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Gambling in Farm Produce. 
These transactions are acknowledged, even by the defenders 
of the option system, to be pure gambling in prices. Having 
briefly described them, it will not be necessary further to allude 
to them, and it will be understood that the rest of this article 
refers to transactions carried out in the regular exchanges of the 
country. 
The technical terms used in connection with the speculative 
market system in America are so numerous that a regular 
glossary is necessary to enable persons not connected with the 
trade to understand market reports which appear in American 
papers, and even those which are telegraphed to English 
journals. At my suggestion Mr. C. W. Smith has prepared a 
list of these terms for publication in a book 1 which he is about 
to bring out, and I give below those which have not already been 
explained : — 
A “ Bull ” is a person who buys options and futures for a rise in the 
market. 
A “ Bear ” is a person who sells what he has not got in the shape of 
options and futures for a fall in the market. 
A person is said to be “long ’’when he holds options and futures 
unsold. 
A person is said to he “ short ” when he has sold options and futures 
which he will have to buy back. 
A “ Scalper ” is a person who either sells short options or futures or 
buys long with the view of scalping an infinitesimal profit on the 
transaction. 
A “ Jobber” is a person who deals in options and futures with a view 
of making small profits, and generally winds up his transactions at the end 
of each day. 
A “ Dealer ” is a person who is open to buy or sell options and futures 
at the smallest fraction over or under the market value. 
A “ Wrecker ” is a determined operator who wrecks the market in 
options and futures in any way he can to obtain his ulterior object. 
A “ Manipulator ” is a person who manipulates the market in options 
and futures, up or down, with a view of obtaining his ulterior object. 
A “ Cornerer ” is a person who enters into enormous operations in 
options and futures with a view of artificially raising values, and with the 
ulterior object of cornering, not only the trader and consumer, but also 
those who have sold short, and thus compelling all classes to buy back from 
him at the artificial values ruling during the time he is making his corner. 
The cornerer lays his plans months before he actually intends to corner 
certain months. 
A “ Speculator ” is a person who buys options and futures for a rise, or 
sells them for a fall. 
A “ Plunger ” is a desperate, unprincipled gambler who plays for large 
stakes at the risk of utter ruin, but with the chance of making a fortune. 
A person is said to be “ unloading ” when he is reselling his options and 
futures previously bought. 
1 Commercial Gambling : the Principal Cause of Depression in Agriculture 
and Trade. By C. W, Smith. London : Sampson Low, Marston, & Co. 
