Freeland tribune. (Freeland, Pa.) 1888-1921, 1890-03-13

At the south end of the great hall, in a
conspicuous position, are huge dials
upon which are indicated the fuctu ations
OF the leading commodities. This is done
by hands, as on clock, which jerk about
so rapidly that no one but an expert can
learn anything from them.
Although produce to the value of many
millions of dollars is sold upon the board
for actual delivery, the great bulk of all
the business done is of speculative ma
ture. A buys from B wheat, or other
commodity, for future delivery. If the
price advances, and A sees fit to deman d
his goods, he makes profit, which is set
tied by paying the difference in money. If
The price declines the seller will be the
gamer. Thus the transaction is only
wager as to the fluctuations of the ar
ticle within a given time.
Margins are certain sums, so much per
oushel of corn or tierce of lard, depos-
tied by the parties to cover losses by
reason of possible advances or declines.
When the original margin has been swept
away by fluctuations the fortunate party
may call for an increase, which the other
must put up if he wishes to maintain his
Tedit.
THE first day of each month, unless it
chances to fall on Sunday or o holiday,
Is the day for settling the transactions of
The preceding month which have not
been before closed up. The ruling prices
at the close of the preceding session
form the bnsis of adjustment. These set
Elements are made on the board. Young
men and boys fly hither and thither,
handing slips Of paper to others. These
are in reality warehouse receipts, which
show that the commodity is stored nt
certain place and subject to the order of
the owner. These receipts, being negotia-
BILE, re handed from one to another and
made TO do service many times over until
they come at last to the hands of the men
who are the real owners or carriers of the
goods. Thus, vouchers calling for l0l 900
bushels of corn may be made to settle
differences aggregating many millions.
1t is only recently that deliveries were
made on the board. Not very long ago
they were required 10 be made at the
different offices. Settling day then pre-
sented lively scene. Young men, gen.
orally destitute of coats, few rather
than ran through the streets, lodged
vehicles, darted into buildings, vaulted
up flights of stairs, and tumbled down
again in a mad endeavor to deliver their
receipts before the striking of the omin-
Gus bell upon the Board of Trade Build
ing, which marked the close of the bust
ness day. Many o broken arm or other
serious injury has been thus received.
and many suffering youth, unmindful
Of pain, has hurried along to make his
deliveries and save his employer from
loss.
Like every other institution, the Board
of Trade has nomenclature peculiar to
itself. Those who believe the market
will advance, and play the game on that
ihaory ara pn1Iad "bu11o ubila ehaorpu
are men who expect to see prices decline
and accordingly sell that they may profit
by the fall A strong or rising market is
termed "bullish," and @bearish" when
falling.
Bulls and bears, in the just sense of
the terms, are your true speculators
They adhere to their theory of an ad-
vance or fall. and don't turn aside from
it until convinced of their error.
The "scalper" may be termed the bush
whacker OF speculation. He acts in the
present. He is bull or bear as he
can see a chance to nip o small profit,
say split" or JIG of cent. He
watches the movements of other and gem
orally larger operators, and takes advan-
tage of little advances and breaks which
may continue but few minutes, and
which the genuine speculator, particu-
larly if he lie "plunger" or heavy oper-
ator, contempiuously ignores. The
scaiper is Of cowardly nature, pos
sessed of but a small amount of gimp"
or snap.
The term corner" is pretty generally
understood, and is not confined to
Board of Trade transactions. 1t means
the controlling of the visible supply in
the market of the particular commodity.
BY this means prices can be forced up to
almost any figure desired. since shorts"
those who have sold-cannot obtain
the goods to deliver to the "longs"-those
who have bought-without paying the
price demanded.
The trouble with corners is that they
very often-in fact, in clear majority of
cases-fail to corner, and in that event
the losses are commensurate with what
the gains might have otherwise been.
Not only are millionaires thus bankrupt
ed but thousands of small fry who have
pinned their faith and invested their last
dollar in the success or failure Of the
scheme, go down with them.
Puts" and scalls" are terms of very
genera. use. They are frequently called