able stories concerning it is common
practice on the street. When broker
buys in" stock, he makes purchases
IN order to meet short contracts, or to
enable him to return stock he may
have borrowed. Covering his shorts"
means that when stock has been sold.
and the market rises, the seller buys
where he can and protects himself on
the day of delivery.--New York Mail
and Express.