STOCK QUOTATIONS. 245 



A Broker is a person who executes orders for those who 

 are not members of the exchange. 



A Jobber deals in stock on his own account. A " stag," 

 or " outsider," is a broker who is not a member of the ex- 

 change. 



A Bull is one who buys stock to be delivered to him at a 

 future time, with the intention of selling it, in the mean- 

 time, at a higher price before he is obliged to receive it. 



A Bear is one who sells stock that he does not own, to be 

 delivered at a future date, hoping in the meantime to buy 

 it at a less price. A " lame duck " is one who is unable to 

 fulfil his contracts, and hence is expelled from the exchange. 



" Selling Short " is applied to sales of stock which the 

 seller does not own, deliverable at a future time, generally 

 not exceeding 60 days. The "bears usually "sell short." 

 The buyer pays interest for over 3 days. 



''Seller's Option" gives the seller the privilege of deliv- 

 ering the stock at any time before the time specified for de- 

 livery. 



" Buyer's Option " gives the purchaser the privilege of 

 claiming the delivery of the stock at any time before the 

 time specified for delivery. 



STOCK QUOTATIONS. 



From N. Y. Herald. 

 Sales. 

 12000 Am. G 143^ $12000 gold at 43)^ per cent, premium. 



12000 U. S. 6's. '81 cou 112% \ S 1 . 200 ?^ S " 6 P e J ent ' C UP n b nds ' matUr " 



78 ( ing 1881, at 12% per cent, premium. 

 10000 U. S. 5-20 Reg. '62 104><f TJ. S. 5-20 Registered Bonds isued in 1862. 



