The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1898-09-02
BULLS" AND BEARS"

The old Wall street operators say
that out OF one thousand men who
speculate in stocks, at least eight hun
dred OF them are optimists or bulls"
The other 200 or less are pessimists
or bears" The operators in the grain
pits confirm this statement. The farm
ers who speculate in their own wheat,
or dabble in the grain market are
bulls" or optimists. The great major
ity of men who speculate in cotton are
bulls" The cotton planters as a class
believe in a rising market. and gen.
orally lose by it. The Rocky mountain
States are peopled with very many
thousands of unfortunate men. each
one of whom believes he will soon find
a rich gold mine. He too is a bull"
in his disposition. While the bull"
or optimistic feeling Is to large ex-
tent a matter of temperament, 1t is also
created by education and surroundings.
A bear or pessimist operates. or
makes his money out of declining mar
kets. 1t is in only a few articles that
the bear" movement can be practical
" used. Specializing on depressions
requires peculiar commercial condi-
lions and arrangements. The bull has
an abiding faith that the price OF his
purchase will always rise on his hands,
and that Providence will ring bell
when 1t Is time to sell.
There are few men Of mixed tenn
permanent who are bulls and bears at
large profits on falling market. The
difficulty was in mans temperament
and education. Only rare men, with
the shifting capacities OF DIR. Jeckyl
and Mr.. Hyde, make these sudden
transmutations from bulls" to bears
or vice versa.
The stock exchanges admirably illus
trate the influence of the Crowd" or
the course OF popular movements. The
great operators well understand how
men can be stampeded, like a herd of
horses or cattle, into bull movement.
1t is done in pretty much the same way
rs the Indians start the stampede. 1t
has happened a thousand times on
every exchange. that a worthless stock
Is put mp to figures that are absurdly
high, simply by starting the crowd.
And the crowd consists of men who
claim to be clever, and often are very
capable. II is the same mental mani
[estation exhibited occasionally by the
'Dunkers,' very sober religious sect,
In the Virginia mountains and other
places. In moments of religious frenzy
in their camp meetings, they imagine
that the Devil is near by. and they
chase him to the trees, and the congre-
cation of old farmers may be seen try
ing to climb the pine trees in order to
kill him in the tops. So men in the
operator crowd, will deal with their
own hard earned money, as il dollars
were merely beans and to be had for
the asking.
The ground swell of these movements
Is optimism, which continues until IL
Is suddenly checked by fright, and the
bulls sell out or are sacrificed and
at once put for the woods. The old
experienced In working these STAN
pedes, understanding well the nature
Of the crowd, give 1t some period of
rest, and then start another bull STAN
pede.
The essential characteristics in all
speculations are the same. but the man
ifestations are varied by each particu-
lar case. whether 1t is stocks or grain
Or cotton. or oil.
One of the very Oldest of tie veteran
stock operators said. that when the
market was wild, and the surging
crowd was buying everything in sight,
he noticed that each one OF the null
titude claimed to be himself very
calm and rational. and criticised the
rest Of the crowd for its loss of head.
When the cholera. or yellow fever or
stock gambling gets hold of a commun-
ty, or class Of men, Reason packs its
runk and goes OFF for an outing. The
,rowd feels like lynching II to the very
first lamp post 1t can find.
Sfarn nhiaction Ia p,aao Oh, To-, |