Bull and bear fights were a common entertainment in early California. Vaqueros rode into the hills, searched for a grizzly bear, lassoed it, and dragged it back to a corral, which was often set up near a California mission. When a bull was dragged into the same corral, the bear’s rear leg was tied to one of the bull’s forelegs, and the two beasts were forced to attack each other. Somewhere I had read that these fights were the early origins of the stock market terms. The way the animals attack inspired the name. A bull thrusts its horns up, while a bear swipes its claws down. A bull market refers to a rise in stock prices while a bear market portends a downward trend. In her recollections of social life and customs in the 1830s, Captain Richardson’s daughter Mariana described watching such a fight when she was nine years old, the animals attacking each other as they tried to break away and escape. However, after checking on the Merriam-Webster website, I found another origin story. An old proverb warned it was unwise to sell a bear’s skin before catching the bear, meaning don’t buy something of no value. The term “bearskin jobber” came into use, “bearskin” was shortened to “bear,” and that term was applied to a stock being sold by a speculator or the actual speculator. Bull market might originate from the use of bulletin board notices for the early London Stock Exchange: the more bulletins on the board, the stronger the market.
On the Brink of the World