one-eighth for the "round turn."

"COMMISSION."

This is the remuneration which the broker receives from a customer in executing orders for the purchase or the sale of stocks or grain. This payment is based on the par value of stock or grain bought and sold, and not on prices at which the transaction was executed.

"A POINTER."

Information supposed to come from the inside and giving you an infallible tip on just what is going to happen. Sometimes information of this kind is valuable, but rumors of the wildest kind are so continuously floating around the Street that a "pointer" is more than likely to be an unfounded, silly rumor, which somehow has gotten into respectable company. If you know that the information comes from a reliable party who knows what he is talking about, and have money enough so that you can make an investment—not a speculation on narrow margin—and can afford to hold on after the methods of this company until prices rise, the "pointer" may prove a good thing.

"A POOL."

A syndicate of men who combine forces to get control of a property.

"A CORNER."

When a "pool" or an individual quietly buys up the shares of a property so that they can absolutely control it, it is called a "corner." Those who succeed in effecting a corner will not let the "bears" cover their "short," except at extraordinarily high prices.

"A SQUALL."

Depressing news that comes unexpectedly upon the market, and frightens the timid speculators into letting go their holdings.

"A SLUMP."

A continuation of depressing influences which makes the margin dealers sell out.

"A PANIC."

A time when most of the "bulls" have been wiped out and everybody is a "bear" on the market and goes "short" because it is the prevailing sentiment.

"Squalls," "slumps" and "panics" are disastrous to the ordinary speculator, and ruin them by the thousands. They represent, however, the very best opportunity for money making, as has been shown in hundreds of instances. They will give this Company the chance to buy the best sort of securities at prices so low as to make big profits a certainty. It is under these conditions that this Company will make its purchases. With patience enough and capital enough it is possible by acting promptly at the time when these bargain days occur to make more money in Wall Street than in any other place in the world.

"A RALLY."

A state of affairs which exists almost immediately after the public has unloaded its "long" stocks and put out a "short" line.

"A CALL."

A privilege to buy a certain number of shares at a given price within a certain space of time.

"A PUT."

A privilege to sell a certain number of shares at a fixed price within a given period of time.

"A SPREAD."

When an operator buys or sells both a "put" and a "call."

"ON CURB."

The private dealings made outside the Exchanges. A curb-stone broker is a familiar figure and carries on his business every day in Wall Street.

"INSIDERS."

There are two classes of Wall Street men known as "insiders." One is a class which is really inside. Officials of Corporations, of banks and Trust Companies and wealthy financiers who really control the properties dealt in the Exchanges are really "insiders." They control the market, but never give out under any circumstances any information, and in most cases they do not know themselves just what they are going to do from one day to the next.

The other set of "insiders" are those who only make the "lamb" think they are on the inside. They never have any money of their own to speculate with, and they sell their "knowledge" to outsiders for fraction profits when there are any. They advertise and give out their pretended information, and have it sent out all over the world, knowing that every city and town may be depended upon to produce "lambs."

BUCKET SHOPS.

A place where you can bet whether a stock will go up or down. You do the guessing and the "bucket shop" makes the money. If you win sometimes you get your money back and sometimes you don't.

"TIPSTERS."

The "tipster" in Wall Street is like the tout on the race track. He pretends to know all about it, and is a very solemn and mysterious individual. He tells one man to buy and another to sell, knowing that whichever way the market goes one of them will be a winner, and the "tipster" will get his share. The one who wins tells his friends, who think the "tipster" must be a wonderfully shrewd individual, and in this way he builds up a profitable business, and the "lambs" come flocking his way. He keeps on telling one set of his victims to buy a certain stock, and another set to sell it. Whether the stock goes up or down the "tipster" wins, and those who are on the right side of this particular deal spread his name and fame among their acquaintances.

"INFORMATION BUREAUS."

These bureaus are "tipsters" pure and simple, only they travel under the name of a "bureau," instead of their individual names.

"A SCALPER."

One who is in the market continually guessing and gambling on the rise or fall. He risks a thousand dollars to gain twelve and one-half dollars.

DEALING ON MARGIN.

This means that the buyer of a stock only deposits with his broker a small part of the value of the shares he is buying or selling. He is simply gambling, and very hazardous gambling it is. If he guesses wrong, he must pay up more and more margin or lose altogether. Dealing on margin is the favorite sport of the "lambs," and it is very profitable, indeed, to those who take advantage of their misfortunes. The odds are all against the speculator on margin, and sooner or later his money disappears and he disappears with it.

A SUCCESSFUL OPERATOR.

A man who is neither "bull" nor a "bear," but simply waits and takes advantage of opportunities. He knows the power of money. He knows the weakness of the public, and how gullible it is. He knows how to worry and scare the people. He sets his machine for the game and gets it. Ordinary market affairs do not interest him. When a "squall" appears he is notified instantly, and gets ready for business. He knows all about the stocks that he deals in, precisely what they are, and just what to do. He knows what to buy and just to a fraction when to commence to buy it. He gives his orders, pays no more attention to it, except to see how much he got. He buys just as closely to the bottom as it is possible to get, and when it is all over he goes away happy, asking to be notified when the market is up again.

CONCLUSION.

The contents of this book, including the Wall Street definitions given above, should give the reader a pretty clear idea of what is done on the New York Stock Exchange, and just why and how the blundering public is continually losing its money and giving Wall Street a black name.

It should convince you that you cannot afford to attack Wall Street by the methods that have been tried so many thousands of times and found to be utter failures.

About the worst possible thing that can happen to a man is to take a "flyer" in Wall Street and win. His winning convinces him beyond a doubt that he knows all about it, and he goes deeper and deeper, sometimes winning a little, but oftener losing, until some extraordinary turn of the market, some unforeseen incident, or some reckless piece of speculation wipes him out. That is the record of the guesses of ninety-nine out of a hundred men who try to take money out of Wall Street.

What is the use of following right along in their footsteps and trusting to dumb luck or something of that