E. Cobham Brewer 18101897. Dictionary of Phrase and Fable. 1898.
in Stock Exchange phraseology, are persons who apply for the allotment of shares in a joint-stock company, not because they wish to hold the shares, but because they hope to sell the allotment at a premium. If they fail in this they forbear to pay the deposit and the allotment is forfeited. (See BEAR, BULL.)