Before proceeding to relate the conversation of my friend this day, I must first state a few facts, for the information of those who are not already acquainted with them. THE LAWLESS HAVE LAWS. The Board of Brokers have many rules for their government; one of which is—that, when a broker is employed by another person to buy or sell stock on time, he has the right to give the name of his principal within twenty-four hours, and then, if the other party is not satisfied with the security, he is required to deposite ten per cent., or the contract is cancelled. If the broker so employed, does not give the name of his principal, he assumes the responsibility himself. All contracts for the purchase or sale of stocks, on time, are, in themselves, illegal; the contract cannot be enforced by any law, and the only security that operators have for their fulfilment, is, that rule of the board which expels a member, if he fails in his contracts. Just as all gamblers may be supposed to expel a man from their society, who takes up his winnings, but never pays his losses: or, upon the same principle on which there is held to be honor among thieves—whoever takes more than his share, is expelled from the gang. Stocks sold on time, are seldom delivered; but, when the contract is mature, the difference between the sale and the average market value then, is paid over by the loser. There are a few men of property, not brokers, who occasionally buy fancy stocks in Wall-street, when money is scarce, and sell again when it is more plenty, and reap a profit by it; but their number is so small, that they have never attained the respectability of any distinguishing name. BULL-BACKERS AND BEAR-TRAPS. There is a larger class, who sometimes control a good deal of money, and who make speculation their business. These generally unite in squads, for the purpose of _cornering_—which means, that they first get the control of some particular stock, and then, by making a great many contracts on time, compel the parties to pay whatever difference they choose—or rather, I should say, whatever difference they can get—for they sometimes overrate the weight of the purse of those they contract with. These persons are denominated Bull-backers, or Bear-traps, according to the nature of their operations. The first signifies that they have bought stock largely, and hold it; and the second, that they have sold stock which they have not got, and trust to circumstances to be able to supply it. The brokers, themselves, in these cases, are called Bulls and Bears. There is another, and a much larger class, who, deceived by appearances, come into the market without any knowledge of it, and generally lose what they invest. These are called Flunkies.