as possible. Speculators for a fall are called
"Bears," and they are equally anxious to send
prices _down_. So sensitive is the stock market
that prices are easily affected; the rumoured
prospect of an important dividend from a rail-
way company will at once probably influence
the price of its shares, whilst a report of a
disastrous accident will have the contrary effect.
A "boom" in the money market is a cheerful
desire on the part of the speculative public to
be purchasers at advancing prices, and this
betokens good business for the brokers and
jobbers. A "boom" in any particular stock is
a buoyancy in prices, caused by some favourable
rumour, whether founded or unfounded, more
often the latter, and set agoing in the interest of
persons who desire to get rid of surplus stock.
A "boom" in railway shares is often brought
about by increased traffic receipts; a "boom"
in mining shares is caused by one or two com-
panies having produced more gold this month
than last; and a "boom" in foreign stocks
is due to the settlement of some political or
other difficulty, &c., &c. A "slump" is just the
reverse, being an unaccountable depression
which sometimes fastens upon the specula-
tive world, and betrays distrust in everything.
Unless this feeling is checked in time it
degenerates into "panic," when prices fall to
a ruinously low figure.