One who believes that conditions are ripe for a decline in prices or one who desires such an event, and talks " bearish " accordingly. One may believe that the price of a certain security is about to decline, and, therefore, is said to be a " bear " on that particular security, whereas he may not necessarily be so on others. The natural attitude of a " bear " is that of a seller, but he may be so for the sake of buying later at a lower price. It is said that the greatest " bears " are " bulls " who have sold out their holdings.

Bear Clique

Those whose interests lie in the direction of a decline in price of one of several securities, or market prices in general, and who unite in mutual efforts to obtain such a result. A " bear clique " in Union Pacific, for instance, is a combination formed to effect a decline in price of Union Pacific common stock. (See " Clique.")

Bearing the Market. An artificial lowering, or forcing down, of prices.

Bear Market

(See " Bear.") When so many are bears that their influence is predominant in the market a " bear market " is said to exist, or a general fall in prices.

Bear Panic

A sudden and great advance in prices of a certain stock may cause those who have been trying to depress - " bears " - and who have gone " short " of it, to suddenly, with panic-stricken energy, try to buy in - " cover " - what is needed to fill their contracts.

Bear Pool

See "Bear Clique." The difference between a "pool" and "clique" is explained under the latter subject.

Bear Raid

When those who are " short " of the market desire to "cover" and there happens to be at the same time a considerable "long" interest, the "bears" may take advantage of this knowledge and by "selling short" so force prices down that those who are "long" will be obliged to sell; thus permitting the "shorts" to buy in, i. e. " cover " at a profit. (An explanation of the terms in quotation marks will be found under the separate subjects.)

Below Par

A price less than face value. (See " Par.")

Belt Lines

Short lines of railroad located at terminal points for the purpose of transferring traffic from one railroad to another. The name originated because of railroads approaching a city from different directions and finding the necessity of connecting with one another over another line of rails, which, owing to the density of the population, have generally followed a circular or belt course around all or a portion of the city. Where there are two of these belt systems, one encircling the other, they are often distinguished by being known, one as the " inner belt " and the other as the " outer belt."

" Belt lines " are valuable and necessary properties, and as a rule, have proved good investments.