Who it is for
For readers studying nineteenth-century exchange organization, settlement cycles, brokerage roles, margin, options, carrying costs, and the historical vocabulary of speculation.
English reader · Project Gutenberg #59518
Chapter I. Technical Terms Explained
The Theory of Stock Exchange Speculation. English-only reading by default; switch among English, Chinese, and Spanish, or compare languages side by side.
Chapter summary
This chapter defines the institutional vocabulary of nineteenth-century London and New York securities markets: jobbers and brokers, bulls and bears, contango and backwardation, options, settlement days, margins, long and short positions, corners, syndicates, and shrinkage. Crump also shows how commissions, carrying costs, and specialization shape speculative outcomes.
Modern reader note
The institutional arrangements described here predate modern electronic exchanges, central clearing, standardized derivatives, continuous settlement, and contemporary securities regulation. Terms such as jobber, contango, backwardation, and option must be read in their historical context.
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