ney That is a question, like many others, easier asked than answered. The only answer that can be given is, that they live by "making money." One class live by finding purchasers of notes for owners who have not wit or energy enough to find them themselves. Another live by buying country bank bills at one price and selling them at another, simply because there are fools enough in the trade to take them at par, when they are to 1 per cent less than par. Some live by hunting up purchasers of cotton for those who are too rich or lazy to do it themselves. But these brokers are only clerks and agents with another name.

The stock broker is entirely another character. He is a gentleman-a gentleman by birth and education-a gentleman in manners and hibits, and a gentleman in all the various relations of life-even to keeping his trotting horse, having a box at the opera, and a pew in the church. The stock broker is a scholar, too. Some are historians; some novel writers, and some are poets. Some are members of the medical faculty; some are deacons in churches; some are politicians; some diplomatists, and some Jews and aldermen. By nature the stock broker is a talker-yet he knows when to hold his tongue. He will talk about everybody's business but his own. His ears are always open, but he never believes one word he hears about stocks. By common consent every stock broker is allowed to lie as much as he pleases when making a bargain; but if he denies having made it, or backs out, he is down. If he has a thousand shares of stock to sell, he appears most anxious to buy, and vice versa, and never deceives so effectually as when he tells the truth.

.."Cornering" and "washing" are phrases much used among brokers, but not gencrally understood out of Wall-street.

WASHING is when John makes a sale in public to Joe, with a previous understanding that Joe is not to take the stock. For instance, John holds a large amount of Harlem which he is anxious to get rid of. If he throws it into the market at once, he is pretty sure to "knock the price down." His safety depends upon a "stiff" market; and he goes to Joe and makes an arrangement with him to take 500 shares at full price, or an eighth above. They both go into the board, and when Harlem is called, John offers a hundred shares at 581 cash. No one takes them, but several bid 57 a 574 to 1. John comes down 4, and Joe "takes 'em;"-" a hundred more," take 'em "-"a hundred more," "take 'em "-" a hundred more," "take 'em." John now "holds up," and Joe offers to take a hundred more. If some "old stager" sees through the game, he "sticks". Joe with a hundred, and the game is up; if not, why John may be said to have succeeded, and the market for Harlem is firm. Washing" will hardly go down at the board; the game is too old, and there is too much danger in playing it when there are none but old brokers present; but in the street it is very common, and many a "green" one is taken in by a "wash sale." The truth is, a man who does not understand the business had better go to California than speculate in stocks.

46

LONG AND SHORT. These are brokers' phrases that have not yet been explained, and as mysterious and misunderstandable as any other. "Long" means when a man has bought stock on time, which he can call for at any day he chooses. He is also said to be "long" when he holds a good deal.

"Short" means when a broker sells stocks, to be delivered at a future day. If he owns the stock he sells, or agrees to deliver, he is both "long" and "short" at the same time. The effect of one contract neutralizes or "blocks" the other, and in reality he is neither "long" or "short." If he does not own the stock-which is the case nine times in ten-he is "short," or what is the same thing, a "bear;" and it is for his interest to get the price down so as to be able to buy the stock to deliver at a less price than be sold.

CORNERING. Ten or twelve years ago, the game of cornering was played a good deal in Wall-street; and down to 1840, there were many attempts by various parties to play it successfully, but nearly every one was a failure, and ended in a loss to the parties making it. Cornering is done after this wise.

Four, five, six, or ten (as the case may be) brokers enter into an arrangement with each other to buy up and get control of the entire stock of some company. They commence by depressing the stock as much as possible. To do this, they must all appear to be sellers, and cry down the price, representing it to be worthless, and themselves heartily sick of everything pertaining to it. While they are publicly selling lots of 100 or 200 shares, their agents or tools are buying all they can get hold of. As soon as they have bought all the cash stock they can find in this way, they turn suddenly around and begin to buy on time. Parties not in the secret of course are willing to sell on 30, 60, or 90 days-even though they do not possess the stock, thinking

that before the expiration of that time they will be able to buy it at a less price than they sold it at. In this way thousands of shares are sold to be delivered at a future day, to the very men who own every share of stock that has every been issued. When the time arrives for delivery, the sellers discover that there is no stock to be had but of the men to whom they have sold it. Of course, they must pay whatever the owners choose to demand. If the game is well played, the cornerers will make as much in selling out as they have in buying in. Should every one of the party prove true to his comrades, they will so manage as to get rid of the whole stock to outsiders at a high price. It will be readily seen that this is a very dangerous game unless well played; for should any of the parties interested "let fly" without letting the others know it, the game is up, and although he may make a fortune, it will be at a sacrifice of all the others. To corner successfully, requires a little more confidence in one another than is found now-a-days.

The last completely successful cornering operation was made about twelve years ago, in Morris Canal. Some parties in Newark, N. J., and some in New York city, united in buying up all the stock of the company at something less than 30 per cent on its par value. After getting it all into their own hands, they bought all they could contract for on time, and when the parties from whom they bought wanted the stock to deliver, they (the buyers) sold it to them. Morris" went up to 150, and there the cornerers kept it until they got rid of nearly every share.

46

BILLS OF EXCHANGE AND PROMISSORY NOTES IN THE CANADAS.

An act which passed the Canadian Parliament in May, 1849, relating to Foreign Bills of Exchange and Promissory Notes, in Canada, goes into operation there on the first of August, 1849. It materially changes the laws regulating inland bills, &c. Its most important provisions we publish below, for the benefit of such of the readers of the Merchants' Magazine as have business in Canada:—

That any bill drawn or note made payable to the order of any person, or to the order of the maker or drawer thereof, shall be transferable by endorsement either in full or in blank, or by delivery, and the holder under a blank endorsement shall have the same remedy by action as if the endorsement were in full. [These are not the clearest terms that might have been used.]

Three days of grace, and no more, next after the day when such bill or note shall become due and payable, or after the day when such bill shall be presented to the drawer thereof, and shall be allowed for the payment thereof, and shall be reckoned to expire in the afternoon of the third of the said days of grace, unless the said third day shall fall on a Sunday or holiday, when the next day preceding not being a Sunday or holiday shall be the last of the days of grace.

Nothing herein contained shall be construed to entitle the maker of any note payable on demand to any days of grace, or to prevent the holder from demanding payment for the same at any time, and protesting for non-payment whenever the same shall be refused.

Whenever any bill shall be refused acceptance by the drawee thereof, the same may be forthwith protested; and after due notice of such protest shall have been given to the parties liable on such bill, the holder thereof may insist on immediate payment from the said parties, and may sue for and recover the amount of such bill with costs and interest as if the same had matured and been protested for non-payment; provided that when due notice of non-acceptance shall have been given to the said parties, it shall not be necessary afterward to present the said bill for payment, or if such presentment be made to give notice of the dishonor. If, at the expiration of the forenoon of the last day of grace any bill or note shall be unpaid, the holder thereof may cause the same to be duly presented for payment, and in default thereof to be protested. No presentment and protest for non-payment of any bill or note shall be sufficient to charge the parties liable on such bill or note, unless such presentment and protest be given to the said parties as hereinafter provided.

The liability of such acceptor or maker toward the holder, shall continue in full force, although the liability of the parties may be discharged from the want or illegality of protest or of notice of protest.

Any service of notice of protest for non-acceptance or non-payment, if made within three days next after the day upon which such bill or note shall have been protested,

shall have the same force as if such service had been made upon the day of protesting the same.

Whenever any bill shall be noted for non-acceptance, it shall not be necessary to cause service of notice of the same to be made upon any party liable thereon. Whenever any bill so noted shall be protested for non-payment, the notice of such protest shall also embody notice of the previous noting for non-acceptance, and shall give the holder the same right to recover from the parties liable thereon, as if they had been severally served with notice of the noting thereof.

None other than the New Year's or Circumcision day, the Epiphany or Twelfth day, Annunciation day, Good Friday, Ascension day, Corpus Christi day, St. Peter and St. Paul's day, All Saints day, Conception day, and Christmas day, the anniversary of, and day fixed to celebrate the birth-day of our sovereign, and any day appointed by royal proclamation or by proclamation of the governor-general or person administering government of this province, for a solemn fast or as a day of thanksgiving, shall be deemed and taken to be a holiday.

the

NAUTICAL INTELLIGENCE.

LIGHT-HOUSE AT HYANNIS.

CUSTOM-HOUSE, Edgartown, April 30, 1849.

The Light-house recently erected at Hyannis was lighted up for the first time on the evening of Monday, May 7th, 1849. The following directions are given for sailing into that harbor:

When coming from the Eastward, bring Point Gammon Light to bear N. N. E. in 3 fathoms water, and steer N. W., on which course you will have from 34 fathoms to a quarter less three. When the Light on the bank bears N. E. run for it, which course will carry you two cables' length from the East end of the Breakwater. Give it a good berth towards the shore, and round to in 24 or 3 fathoms water.

When coming from the Westward, bring Point Gammon Light to bear E. by N., or E. by N. N., and run for it until the Light on the bank bears N. by E. E., and run for it as above. JOSEPH T. PEASE, Collector and Superintendent.

NOSSHEAD LIGHT-HOUSE.

The Commissioners of the Northern Light-houses hereby give notice, that a Lighthouse has been built upon the Point of Nosshead, in the County of Caithness, the Light of which will be exhibited on the Night of Monday, the 18th June, 1849, and every Night thereafter, from Sunset till Sunrise.

The following is a Specification of the Light-house, and the appearance of the Light, by Mr. Alan Stevenson, Engineer to the Commissioners :

The Light-house is in N. lat. 58° 28′ 38′′, and in W. long. 3° 3' 5". By Compass the Light-house bears from Ackergill Tower in Sinclair's Bay, E. by S. & S., distant 2 miles; from Duncansby Head, S. S. W. & W., distant 10 miles; from Pentland Skerries Light-house, S. W. by S. W., distant 13 miles; from Elzieness, N. N. E. † E., distant 14 mile; and from Sarclethead, N. E. N., distant 6 miles.

The Nosshead Light will be known to Mariners as a Revolving Light, which gradually attains its brightest state once every half minute, and then as gradually declines, until to a distant observer it totally disappears. The Light will be visible towards the North and East, between W. N. W. and S. W. W. From S. W. W. to N. E. N. in a South-easterly direction, the Light will be of the natural but appearance; from N. E. & N. to W. N. W. in a Northerly direction, (or within Sinclair's Bay,) it will be colored Red. The Lantern is elevated 175 feet above the level of the Sea; and the Light will be seen at the distance of about 15 miles, and at lesser distances according to the state of the atmosphere; and, to a near observer, in favorable weather, the Light will not wholly disappear between the intervals of greatest brightness.

The Commissioners hereby further give notice that, by virtue of a Warrant from the Queen in Council, dated 11th August, 1848, the following Tolls will be levied in respect of this Light, viz:

"For every vessel belonging to the United Kingdom of Great Britain and Ireland,

(the same not belonging to her Majesty, her heirs and successors, or being navigated wholly in ballast,) and for every Foreign Vessel which, by any Act of Parliament, Order in Council, Convention, or Treaty, shall be privileged to enter the Ports of the said United Kingdom, upon paying the same duties of tonnage as are paid by British vessels (the same not being vessels navigated wholly in ballast) which shall pass the said Light-house upon Nosshead, or derive benefit thereby, the Toll of one farthing per Ton of the burden of every such vessel, for each time of passing the said Lighthouse, or deriving benefit thereby, on a coasting voyage, and double the said Toll for passing or deriving benefit on an over-sea voyage; and double the said respective Tolls for every foreign vessel not so privileged."

By order of the Board,

Office of Lighthouse Board, Edinburg, May 16, 1849.

ALEX. CUNINGHAM, Secretary.

LIGHT-HOUSE ON EXECUTION ROCK.

The Light-house, which for some time previous had been in course of erection on Execution Rock, at the entrance of Long Island Sound, is completed, and a fixed Red Light was first exhibited therein on the evening of Monday, May 21st, 1849. A Red Light distinguishes this light-house from the one on Sands' Point, a few miles to the eastward. A Fog Bell, now in the process of construction, will be attached to the Tower as soon as practicable.

COMMERCIAL REGULATIONS.

TONNAGE DUTY ON SPANICH VESSELS.

CIRCULAR INSTRUCTIONS TO COLLECTORS AND OTHER OFFICERS OF THE CUSTOMS. TREASURY DEPARTMENT, June 13th, 1849. The particular attention of the department has been called to the operations of the acts of Congress "Concerning tonnage duty on Spanish vessels," approved 13th July, 1832, and 30th June, 1834, with especial reference to certain privileges, accorded on the part of the Spanish government to vessels of the United States entering and departing from ports in the "Island of Cuba," under certain mentioned circumstances. The privileges referred to are ascertained from an authentic source to be of the following description, to wit:

1st. That American vessels entering ports in the Island of Cuba, in ballast, are not subjected to the payment of any tonnage duty whatever.

2d. American vessels entering the ports in the Island of Cuba, with a cargo of any description of merchandise whatsoever, are exempted from any charge of tonnage duty, if such vessels convey or export therefrom cargoes of molasses taken in at said ports. The laws of 1832 and 1834, beforementioned, contemplate and require Spanish vessels, coming from any port or place in the islands of Cuba or Porto Rico, to pay in the ports of the United States the same rate of duty on tonnage that shall be levied on American vessels at the port of said islands from whence such Spanish vessels shall have last departed; and, likewise, such further tonnage duty as shall be equivalent to the amount of discriminating duty that would have been imposed on the cargoes imported in the same vessels respectively, if the same had been exported from the port of Havana in American bottoms. It consequently follows, that where no tonnage duty or discriminating duty on the cargoes of American vessels, entering and departing from ports or places in the Island of Cuba, is imposed and collected thereat, Spanish vessels coming from such ports or places are to be similarly treated as regards tonnage duty in the ports of the United States.

The collectors of the customs are therefore instructed to abstain from the exaction of any tonnage duty on Spanish vessels coming from ports or places in the Island of Cuba in ballast, or when laden with cargoes of molasses taken in at either of said ports. Their cargoes of course must be subjected to the duties levied on the article by the tariff act of 30th July, 1846, together with the additional duty imposed by the 11th section of the tariff act of 30th August, 1842.

Where Spanish vessels are about to depart from a port of the United States with any goods, wares, or merchandise, for any destination other than some port or place in

the Island of Cuba, or Porto Rico, the bond and security required by the 3d section of the act of 30th June, 1834, must be exacted in all such cases before allowing clearance or departure of the vessels.

To entitle Spanish vessels, coming from ports in the Island of Cuba, to the exemption from tonnage duties in the cases contemplated in these instructions, it is deemed a matter of proper precaution, in the event of any future modification or change on the part of the Spanish authorities of these privileges, to require the master of any such Spanish vessels to produce to the collector, at the time of entry, from the chief officer of the customs, at the port in the Island of Cuba from which the vessel last departed, a certificate, duly verified by the American consul, stating what tonnage duty, if any, is exacted on American vessels arriving at said port in ballast, likewise what discriminating, or other duty, if any, is charged on such vessels when departing from said port with cargoes of molasses. W. M. MEREDITH, Sec'y of the Treasury.

RE-EXAMINATION AND APPRAISEMENT OF GOODS, ETC.

CIRCULAR INSTRUCTIONS TO COLLECTORS AND OTHER OFFICERS OF THE CUSTOMS. TREASURY DEPARTMENT, June 11th, 1849. The following decisions of this department, on questions to which its attention has been recently directed, are communicated for your information and government:— 1st. That, as the additional duty imposed in certain cases, by the 8th section of the tariff act of the 30th July, 1846, is not, in the opinion of the department, to be viewed as a penalty, within the intent and meaning of existing laws, applications for remission of such duty, under the act of 3d March, 1797, providing for the remission of penalties, are not authorized by law, and cannot therefore be entertained by the department.

2d. That the appraisements, duly made by the appraisers appointed in pursuance of law, having determined and fixed the true foreign market value of merchandise, on which value, with costs and charges added, the duties are to be levied, any act of Congress to the contrary notwithstanding, and being by law final and conclusive; the Department cannot interpose for the relief of parties from the effect of any such appraisement, its interference extending no further than to sanction, where it is thought proper, and before the duties are imposed, the re-examination and appraisement of goods in cases where the appraisers shall desire it, with the view, should they find cause, of correcting or amending their return to the collector.

W. M. MEREDITH, Sec'y of the Treasury.

NEW TARIFF OF VENEZUELA.

The Senate and Chamber of Representatives, constituting the Congress, have made the following decree :—

ARTICLE 1. An extraordinary duty shall be levied for the term of two years upon the articles, and in the manner hereinafter expressed.

ART. 2. Merchandise and goods which shall be imported from foreign ports through either of the custom-houses of the Republic, shall pay a duty of 10 per cent ad valo rem on such as are already chargeable with duty, or 15 per cent ad valorem on such as are duty free.

1. The amount of this duty shall be paid in cash when it does not exceed $400, or within 30 days when it exceeds that amount.

2. In the liquidation of this duty the same course and formalities shall be observed as are established by the law regulating the custom-houses.

3. The duties established by this article shall commence on the 1st of June with regard to the commerce of the West India Islands, and from the 1st of July next with regard to the commerce of the United States and Europe.

ART. 3. National productions and manufactures which, after the publication of this law, shall be exported to foreign ports from whatsoever port of the Republic, shall pay a duty of 6 per cent ad valorem.

From this are excepted coffee, cotton, and the products of the sugar cane, which shall pay only 3 per cent ad valorem; gold, which shall pay 1 per cent, and silver 2 per cent. Cattle of all kinds duty free.

Passed in the Chamber of Representatives and in the Senate on the 28th April, 1849.