Daily Yellowstone journal., 1890-03-01
SLANG or WALL STREET.
A Dialect That Mystil.s the Outer World.
same Terms Translated.


'No use cunning in that quarter, l
tell you. II you've been caught short,
best say n,thing about it, unless you
want to get the razlle dazzle"
These emphatic remarks were made
by one If the young guard of Wall
street Ia an acquaintance at The llo,f.
man house last evening.
BAT its an oil market, anyhow"
Not much il ismL, I've had a point.
! or. aud z couple 81 DAYS will see things
swimming-sce if they don't. There
won't be a break in p. and o. in a
month. But its going 10 be quiet
There won't he any twisting about il.
Its gilt edge, aud the fellows who are
in have IA clinch ON it,"
To the uniuitiatca the dialect of
Wall street, OF which the language
just quoted is fair example, is one Of
the marrcls OF the metropolis.
The panic Of lS31, Black Friday"
OF 1869 and the great panic of 1873 all
contributed heavily la 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 a 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 i'll the market-a thing
till then unknown expressed the
downward movement where stock had
been buoycd up by artificial means;
covering his shorts described the iii.
lemma of a broker who, on a rising
market. bought where hecould 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 vcrdant 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 a break in that particular sc.
curity. kite living was risky sport
INDUCED IN by brokers who had out.
run their credit and were attempting
to negotiate worthless paper. or to Dor.
row on wildcat" stock.
Collateral was an invention Of
Drew, and signifed anything possess.
ing value in Wall street, and which
was given IN bond for a 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" a stock was to place
it in anybody's hands as security for a
loan. Caught long" is where the
market drops and "A broker is caught
with a falling stock; caught short
describes tAe Tx 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. "A swim.
ming market Is just the reverse. IAN
off market" is where the prices have a
downward tendency. To saddle the
market" iSto foist IA stock upon it which
it does not seem willing TO take. This
is done either by forcing the quota.
t~ions'-that is, keeping up the price of
a stock, or preventing it from drop
ping beyond "a certain point, until AN
opportunity arrives 10 boom" il. a
drop" is equivalent TO n break"
The difference" a term which APP
parently mystiiics outside Spectators
not little, mcanst the variationin price
as between the time of buying and
selling, or from the hourtllc order was
given until the sale or purchase is &c.
tually accomplished. y fiat" loan Is
one that carries no interest; a "jobber''
is the street term for an operator in
stocks; an operator is wiped out, ;"
clearly a western term, when he is
compelled To declare suspension. or is
sold cut under the rules. because of
inability 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 10 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, 10 wait
for a raise; loading and unloading"
carrying stock for a raise, or the
purpose Of a pool or clique Ia term
borrowed from the Paris and London
e~xchangesl, blocks" of stock, and
many other terms are familiar 10 out
siders. The ''ballooning" Of a stock
by circulating ''roorbacks," or favor
able stories concerning it is a common
practice on the street. When a broker
buys in" stock, he makes purchases
in order TO meet short contracts, or To
enable him 10 return stock he may
have borrowed. Covering his shorts"
means that when stock has been sold,
and the market rises, the seller buys