"A LAMB." A man who thinks he knows all about the Wall Street game, and bases this belief on the fact that he keeps abreast with the times, reads all the financial columns in the newspapers, wades through all the Wall Street papers and watches the ticker faithfully and conscientiously. When he is sure he knows all about it he goes jauntily down into the Street, and soon discovers that he knows nothing about it at all. He finds this out just at the moment when all his money is gone. "A FLYER." A flyer is a more or less reckless gamble, which pretty nearly everybody feels strongly inclined to make once in a while. When a flyer turns out right it is a very profitable thing, but the trouble with it is that it rarely turns out right or anywhere near it. "A BREAK." A rapid decline in prices of stock. "A BULGE." A quick upward movement in prices of stock. "FLAT." Stock loaned by one broker to another without interest is loaned "flat." "A HEDGER." One who buys a quantity of stock, and then for fear he has made a mistake, sells the same quantity in order to "hedge" against the loss that he fears is to come. A "hedger" usually makes nothing, because the profit on his purchase is offset by his sale, or vice versa. "LIQUIDATION." Generally selling out of stocks previously purchased by the "bulls." "MANIPULATION." Forcing stocks too high or too low by misrepresentations, rumors and false sentiments. "OPTION." A contract that one person will deliver to another a certain thing at a fixed price within a certain time. "POINT." One dollar or one per cent. a share on stock is one "point." Stock advances and recedes by "points," and is always so quoted. "PRIVILEGES." "Puts," "calls" and "option" come under the general head of "privileges." "PROMOTER." A broker who secures the capital to finance corporations. "REALIZING." Closing out stocks or contracts of any kind to secure profits. "SOFT SPOT." A general but slight weakness shown in prices. "AN OVERSOLD MARKET." This means a market in which the traders have sold "short" to an extent which conditions do not warrant. They thereby place themselves at the mercy of the "manipulators," who stand ready to squeeze the "shorts" when the proper moment arrives. "AN OVERBULL MARKET" means the reverse of this situation. "RAIDING THE MARKET." Concerted action of sellers of all descriptions, who discover some cause for loss of confidence in the maintenance of prices and sell right and left every stock for which they can find a buyer. "A DULL MARKET." This describes a market where there are few transactions and small fluctuations. "A HEAVY MARKET." One in which prices barely hold their own, and are inclined to sag off a little during the day, closing lower than they opened. "NET GAIN." The actual amount of profit after taking broker's commission, war tax, or revenue stamps. "GROSS LOSS."