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NORTHERN
ASSURANCE COMPANY, LIMITED.
FIRE.
Established 1836.
LIFE.
had
Branches
Officer,
BIRMINGHAM.
BRISTOL.
LONDON:
1
DUBLIN.
Moorgate
Street, E.G.
ABERDEEN:
1
Union
NEW
Terrace.
YORK.
MONTREAL. MELBOURNK.
WILSON.
7,1
ACCUMULATED FUNDS
and
(1908)
98,000.
FIRE DEPARTMENT.
Insurances are granted on Property situate in all parts of the British Dominions, in most Foreign Countries, at rates which are computed according to the actual risk incurred. The Company has already paid over 16,000,000 in the settlement of claims under its Fire Policies.
LIFE DEPARTMENT.
Policies granted for all classes of Assurance and Annuities. Branch the whole of the profits are divided amongst the
In the Participation
POLICY-HOLDERS, who
having
for
many
ACCIDENT DEPARTMENT.
ing
Property
current rates of premium.
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54,
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;
;
Bank Accounts. By JACKSON. Twentyfourth Edition. Revised by H. T. EASTON, Associate of the Institute of Bankers, Author of " The Work of a Bank," " Banks and Banking," &c. Recommended for the Examinations of the Institute of Bankers. Price 5s. net.
GEORGE
A COUNTING-HOUSE GUIDE,
Containing Copies of the Chief Commercial Documents now generally used, together with Pro Forma Invoices, Account Sales, &c., and useful Business Tables and Calculations. By
Price 7s. 6d. net.
W. G. CORDING LEY, Author of "Commercial Terms and " A Phrases," Dictionary of Commercial Abbreviations," &c.
CORDING LEY.
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for the
VISCOUNT GOSCHEN.
*'
CORDINGLEY'S
f
)r
i-
DICTIONARY
OF
W.
G.
CORDINGLEY
AOTtfOR OF "CORDINGLEY'S GUIDE TO THK STOCK KXCHANGE," " COK COMMERCIAL GUIDE," "COMMERCIAL TERMS, PHRASES, AND ABBREVIATIONS," ETC., ETC.
SECOND
EDITI(
LONDON
EFFINGHAM WILSON
54
THREADNEEDLE STREET,
1910
B.C.
PREFACE.
THE
tion
Stock Exchange
is
essentially
an
institu-
and
to shout, or,
full title
would
mean a
great loss of time to both Broker and Thus it is that, from the very moment
is
issued,
a Godfather comes
for
it
;
new name
the
name
the
done.
If
name always
this
meaning of, the terms selected apparent, and the author has,
deavoured to elucidate
breviations
is
therefore,
which the
Stock
Exchange,
in
IV
manner
peculiarly
its
time invented.
The
is
author does not pretend that the work either faultless or complete, but his utmost
endeavours have been made to give a clear insight into the technicalities used in stock and
share dealing, and he
least
trusts that,
to those
at
in
who have
comprehending
as a help,
the
hidden
meaning
will
of
the
book
be of service
not as a guide.
has been specially^ written to form " a Supplement to Cordingiey's Guide to the
The book
Stock
Exchange,"
2s.
published
net,
by
is
Effingham
the
author's
Wilson, price
sincere hope
and
it
that
the
work
will
be accorded
the
W. G.
CORDINGLEY.
A, B.C. Shares.
The
ABOVE PAR
For
$ share were quoted at 6, " I above it would be par" or "at I premium" On the other hand, if the share were quoted at 4, it
would be
"
I
discount"
ACCEPTING STOCK
A
"
said to be
the
ACCOUNT
ment
to
The
Settlements
or
The Account
"a 15 day Account" as the case may be, one Account being held about the middle of the month and the other towards the end of the month.
is
a phrase used
when
se-
" " Bought for the Account," or Sold for they are the Account." A BEAR ACCOUNT, used in the sense of an "
sold
Oversold Account," is where securities have been " " by Bears many times over the available supply, and to obtain the shares they have sold,
the
are compelled to purchase them back from the parties they have sold to, and this causes " Bears run to cover," a rise in price, makes the
"
Bears
"
creates
"
Squeeze," and
is
known
is
as
"
Account."
securities
A
have
"Bear
Account"
"
also
Bear where
Bears," who, of by them that do not is, the selling course, possess does not come from actual holders, but from
been sold
speculators
who
sell,
hoping to get
is
the
price
down.
A BULL ACCOUNT
no
genuine investors buying stock, but the whole of " " " the purchases are for Bulls speculating for Differences,"
it
come again on
mences
;
when
"
their selling
and
they
are
Weak
Bulls,"
comwhose
resources are quickly exhausted when prices go against them, there must eventually be forced " " Bulls can pay long enough sales, even if the
to
become "Stale
see).
Bulls," as explained in
"Bull"
as a
(which
"
An OVERSOLD ACCOUNT
is
the
same
Bear Account," and means that securities have been sold many times over the available floating supply, and to obtain the shares they have sold, " have to repurchase them from the the " Bears
have sold to, which causes a " Squeeze ;" " hence the term " Squeezing the Bears," or a Bear
parties they
Squeeze."
"
Pay Day."
ACCOUNT DAYS
The
"
first
day
is
called
CONTANGO DAY,
that
or
preparations are Making-up " " transactions that day for carrying over those them by speculators continuing
Day," as
made on
is,
who
are
unable or unwilling to take up or deliver their securities, and only wish to pay the "Difference"
" Difference in their against them, or receive the the forward and favour, bargain to the next carry
"
Account.
is
known
as
NAME DAY,
or
Ticket Day," because on that day the purchasing " " broker prepares a Ticket (which see), showing the buyer's -name and address, and delivers it to the
selling
enable
called
him
to
complete
the
The
"
last
day
is
SETTLEMENT DAY,
or
on this day securities are delivered Pay to the buyer and paid for, or where they are neither taken up nor delivered, but carried over to the next " " on them necessary Differences Settlement, the
Day," as
to balance the account are either paid or received, as the case may be.
ACTIVE BONDS
face value
is
is
AD VALOREM DUTY
and
securities,
is
the
Stamp tax on
contracts
AGENT DE CHANGE. A Continental Stock Broker. On the Paris Bourse there are only sixty official
members, or Agents de Change, who are appointed by the Minister of Finance, and they have their
seat in a small enclosure, called the
"
The
"
members of the
a
"
much
On the Berlin Bourse there are the ordinary Brokers, or Agents de Change, and the Sworn Agents de Change the latter dealing chiefly in
Government securities. The Vienna Bourse
consists of
Sworn Agents
de Change only, who are under the patronage and control of the Government.
A L'ESCOMPTE,
have sold
On
who
have sold
"
(under discount), at an earlier date than that they Hence a for, if demanded by the buyer.
1'Escompte."
ALLOTMENT.
ment, sent
by a public
company
to parties
who
have applied for shares, stating that their request has been complied with, and naming the number
of shares granted, or "allotted," as
it is
called.
The person named in a Letter of Allothas been granted or allotted the shares, bonds or stocks he has previously applied for in
ALLSOPPS.
market term
for the
Ordinary Stock
of Samuel Allsopp
&
AMERICAN MARKET.
Stock Exchange
called the
"
who
AMERICAN RAILS.
the various
collective
American Railroad shares and securi" American Rails ties are spoken of as a whole, as are weak," meaning that American Railroad shares
generally are weaker, that
is,
lower in price.
where the jobbers in American Railroad shares stand, or the group of jobbers which forms the market or ring.
House
"
AMORTISE.
issues of bonds,
shares or debentures,
to periodically call
them
in
and repay them, either in full or at a premium, from profits specially applied to purposes of re" The Sinking Fund." demption, and called a
amortisement usually takes place annually, when drawings are made, and interest at once ceases on such bonds as have been drawn, thus adding to the
amount annually
the debt.
extinguishment of
ANACONDAS.
The
shares of the
Anaconda Copper
Mining Company.
is
the company's banker, together with a fixed amount the counterpart for each share they desire to hold of the "Application Form," being signed by the
;
Bank
money
ARBITRAGE,
A term used when selling identical one Market or Exchange, and at the same time buying them in another Market or Exchange or buying on one Exchange and selling
securities in
;
in another.
ARBITRAGE HOUSES
who
are those large financial houses between one Exchange and another. arbitrage
ARBITRAGEURS
ARGENTINES
This refers in a general way to the loans and stocks of the Argentine Republic bonds, when the securities are not individually named.
ARGENTINE RAILS,
way Companies'
whole.
The
stocks
and
loans,
taken
as
ASSOCIATEDS,
An
"A" STOCK
is the Deferred Stock, where, for the of dividend, the Ordinary Stock has been purposes " B" divided into two parts, called Preferred (or
Stock), and Deferred (or Stock), as with many home of the Railway Companies. The dividend
"
A"
on the
"
AM
Stock
is
amount
"
B"
or
"
Preferred
ATCHISONS,
Topeka and
America.
ATCHISON PREFS,
lative
ATLANTICS.
Debentures of the
New
ATLANTIC FIRSTS
of the
New
Company
ATLANTIC SECONDS.
bentures of the
New
Railroad
Company
In Stock
is
authorised by
sign for or act for another in the sale or transfer of stocks and shares, or for collecting the dividends
upon them,
etc.
AUTHORISED CLERKS
the Stock
authorised Exchange by the Stock Exchange Committee to transact any business in the way of buying and selling on behalf The of the member by whom they are employed. juniors, who are permitted by the Committee to go
are those
Clerks on
"
Un-
AVERAGING,
in-
terest in a security
by buying or
selling a further
quantity at a higher or lower rate than that already "Bull" averages on a fall, and a "Bear" paid.
on a
rise.
AYRSH1RES
An
Glasgow and South- Western Railway, and so called because the line runs through the County of Ayr.
AYRSHIRE DEFERRED
is the Deferred Divided Ordinary Stock of the Glasgow and South- Western Railway Company, the interest being deferred until the 2\ per cent, rate on the Preferred has been
satisfied.
AYRSHIRE PREFS,
(or Ayrshire Preferred) is the Preferred Divided Ordinary Stock Per Cent. 2\ of the Glasgow and South- Western Railway Company, this stock having a preference for dividend
"
over the
Deferred
"
stock.
BACK,
\
"
(explained below).
When
TO | BACK
Bear
"
pays J
carry-
per
cent.,
cent,
when
ing over.
BACK TO
when
CONTANGO
cent.,
Bear
"
"
pays
carries
for
Bull TV per cent, to the jobber, and the over at even that is, he has nothing to
pay
the accommodation.
BACKWARDATION
security
"
is
is
than
it
is
"
for
can be obtained at a is, Money for on the next Settlement lower price payment than for a prompt cash purchase.
BACKWARDATION RATES
(as
6d. per share, or \ per cent.) charged to the seller and allowed to the buyer when a "Bear"
carries
count.
These charges
are
deducted
from
the
10
Settlement price at which the bargain is adjusted, or carried over, the settlement following that at
which
it
is
arranged.
BAGS. The Ordinary Stock of the Buenos Ayres and Great Southern Railway.
BANGING A MARKET
selling of
securities
is
" gradually decreasing prices, so as to get in again " on the fall. The operators are called Bangers," " and they are said to Bang the Market."
BANK STOCK,
BARGAIN.
securities
It
Capital or Stock of the Bank of " " securities. England, and one of the gilt-edged
The
is
common
"
to
speak of dealings
"
in
Time Bargains bargains, being specially used when transactions are made for the next Account. When a member of the Stock Exas
change
"
fails
to
meet
his
engagements, and
"
is
Hammered,"
his fellow
members
undo
"
any
bar-
gains they have open with him, by adjusting them " elsewhere, hence the term to Undo a Bargain."
A JOINT BARGAIN is where two or more members arrange to deal on joint account in some
particular stock or shares
result.
and participate
in
the
BARRY RAILS
BAYS.
pany.
The general Stocks of the Barry Railway Company, when not named individually.
The
Securities
of the
II
BEAR,
ally
Bear
is
having them
to see a
in the market, and buys them hoping back at a cheaper price than he has sold at before the next Settlement arrives, such a transaction being
known
as
"
Selling a Bear."
BEAR ACCOUNT,
an
"
When
Oversold Account," this is where securities have " been sold by " Bears many times over the avail-
have
able floating supply, and to obtain the shares they " " Bears are compelled to purchase sold, the
parties they
"
have sold
to,
A BEAR ACCOUNT
have been sold by
"
also
where
securities
possess them from actual holders, but from Speculators who sell, " Bear Account" hoping to get the price down.
Bears," who of course do not that is the selling does not come
may
also
sellers
than
buyers.
BELOW PAR
is
are of a lower market value than the price they For instance, if a fully paid were issued at. $
" share were quoted at I belozv 4, it would be par" " or at i discount" On the other hand, if the share " were quoted at I above 6, it would be par" or
"
at
premium"
12
BERTHAS
Brighton A ") means the Deferred Divided Ordinary Stock of the London, Brighton, and South Coast Railway Company, to distinguish
"
(or
it
from the
"
Preferred
"
or
"
B"
Stock.
BERWICKS,
the
The Consolidated Ordinary Stock of North-Eastern Railway Company, and so named because the line runs through Berwick.
is the Deferred Divided Stock of the North-Eastern Railway Company.
BERWICK DEFERRED
Company.
BLANKET MORTGAGE
is
BLANK TRANSFER
tures are
This
is
principally used
when
pawned.
named in the deed may have protection amount advanced, should the borrower fail
Certificates
sell
to
BLEACHERS.
13
BOND.
and redeemable
in
a certain
number of
years, issued
by the various
Governments, Corporations, Companies and Railways, and carrying an agreed rate of inBonds are known by terest on their face value. There are various names in the market. ACTIVE BONDS, which is a term given to those Foreign Bonds upon which a stated rate of interest
Foreign
:
on
is
interest
commencing
fixed at the time of issue, such and being payable from the
BONDS TO BEARER are those which are made payable to Bearer. They carry a series of coupons,
each bearing a different number, and payable at
Coupon Sheet," for collecting the interest upon the bonds as each payment becomes due, the coupons being separately cut off on the due dates.
"
CALLED BOND.
drawn
for
payment
"Called Bond" is "called in" for redemption. " Drawn Bond," when redeemed by drawings. first a CURRENCY BONDS refer to the Bonds of the
DEFERRED BONDS
full
are bonds
amount of
which
interest to be paid
deferred for a
at a small
rate
amount
until
the
full
14
DRAWN BONDS
a
"
are bonds
drawn
for
redemp-
Drawn
after being
payment.
EXCHEQUER BONDS
are issued
by the Govern-
at various times to cover current expenses which cannot be met from the ordinary sources of
taxation.
They
and carry a
whole
period of their currency. GOLD BONDS are bonds of the American Rail-
road Companies and some Foreign -Governments, and are payable, both as to principal and interest,
in the
These are bonds issued by for the purpose of carrying Governments Foreign on or completing some special municipal or exceptional work (an Exhibition, for instance), a bonus
being offered to subscribers
in the
LOTTERY BONDS.
shape of cash
until the
prizes, which are drawn for periodically bonds are all redeemed, or the term of
their cur-
PREFERENCE BONDS. Some Foreign Governments have issued Ordinary Bonds and Preference Bonds, the latter having a preference for the payment of its interest over the Ordinary Bonds First, Second, Third and Fourth Preference Bonds being
;
issued in
terest
some instances, when, of course, the inupon them is payable in the order in which
REGISTERED BONDS are those which have been registered by the holder's name being entered
15
in the
BONUS, Public Companies usually endeavour to make all their dividends continue on the same ratio as at the commencement, and when an extra or
exceptional profit is made, it is generally distributed " " as a Bonus rather than a dividend.
BOOM,
After a period of quietness or stagnation business, there sometimes arises a quick or sudden general demand for securities or shares of a particular class,
in values,
and
sharp
"
rise
which,
continued,
is
called a
Boom."
Stock
BOURSE,
for a
Exchange.
has no Government and one can as a Broker. act The supervision, any Sworn Agents de Change deal principally in Govern-
ment
Ordinary Brokers or Railway, Mining and General Shares. Bankers, Brokers and Merchants are admitted to the Berlin Bourse on payment of an annual (but varying) subscription.
securities,
while the
in
THE
PARIS BOURSE
is
open to
all,
and mer-
i6
chants, manufacturers and others meet there at certain hours of the day for the purpose of trans-
acting business. There are only sixty official mem" bers or Agents de Change," who are appointed by
They stand
in a small
Parquet."
"
Coulisse," are a
The unofficial members, known as the much larger, though less responsible
organisation.
THE PETITE BOURSE is the evening market " of the Coulisse," and consists of the Coulissiers
alone.
under the control and patronage of the Government, and business is only carried on by the Sworn Agents de Change, or Sworn
Brokers,
paying a subscription and a fixed sum as entrance fee. None but subscribers are admitted, the annual
subscription being 60 florins.
BRAZILIANS
of Brazil
individually
when spoken of
named.
in a general
BREAD CRUMBS
BREADS.
Limited.
The
fractions
of the shares of
Company, Limited.
BRIGHTONS
The Ordinary Stock of the London, Brighton and South Coast Railway Company, and so called from the line running through Brighton.
17
BRIGHTON A is
of the London, Brighton and South Coast Railway " Company, and is sometimes called Berthas."
BRITISH
BROKER
The agent
or
middleman who
he
is
buyer and
seller
a go-
between, serving both the general public and the Members of the stock jobber in all transactions.
Stock Exchange are forbidden by their rules to advertise, hence those who advertise themselves as
Stock and Share Brokers or Dealers are known in " " Outside Brokers the House as or, as they are
more
familiarly called,
"Bucket Shops."
BROKERAGE,
this
acting business.
has bought or sold securities, he sends to his client " a stamped Contract Note," showing the quantity
and
price of the shares bought or sold, and describthe charges to be paid on the transaction. ing
all
BROWNHILLS
BRUMS,
The Ordinary Stock of the London and North-Western Railway Company, and getting its name from the fact that the line runs through " Birmingham, which the natives call Brum."
2
i8
"B" STOCK
is the Preferred Stock where, for the of dividend, the Ordinary Stock has been purposes " B" divided into two parts, called Preferred (or
Stock),
and Deferred or
("
A"
"
Stock), as with
many
home
"
A"
The dividend on the railway companies. Stock is deferred until the fixed amount of
be paid on the
B," or Preferred Stock,
interest to
BUCKET SHOP
"House" for those stock brokers or stock dealers known as "Outside Brokers," who are not members of the London Stock Exchange.
favourite
in the
name
BULL.
hoping
"Bull"
is
a person
date arrives, and so sell them at a dearer price than " " he has bought at. Buying a Bull means, there-
buying securities for delivery on a fixed date solely for the purpose of receiving (or paying) the difference between the buying and selling prices, and having no intention of taking up the stock
fore,
bought.
instead of
It
"
Bull,"
making a profit during the Account, has to pay a loss owing to the price having fallen away and after he has instead of rising, as expected
;
paid his
"
Differences
"
his securities
profit,
he
is
is
known
as a "Stale Bull."
A " Weak
Bull
"
Bull
"
of securities
who
not financially strong, and after his resources are " " Differences or carrying exhausted, by paying
19
over, his holdings are of necessity
thrown back on
forced sales, and
the market.
"
Weak
Bulls
"
mean
BULL ACCOUNT,
This
is
investors buying stocks, but the whole of the pur" " " Bulls Differchases are for speculating for
ences,"
it
come again on
mences
;
when
"
their selling
Bulls,"
and
they are
Weak
comwhose
available funds are quickly exhausted should prices go against them, there must eventually be forced
are not slow in taking of by putting prices lower and lower to advantage " " Bulls can pay long their profit), even if the as become to "Stale Bulls," enough explained in
sales (a circumstance
"
Bears
"
"Bull."
"Bull Account"
may
also be
sellers.
one
in
BULLOCKS,
tion
The
shares of the
Bulawayo Explora-
Company, Limited,
Circus."
BUYERS OVER
that there are
is
a phrase
commonly used
to indicate
more buyers of securities than there " while " Sellers Over indicates are sellers of them that there are more sellers of securities than there
;
are buyers.
in
contradistinction
to
Selling
Bear,"
which means
ni
2O
BUYING-IN.
his
This
is
where a
seller
bargains by delivering his stocks or pleted shares to the purchaser within the ten days of
grace allowed from Pay Day, and the securities are, according to the Stock Exchange rules, publicly
bought
in
by auction
in
the
"
him.
CALEDONIANS
The Ordinary Stock of the Caledonian Railway Company, more usually referred to " " as Caleys (which see).
is the Deferred Converted of the Stock Caledonian Ordinary Railway Company, " and known as " Coras in the market.
CALEDONIAN DEFERRED
donian Railway Company, more usually referred " to in the market as Floras," to distinguish them from " Coras."
CALEYS.
An abbreviation of Caledonian, and meaning the Ordinary Stock of the Caledonian Railway
Company.
CALL.
pany
of
"
"
Call
"
is
a notice sent
fully
the shares he holds, It also paid up," though fully subscribed for. means the amount of money which is demanded
as,
money on
on each share
"a
55. call."
21
CALL
On
the Stock
Exchange
a " Call
"
is
a system
of acquiring the right to purchase, at some future date, a certain number of Bonds or Shares, or an
agreed amount of Stock, at a fixed price, by paying " " at once the Option Money either of so much per
much
notice
Call
is
Called
"
for delivery.
bought by parties
who
think prices will advance, but are desirous of limiting their liability and possible loss at the
amount
CALL OF MORE
It is
is one of the Compound Options. where a fixed amount of stock (or a certain
number
ing"
of shares)
is
"
call-
amount
at the
same
CALLED BOND.
for
in
" "
payment
"
called
first
for redemption.
"
Called
Bond
"
drawings.
abbreviation
An
CANADIAN PACIFICS
Pacific Railroad
The
Company.
Continuing a bargain to the next
CARRYING OVER
Account.
22
explained in
Contango Rates
in
"
and
by
^ of
ma 7
FRACTIONS OF
RISING BY ^.
os.
is.
A of A A
7
/id.
iojdi
3s.
id.
45.
5s.
4'Jd.
A
ij
7id.
6s. ic4d.
8s.
i
if
*
W.
9s
4i<*.
CEMENTS.
CENTRALS.
market abbreviation
for the
New
CERTIFIED TRANSFERS
It
shareholder, while not wishing to sell the whole of his shares in a public company, is desirous of dis-
posing of a portion of them, and, in such cases, after the shares have been sold, he or his broker lodges
the Share Certificate and Transfer
Deed with
the
him
they hold Certificates to cover the number of shares " " Certified or sold, when the transfer is said to be
"
this the
"
Certifica-
tion."
23
CERTIFICATION
'CHANGE,
now almost
CHARTEREDS
South Africa
CHATHAM PREFS.
Preference
to
the
First
CHATHAMS,
The Arbitration Ordinary Stock of the and Dover Railway Company, Chatham London,
called
"
and sometimes
Little
Chathams."
CHATS
The same
as
"
Chathams."
is
CHECKING A BARGAIN
actions
by
by
CHILIANS, The various Loans and Stocks of when not individually named.
Chili
CHINAS,
The Shares
of
the
Eastern
"
Extension
"
are called
Chinas
because
CLARAS,
given to the No. I Deferred of the Caledonian Railway ComStock Ordinary to distinguish it from the No. 2 Deferred pany,
A name
is
known
in the
market as
Clarettes."
24
CLARETTES,
A market term for the No. 2 Deferred Ordinary Stock of the Caledonian Railway Company, as a distinguishing title to the No. i, which
is
called
"
Claras."
CLEARING HOUSE,
House
stocks
is
room
clearing
of
and shares, the system carried on being much the same as in other Clearing Houses, the
object of Clearing being that each member is " enabled to give or receive the " difference only between the amount he has bought and the amount he has sold of any particular stock or number of
shares.
CLOSING PRICES
and
4,
are the prices ruling between 3 outside the regular official hours of marking " bargains in the House ".
COALERS,
America, such as Ontarios, Norfolks, Erie<s and Sometimes called " Coal Shares." Readings.
COALER SHARES
COAL SHARES,
The same
as "Coalers."
An American
shares of the various coal carrying companies are referred to as a whole, as "coal shares are flat,"
is little
business in them.
(See
Coalers.")
COATS
of
J.
&
P. Coats,
Limited.
25
COLONIALS
is used when referring in a general to the various Colonial Stocks and Loans.
way
COLONIAL STOCKS
collective
spoken of as a whole.
COLONIAL MARKET The place set apart for the jobbers who deal exclusively in Colonial Securities,
or the group of jobbers themselves when standing " together in their place, is known as the Colonial Market."
COMMISSION.
securities
is
The rate per cent or per share a Stockbroker for buying and selling charged by
called
by him
"
Commission."
This
is
the governing body of the Stock Exchange, consisting of 30 members, elected on the 25th of March
each year, by
bers.
ballot,
mem-
COMPOUND OPTIONS.
More," the
"
These are the "Call of Put of More," and the " Put and Call "
together.
when
"
sold
They
"
are
usually called
Double Options."
(See
Options.")
CONSIDERATION MONEY
The amount
of
money
paid by the buyer of the securities mentioned in a transfer deed to regulate the Stamp Duty, is known
as the
"
Consideration Money."
26
CONSOLIDATED,
issues of stocks
The
stock bearing a fixed rate of interest, is known as " Consolidating Stock," and the various issues so
united as the
"
Consolidated Stock."
Shares, too
are sometimes converted into Consolidated Stock, as is the case with some of the home Railways-
for instance.
CONSOLS.
part of the National Debt, and being a contraction The term is also applied of the word consolidated.
to Colonial
Government Loans, Railway and other various issues have been consolidated where Stock,
into one.
CONSOL ACCOUNT,
CONSOL MARKET
who
The
by
The ring or group of dealers confine their dealings to the English Consols and Government Loans or the place where these
;
dealers stand.
CONTANGO
"
is
price of securities
for
where, as usually happens, the market " " is higher for the Account than
Money."
i TO J
When stocks are carried over CONTANGO indicates that the " Bull "
for the
cent.,
when carrying
CONTANGO TO
"
BACK
"
Bull
pays
Bear
"
pays J per
cent.,
when carrying
27
j^ CONTANGO TO EVEN indicates that the " Bull pays T\ per cent, to the jobber, and the " Bear carries over at even that is, he has nothing;
" "
to
pay
for the
accommodation.
"
CONTANGO DAY
(or
Making-up Day")
is
the
first
day of the Account, and on that day preparations that is, are made for carrying over transactions
continuing them by those speculators who are unable or unwilling to take up or deliver their
securities,
to
pay the
"
"
Difference
"
"'
Difference in their against them, or receive the the to the next favour, and carry forward bargain
Account.
CONTANGO RATES
are
the
rates
of interest (as
"
6d. per share or J per cent.) paid by the Bull," and allowed to the " Bear," for carrying forward a
"
Bull
"
These
charges are added to the making-up price at which the bargain is adjusted or carried over, the settle-
ment following
also
"
that at which
it is
arranged.
(See
Contango.")
carrying a transaction over
CONTINUATION means
or continuing
it
CONTINUATION RATES
either of
of
interest,,
re-
ceived by speculators when carrying forward their transactions to the next Settlement.
28
CONTRACT NOTE,
After a stockbroker has bought or sold securities, he sends to his client a stamped Contract Note, naming the quantity and price of
the shares bought or sold, and showing all the charges to be paid on the transaction. Contract
5 and upwards require id. stamp, A Contract upwards is. stamp. Note requires a stamp for each description of stock named therein, whether bought or sold, and a Carrying-over Contract Note representing both a purchase and a sale requires a stamp for each of the
for
transactions.
COPPER SHARES
A collective term used in the market when the shares of the various Copper mines " as are referred to as a whole Copper Shares are
CORAS
"
(or
Converted
Ordinary
Company, to distinguish them from Floras," or the Preferred Converted Ordinary Stock of that Railway.
Railway
"
CORNER,
when
is said to be a "Corner" in shares have sold securities and find they cannot buy them except from the " Bulls," who, " " having engineered a rise, have paid for and taken their shares off the market as they became due,
There
"
"
Bears
thus
Hence
creating a scarcity of the floating supply. the term " Cornering the Bears."
29
CORPORATION STOCKS
refer to the Stocks, Loans and Debentures of the Corporations of the various towns and boroughs in the United Kingdom when
spoken of as a whole. Some of these stocks are free of Stamp Duty, others are not.
COTTON SPINNERS.
COTTONS
The
The
Sewing Cotton
Company, Limited.
COUNTY STOCKS
COULISSE,
The
Kingdom.
on
the
Paris
The
unofficial
market
Bourse, consisting of the Coulissiers, is called the "Coulisse," to distinguish it from the "Parquet," the enclosure in the centre of the Bourse where
on
"
the official members, or Agents de Change, carry The evening market of the their business.
Coulisse
"
is
called
by the
Bourse."
COUPON,
in
printed form, attached in a series to foreign Bonds and Shares to Bearer, so that they may be separately detached for payment as the interest
becomes due.
COUPON SHEET.
form, attached
collected as
A
to
30
COVER,
and
securities
to guarantee
who
him against a possible loss by parties " are speculating is called a Cover," or a
dis-
"Margin," but this latter term has a more tinctive meaning, as shown elsewhere.
CRUMBS,
portions
CUM DIVIDEND
dividend
"
while "ex
CUM DRAWING
in
With
all
the event of the bond being drawn for buyer redemption at the periodical drawing about to be
held.
that the buyer purchases the shares benefits to any new stock or rights shares should such be issued or offered to present
and
holders.
"
Ex New "
those
shares which have a prior right to dividend over both Ordinary and Preference Shares, as any divi-
dend which may be in arrear upon them at any time continues to accumulate until the profits are
large
enough
to
pay
it.
claim as a Cumulative Preference Share, and should the interest guaranteed upon the stock fall in arrear
owing
to
pay
it
to the profits made not being large enough it, such interest will continue to accumulate
can be paid. Cumulative Preference Stock both as regards capital and dividend, ranks, usually " in priority to the Ordinary Stock, being cumuuntil
lative as to dividend,
in the
and
preferential as to capital,"
CURRENCY BONDS
to
the
Bonds
of
the
American Railroad Companies and some Foreign Governments. They are so called because they
are payable both as to principal and interest in the existing currency of the State issuing them.
DAY-TO-DAY OPTIONS is a name given options which are made one day for
to those
reply 2.45 P.M. on the following day, or at 12.45 P M the following day be Saturday.
-
by
-
if
DEALER,
dealer is one who buys or sells and risks being able to re-purchase or securities, at a profit. them re-sell On the London Stock
Exchange he
is
called a "Jobber."
(or
"Time Bargains")
a phrase used when securities are dealt in for the next Settlement. They are either " Bought for the
Account
"
or
"
Sold
for the
Account."
pur-
and
is
32
bought) for
either
"
They are
for
Money.""
DEBENTURE
a
issued
It
DEBENTURE
STOCK),
on
real
This
is
property Mortgage by a public company in return for a loan. is transferred by Deed of Assignment, and is
in
Certificate secured
either irredeemable or
premium
of
issue.
Debenture
holders
are
therefore
the
company, and, unlike the shareholders, Sometimes a are not responsible for its liabilities. company issues both First and Second Mortgage Debentures, in which case the second issue of course
creditors of a
The following explanation, first. taken from the Prospectus of a company recently formed, will perhaps make the meaning of a
ranks after the
Debenture clear "The Debentures (which are issued under Trust " form a charge on the Deeds, dated - - and ) "whole undertaking and assets of the company, and are "including the company's shares in
:
r-
"also secured by Trust Deeds, charging in favour "of the trustees for the Debenture holders, the com-
"pany's freehold, copyhold and leasehold property, The De"buildings, fixed plant and machinery. bentures will be registered in the books of the
"company, and the interest will be paid half-yearly "on 3Oth June and 3ist December in each year, " the first payment (calculated in the case of moneys "payable on application and allotment from the " date of allotment, and in the case of each sub-
33
"sequent instalment, from the date fixed for its "payment), being made on the 3ist December, 1900. " Interest at 5 per cent, per annum will be charged The Debentures are "on instalments in arrear.
redeemable at the option of the company on six "months' notice at 100, but this 105 for each " exercised to 1st will not be December, 3 prior option
"
"
1903."
DEBENTURE BONDS
tion in a
are bonds issued for redempterm of years, and when not registered they are transferable from hand to hand. They carry a fixed rate of interest, which is payable by
"coupons."
address.
When
is
paid
DEBENTURE STOCK
The chief difference between Debenture Stock and Debenture Bonds is that Bonds are issued for fixed amounts, and they can
only be transferred for the issued amounts, whereas Debenture Stock is transferable in any amount,
or in certain fixed multiples.
DE BEERS
The Shares
of the
De
Beers Consoli-
DEFAULTER
Exchange
for
This
is
one who
34
gagements, and after being Hammered," he is not He is then called a allowed to enter the " House."
"
"
Lame Duck,"
very commencement
Exchange
interest
until
it
dealings.
DEFERRED BOND
maximum
bond the
to
scale,
upon which
reaches a
increases, according
DEFERRED STOCK
is where, for the purposes of dividend, the Ordinary Stock has been divided into " two parts, called " Preferred and " Deferred," as with many of the large Industrial Companies,
Breweries, and
panies. until a fixed
Stock.
is
amount has been paid on the Preferred The Deferred Stock of Railway Companies
"A"
is
DENVERS
The common Stock of the Denver and Rio Grande Railroad Company.
DENVER PREFS
The 5 per cent, non -cumulative Preferred Stock of the Denver and Rio Grande
Railroad Company.
DIES NON
business
is
"no" day.
day when
little
or no
passing.
DIFFERENCES
that parties sell securities, although not actually holding them, or buy securities without the inten1
35
tion of paying for them, and merely operate with the sole intention of paying or receiving the difference between the price the securities are bought (or
sold) at,
at
and the settlement price they will be closed on the next settlement.
DISCOUNT,
Stocks, shares and other securities are said to be At a Discount " when the market price is lower than the issue price or the paid-up price.
"
Thus, a
would be
at
153.
fully paid share quoted at \ discount 1 share with los. paid, quoted
J discount, would be
53.,
The same
by tender
issued
the discount
taken from the price at which the stock was issued. Thus, a ;ioo loan, issued at 97, if quoted at 2 would be discount, 95 if fully paid ; or if only
make
the
DISCRETIONARY ORDERS
system
in,
leave
it
to the broker's
to
what stock
to select,
and whether
buy
or
sell.
DISTRICTS,
pany.
36
DIVIDEND,
An
of profits to shareholders in a public company. Just before the periodical division of profits takes
place, the transfer
to enable the dividends to be apportioned to the then existing shareholders, when the books are said
to be
"
Shut
for
take place.
Dividend," and no transfer can then The following is the usual advertiseCO.,
ment
" "
"BLANK
"
LIMITED.
will
,
-NOTICE
is
HEREBY GIVEN
the
1
both days inclusive, 5th to the 2pth of " for the preparation of interest warrants."
and
DOCK STOCKS.
A
"
term used when the Dock Companies are spoken Dock Stocks are flat," meaning
collective
DORAS
"
(or
Dover
A"
as
it
is
sometimes
called)
is
DOUBLE OPTIONS.
the
"
These are the "Call of More," " " Put of More," and the Put and Call when
"
sold together.
(See
Options.")
37
DOVERS
called
is
the South-Eastern
to
DOVER A
Doras as they are often called) is the Deferred Divided Ordinary Stock of the South(or
"
"
DRAWN BONDS
demption
"
for
re-
either
par
or
at
a
"
premium.
called in
"
A
for
is
payment.
DRAPERY SHARES
way.
The
DUTY, AD VALOREM
and
contracts
DUN LOPS.
The
shares of the
Dunlop Pneumatic
E
EASTERNS
An abbreviation
for the
Ordinary Stock
Company.
given to the various
EGYPTIAN UNIFIED
ing
different
is
name
at various dates,
of interest, which
38
stock, at a fixed
rate
of
similar
way
to
own
one.
merged or consolidated
ENFACED PAPER,
when
drafts
it is
"
enfaced
at
on India
India
for
ERIES.
passing
Company
Lake
ERIE PREFS.
Railroad
Company
5 ,
ESCOMPTE, A L
have sold
On
who
ing to rules, be required to deliver the securities sold a Vescompte (under discount) at an earlier date than that they have sold for, if demanded by the
buyer.
Hence
the
purchaser
"
there
demanding
1'Escompte."
EVEN, Stocks and shares quoted as carried over " At Even" indicates that both "Bulls" and "Bears"
have been able to carry forward their securities to the next Account without paying interest for the
accommodation.
Bear
to
TV CONTANGO TO EVEN
carries over at
that the
even
that
he has nothing
pay
yg-
jobber
accommodation.
39
EVEN TO TV CONTANGO
Bull pays
^ per cent,
Bear
TV BACK TO EVEN means that the Bull carries over even, while the Bear pays -f$ per cent, for the
accommodation.
TV
BACK
EX ALL
a term joined to the price of securities are quoted without dividend, or the an allotment to any new shares in right of benefit
is
when they
of existing holdings.
seller
The term
and
is
excludes
all
rights
privileges temporarily
selling.
EXCHANGE.
meeting place
for
persons in the
usually spoken
same trade or
of as 'Change.
line of business.
It is
EXCHANGE OPERATIONS
in
for
"
Put and buying the " Call against it, thus using " " one option as a hedge against the other.
"
EXCHEQUER BILLS
and are issued
Local Loans.
are Bills
drawn
and partly for are usually current from year to year for five years, but the holder can claim payment at the end of any period of twelve months.
chiefly for supply
They
40
Exchequer Bills are issued from the Exchequer, and bear interest from the day on which
they are dated.
They are
Red
Ink.
200
Bills
500 Bills with Blue Ink. 1,000 Bills with Black Ink.
EXCHEQUER BONDS
at various
are issued
by the Government
times to cover current expenses which cannot be met from the ordinary sources of taxation. They are issued at a discount, and carry a
certain fixed interest for the
whole period of
their
currency.
EX COUPON,
EX DIVIDEND.
dend"
it
When
Ex
Divi-
that the purchaser is not entitled to receive the dividend payable or declared upon
means
"
EX DRAWING
Cum
Drawing.")
EX INTEREST.
declared.
Without the
interest
payable or
41
EX NEW,
new
Without the
respect of present holdings, the buyer wishing to retain the advantages of any new shares offered to him. (See " Cum New.")
shares issued in
P
FACE VALUE,
issued
ties
is
The price at which a security is first known as its " Face Value," as all securi-
face.
FAGS,
The
fractions of the
new
shares of
Salmon
&
Gluckstein, Limited.
FAILURE, A failure on the Stock Exchange means that a member has been unable to meet his engagements, or comply with his bargains, as
called.
it
is
FIDDLE
is a term sometimes used when dealing at the middle price between the jobber's selling and buying If a jobber's price was 6-8, the "Fiddle" prices.
would be
7.
FIRST PREFS. is a contraction for the First Preference Bonds or Shares of a Company or State.
FIVE TWENTIES is applied Loans which are repayable
the date of issue,
to
in
those
Government
of the
Government
42
FLOATERS,
The
which are used for temporary loans are called by banks and financial houses by this name from the facility with which they are dealt in.
FLORAS,
A term used in the market for the Three Per Cent. Preferred Converted Ordinary Stock of
Company
is
to distinguish
FOREIGN BONDS
Argentine,
general
Italian,
term
covering
the
Brazilian,
Spanish,
Turkish,
they are
FOREIGN MARKET
collective
the various Foreign Stocks, Bonds and Shares are referred to as a whole, as the " Foreign market is
FOREIGN STOCKS
"
Foreign
is a Settlement day apthe Committee for the settlement of pointed by Colonial and Government Stocks not settled on the
FOR MONEY
where
refers to
securities
cash payment.
ready money purchases, and is are sold (or bought) for prompt " They are Bought for Money,"'
and "Sold
for
Money."
43
is
a phrase used
when
securities
They
for
are
the
"
the
and
the
themselves are
spoken of as
Time
Bargains."
are
FOUNDERS' SHARES
those
shares
which are
gratuitously allotted to the founders or promoters of a company for some special service, or given in
payment
or
in
in floating or
FOURTEEN
call
when a stranger appears the general public not being admitted among them, " The origin of the term as House." to the
by the Daily Mail came about in this thirty years ago the number of way of the Stock Exchange, after rapidly members advancing, stood at 1,399 f r nearly two years in succession, and it came to be quite a point
defined
:
Some
of interest
member.
stranger strolled through the Capel Court door " into the House," and a happy inspiration struck
Mr. William Eykyn, the wag of those days, who introduced the stranger to the market as * number The term still survives, and fourteen hundred."
Hundred soon brings a waiter to the politely bows the stranger outside.
rescue,
who
44
FREE MARKET.
securities
Free Market
dealt
in,
is
one
a
are
in
"
which
or
are
freely
and
Limited
Market"
limited in
dealings
small
are shares upon which there no further liability in the shape of " Calls," the whole amount demandable having been paid up. They are so called to distinguish them from " Partly paid Shares," where the whole amount to the face value has not been "called," or remains
unpaid.
Funds are
The 2f per cent. Consols, the Rupee Paper 3^ per cent, the India 2\ per cent., 3 per cent, and 3^ per cent. Loans, the Local Loans 3 per cent, the National 2f per cent. War Loan, and the various
Exchequer
Bills
and Bonds.
FURNESS STOCK
G
GAS STOCKS
the various
individually.
refers in a general
of
of
45
GILT-EDGED SECURITIES.
used
The
best securities
but
more
particularly to
those
stocks or loans
GIVE ON.
to
A Paying "Contango" on securities. " broker says he will " Give on when he is willing
stocks or
"
;
pay "contango" to carry over his shares to the next Account or he will
Take
in
" "
when he
is
desirous of obtaining a
over.
"
backwardation
GLOBES,
of the
favourite abbreviation
for
the
shares
Corporation,
Limited.
GOLD BONDS
are bonds of the American Railroad Companies and some Foreign Governments, and are payable, both as to principal and interest, in
GOLDEN LINKS
GOLD FIELDS. GOLD LOAN.
The
The shares
A loan which is payable, both as to and interest, in gold, as distinguished from principal " a Currency Loan," which is payable in the currency
paper, silver or gold
it.
46
GOLD SHARES
"
is a general term covering the whole of the various Gold Mining Companies' shares, as
flat,"
little
or no dealings in them.
GOSCHENS
are the 2f per cent. Consols, and are so called because Mr. Goschen, when Chancellor of
the Exchequer, carried his Bill for eventually reducing the interest on them to 2\ per cent. "Goschens" are, therefore, the 2f per cent. Consols until 1903, when the interest reduced to 2\ per cent.
on them
will
be
GOULDS
American Railroad Stocks which in. They are the Union Pacific, Western Union Telegraph, Missouri Kansas and Texas, Missouri Pacific, and the South- Western system of Pacific Roads generally.
are those
GRAND TRUNKS,
Trunk
of
The
Grand
GRANGERS
A collective term for the stocks of the wheat carrying railroads of America. They comprise the Chicago, Milwaukee and St. Paul, Chicago and North- Western, Chicago and Rock Island, and the Chicago, Burlington and Quincy Railroads.
refer to the
GREAT CENTRALS
Central Railway
Company.
GREAT EASTERNS,
47
GREAT NORTHERNS
GREAT SOUTHERNS
The
various
Stocks of the
The Ordinary Stock of the Buenos Ayres Great Southern Railway Company.
GREAT WESTERNS,
GREEKS.
collective
term
Greek them at by
GREEK FIVES
The
GUARANTEED STOCKS
the interest upon which is guaranteed, either by the company issuing it, or by some other company
or Government
the Guaranteed
Stocks of the Indian Railway Companies, the interest on which is paid or guaranteed by the Secretary of State in Council for India.
'
HADDOCKS,
the
Conver^Jj
HAMMERED,
"
A member of the Stock Exchange is Hammered " when he cannot meet his
is
48
"
House." The term originates from the fact that when a member makes known his inability to complete his transactions, the head waiter, to call the attention of the members present, strikes three
centre of the building before making the formal " declaration that Mr. Blank regrets to inform the
'
House
'
that he
is
gains."
HEAVY LINES
same meaning.
HEAVY RAILS
The same
as "
Heavy Stock."
in a general
HEAVY STOCK
the heaviest class
term used
way
for
home
HEAVIES,
general
This
is
when speaking
"
in
Heavy Stocks above de" " scribed, the various terms Heavy Lines," Heavy " " " and Rails Heavy Stock all having the same
way
of the
meaning.
HOLIDAYS
ist
are
January
after).
Good
ist
Friday.
Easter Monday.
May
(if
after).
Whit Monday.
First
Monday
August.
49
HOLIDAYS
ist
(continued)
(if
November
after).
after).
HOME RAILS
stocks of the
as
"
is
Home
HOME RAILWAYS
used
HORSE SHOES
Shoe
The
Estates, Limited.
HOURS OF BUSINESS
ness on the Stock
The
official
hours of busi1 1
cept on Saturday,
are from
till 4,
1 1
ex-
are from
till 2.
HOUSE. Stock Exchange members speak of their " Exchange in a familiar way as the House."
HUDSON BAYS,
HULLS
The
securities of the
Hudson Bay
The Stock
way Company.
IDENTIFICATION,
The Bank
of England,
before
transferring the Inscribed or Registered Stocks kept in their books, requires that the seller, or his attorney,
shall
who
is
be identified by a Stockbroker, or his clerk, known at the Bank, the form of introduction
being
known
INDIA BILLS,
Drafts on
Bom-
bay, Calcutta and Madras which are issued periodically by tender at the Bank of England.
INDIA ENFACED
PAPER
See
are
"
India
Rupee Paper."
INDIA
RUPEE PAPER
the
Promissory Notes
by the Indian Government, the interest on which is payable by drafts on India. When they are enfaced for payment of interest by drafts on
issued
India at the
are termed
"Enfaced Paper."
INDIA SCRIP
An
New
India
INDIA STOCKS refer to the 2j per cent., 3 per cent, and 3| per cent. India Stocks, issued by the Secretary of State in Council in India, and charged on
the Indian revenues.
INDIA THREES.
India Stock.
market term
INDUSTRIALS,
This
is
shares of the various industrial and manufacturing companies are spoken of as a whole.
INSCRIBED STOCK
no Stock
title
Stock
for
Certificate issued to
them
to the stock they hold, but the amount of their stock and their names are inscribed or written in
the Stock Register, and before transferring his stock to another the stockholder or his attorney must be
identified as the rightful holder of the stock stand-
buyer of Inscribed Stock, when ing in his name. signing the Transfer Book at the time the transfer
is is
made
said to be
scribed Stock
clerk, as
in his
is
identified
by
a stockbroker or his
name,
fication of a Stockholder.
INTER-BOURSE SECURITIES
is a name given to those bonds, rentes or loans of the various States which have been raised, issued or subscribed in
same
time.
INTEREST
the
WARRANT
payment of
interest or dividend
on registered
bonds or stocks.
INTERIM DIVIDEND
A dividend which is declared and others when any extra or by public companies has been earned, or one which is exceptional profit
52
declared in the interim before the usual dividend
is
made.
INTERNATIONAL GROUP
ing as
"
INTERNATIONALS
INTERNATIONAL MARKET
of the Stock
Exchange
stand
when
whole.
who
INTERNATIONAL STOCKS
or loans the capital of which was raised, issued or subscribed in several countries at the same time.
The
principal ones are: the Bulgarian, Greek, Italian, Russian, Spanish, Portuguese and Turkish Loans.
is
INVESTMENT STOCKS
a term used
when
referring
INVESTOR,
An
is
investor, as
distinguished from
his
in
money buying speculator, Securities for the benefit of obtaining the dividend
which the
securities carry.
IVANHOES
The Shares
poration, Limited.
53
JAGERS. A contraction used for the shares of the new Jagersfontein Mining and Exploration Company, Limited.
JAPANESE FIVES
JOBBER,
The
is
a person who buys or sells being able to repurchase or In some trades he is called resell again at a profit. " Dealer." Stock a Jobbers do not deal direct with
jobber
anything and
risks
the general public, but only with the Stock Brokers, who act as agent for both parties, being the middle-
men between
them.
(or the
JOBBER'S TURN
is
"Turn
of the Market," as
it
sometimes called) means the middle price between which a jobber offers to buy or sell. For instance, if a jobber quoted Consols at 98^-981, meaning that his buying price is 98 J, and his selling price " Turn " would be J per cent, which is 98^, the supposed to be his profit, supposing he is able to buy at the lower price and sell at the higher one.
JOINT ACCOUNT means dealing jointly in some particular stock, or in some special securities, for the
joint benefit of those concerned.
JOINT BARGAIN has the same meaning as the above, and is where two or more members arrange to combine together for the purpose of dealing on Joint
54
JUNGLE,
Market" (which
JUNGLE MARKET,
of jobbers
who
deal in
KAFFIR CIRCUS.
This is a phrase given to the ring or group of dealers who operate solely in the various South African shares, and it also means the place where the dealers stand.
has the same meaning as the above.
KAFFIR MARKET
KAFFIRS,
This is the name given to the various " Kaffir South African Shares dealt in on the
Market," explained above.
KANGAROOS
refer to the
when spoken of
in a general
Kangaroos
are booming," meaning that there is a big demand for the shares, and that the prices of them are
continually rising.
KANSAS FIRSTS
The
First
Company.
55
KANSAS SECONDS
Bonds
of
the
Company
of America.
is
KHAKIS
1910.
This
the
name
given
to
the
New
in
War
Loan, redeemable
KNACKERS,
The shares of Harrison, Barber & Co., the chief London horse slaughterers old Limited, worn-out horses being known as " Knackers."
KODACS
The
LAME DUCK,
the Stock
An
Hammered," and
House."
refused further
LAND SHARES,
general way.
A collective name for the various Land Companies abroad when referred to in a
An
abbreviation
for
LEEDS,
the
Consolidated
Ordinary Stock of the Lancashire and Yorkshire Railway Company, so called because the line runs
through Leeds.
LENDING STOCK,
stock
;"
Borrowers
who pawn
sell for
securities
"
upon them
are said to
lend
cash and
buy
over
wardation
is
offering.
"
Bull," too,
when carrying
LETTER OF ALLOTMENT.
a public
them
the
to parties who have applied to for shares, stating that their request has been
company
"
Allotted," as
it is
called.
LETTER OF REGRET.
public
them made.
to parties who have applied to for shares, regretting that no allotment can be
company
They
are used
when
the capital
required
suffi-
demands made.
the
LETTER OF RENUNCIATION
for shares is greater
When
demand
than the number to be issued, public companies, when sending out the Letters of Allotment, sometimes enclose a Letter of Renunciation, so that the allottee
his claim to the shares, or a portion of them, should he feel disposed to do so, and thus give others a
The
Limit."
LIMITED
very
MARKET
dealt in,
little
means one in which shares are and the term is used in contra-
57
distinction to a
"
LINOTYPES, -The
LIPTONS,
LITTLE
CHATHAMS, The Arbitration Ordinary Stock of the London, Chatham and Dover Railthe Turkish Five Per Cent.
way Company.
LITTLE TURKS mean
Bonds of Group
4.
LOCAL LOANS
Stock.
Loans 1912
LOMBARD OBS
shares being
The
known
Railway, such
Obligations."
LOMBARDS.
Venetian Railway.
LONG,
of Stock
that a person is a " Bull in other words, that he has bought for
a rise in price.
On
"
Stock
"
means a
the other hand, " Short of Bear of Stock " one who is
"running a bear."
LONDONS
is
Ex-
changes for the Ordinary Stock of the London and North- Western Railway Company.
58
LOTTERY BONDS
These are
for the
Bonds
issued
by
Foreign Governments
purpose of carrying
on or completing some special municipal or exceptional work (an Exhibition, for instance), a bonus
being offered to subscribers
prizes,
in
bonds are
has expired.
LOUISVILLES,
The
shares
of the Louisville
and
Nashville Railroad
Company
J.
of America.
LYONS,
The
shares of
Lyons
&
Refreshment Contractors.
M
MAILS,
the
Mexican Rail-
way
of Vera Cruz.
MAKING A PRICE,
"
A jobber is said to "Make a names the prices he will deal at. he Price when A jobber always quotes two prices at the lower he will buy, at the higher he will sell, and when " asked to Make a Price," he does not know whether
;
sell.
MAKING-UP DAY
(or "Contango Day") is the first day of the Account, and on that day preparations are
made for carrying over transactions that is, conby those speculators who are unable tinuing them or unwilling to take up or deliver their securities,.
59
to
them, or receive the "Difference" in their favour, and carry forward the bargain to the next Account.
MAKING-UP PRICE
at
This
is
12 P.M. on
price
Contango Day, as the then middle between those at which a jobber will buy or
price being fixed for the purpose of closing
sell, this
all
MARGIN,
The word
"
"
Margin
A
or
"
broker a
while at the
"
Margin
get in
"
over the
"
limit,
"
at the limit
named.
Some
brokers,
when
" Cover," ask for Margin." Margin also requiring means, with outside Brokers, the point where "Cover"
runs
off.
MARKED TRANSFERS
It
often
happens that a
share holder, while not wishing to sell the whole of his shares in a public company, is desirous of disposing of a portion of them, and in such cases, after the shares have been sold, he or his broker lodges the Share Certificate and Transfer Deed with the com-
pany, who then issue a fresh Certificate to him for the part unsold, and endorse the Transfer that they
hold
sold,
Certificates
to cover
is
the
said
when
the Transfer
"Certified."
6o
MARKET.
in the
"House"
deal in a separate or distinct class of security, and the group who stand there are " " called the Market." Thus we have the Mining
for jobbers
who
Government
Securities
Railway Stocks, and so on, each market being in a separate place or corner on 'Change, so that brokers know exactly where to go for the securities
they require.
MARKET PRICE
Shares
is
The market
price of Stocks
the prices he
and names at
which he
MARKING,
The "Marking" of bargains is done by members who insert on a ticket the prices at which business has been transacted by them between the
hours of ii and
3.
This ticket
thus
is
dropped into a
are
inserted in
prices
shown
Exchange Daily
"
Official List,
under the
heading of
Business done."
shares of
MASONS.
The
Mason
&
Barry, Limited.
METROPOLITANS.
Railway Company.
The Stocks
of the Metropolitan
METS.
Company.
MEXICAN RAILS.
are so called
The
various Railways of
Mexico
when not
referred to individually.
6r
MEXICANS,
The
Mexico when
referred to as a whole.
MIDDLE PRICE,
J-J,
A
if
say
;
at a quarter
"
will sell
and done
by arrangement a bargain
at
"
that
is,
the
made mean
prices.
MIDLANDS
Company.
The Stock
of the
Midland Railway
MIDLAND DEFERRED
This
is
verted Ordinary Stock of the Midland Railway Company where the Ordinary Stock has been
divided into two parts called Preferred or Deferred, the Deferred half getting no return until a dividend
of 2\ per cent, Stock.
MIDLAND PREFERRED
verted
This
is
Ordinary Stock of the Midland Railway is entitled to a 2f per cent, dividend before anything is paid on the Deferred
Company, which
Stock.
M1DS,
A contraction of Midland, used for the Ordinary Stock of the Midland Railway Company.
The
St.
MILWAUKEES
waukee
America.
shares of the
and
Paul
Railroad
Chicago, MilCompany of
62
MINING MARKET,
deal
The group
in
exclusively
Mining
Shares
Shares generally, when referred to as whole, known as the " Mining Market."
is
MISCELLANEOUS MARKET,
The market
for mis-
cellaneous shares which are not large enough to have a separate market of their own.
MODDERS
The
shares of the
New
Modderfontein
MUTOSCOPES
The
N
NAME,
"Passing a Name" is the buying broker passing to the seller a ticket showing the name and address of the actual buyer, for the purpose of
preparing the Transfer Deed.
NAME DAY
Ticket Day") is the second day of the Account, and is so called because on that day the purchasing broker prepares a ticket showing
(or
"
the buyer's name and address, which is delivered to the selling jobber to enable him to complete the
Transfer Deed.
NITRATES
The undivided shares of the Nitrate Railways; sometimes applied to the shares of the
63
NOMINAL
when
is
PRICE,
is little
An
there
NORAS,
abbreviation for the Deferred Converted of the Great Northern Railway Stock Ordinary
An
Company.
NORTH BRITISH
British
as " British."
is
Company.
of the Norfolk
NORFOLKS
NORFOLK PREFS,
tive
Non-cumula-
NORTH-EASTERN CONSOLS,
NORTHERN PACIFICS
Pacific Railroad
Company
of America.
OBLIGATIONS
called.
The Bonds Preference and Ordinary Shares of the Foreign Railway Companies are so
64
OBS.
An
Lombard
Obs. (which
OCEANAS
The
shares of the
Oceana Consolidated
Company, Limited.
OFFICIAL ASSIGNEES
The Committee of the Stock or two more members annually,, Exchange appoint to act as Official Assignees, who manage and disaffairs.
of his
OFFICIAL HOURS.
the Stock
Saturdays,
The official hours of business on Exchange are from 1 1 till 3, except on when the hours are from 11 till I. The
Official List
OFFICIAL LIST
Exchange Daily
OIL SHARES.
on 'Change.
Official List.
when
referring
in
OMNIBUS STOCKS
term
for
This
is
used as a collective
Omnibus and
OPTION MONEY
options.
The money
paid
when dealing
it
in
is
paid for
OPTIONS
in
for
the
purpose of
65
as
when dealing
operating
"Option Money," which is so much per share in shares, and so much per cent, when
in stocks.
There are SINGLE OPTIONS and DOUBLE The "Single Options"" or COMPOUND OPTIONS. " " and the are the Call," when taken separPut," The "Double ately. Options" are the "Put and " " Put the of Call of More,'" Call," More," and the which we will describe separately.
is the system of acquiring the right to purdiase, at some future date, a certain number of Bonds or Shares, or an agreed amount of Stock " at a fixed price by paying at once the Option
"
Call
"
much
and
"called" or demanded.
"Call"
is
bought by
think prices will advance, but who speculators, are yet desirous of limiting their possible loss to a fixed amount.
who
"
Put
the system at some future date, an agreed amount of Stock, or a certain number of Bonds or Shares, by paying down
',
"
"
so
much
"
" per share or per cent, as Option Money." Put is bought by those who think prices will
"
but who, at the same time, wish to limit beforehand the amount of their liability or loss should the market go against them. The " Put and Call " is the double option of
fall,
sell,
as
may
be desirable.
5
66
is where a fixed amount of Stock or a certain amount of shares is sold with the
The
"
Put of More
"
" right of putting" or delivering a further like amount at the same (or sometimes at a different) price.
The "Call of More" is just the reverse, and is where a fixed amount has been bought with the right of "calling" or buying a further like amount.
ORANGES.
the
An
ORDINARY STOCK
dividend or get any return until all the other stocks which rank before it have received a dividend.
OUTSIDE BROKERS, Stock and Share Brokers and Dealers who are not members of the London
or
OVERSOLD ACCOUNT
been sold by Bears
sold, the Bears are
where
securities
have
many
floating supply, and, to obtain the shares they have compelled to purchase from the
"
have sold to, which causes a and makes the Bears " run to cover."
parties they
Squeeze,"
PAID-UP SHARES
amount
are shares
full
to their face value has been paid, and consequently there is therefore no further liability in
the shape of
"
"
Calls
"
upon them
as in the case of
67
PAR,
When
securities are
;
or
when they
discount, or are not fully paid, and are at the same price as the amount paid up upon them, they are
When Par," or at their Par Value." the market price is above the issued price or face
said to be at
"
"
Above Par," or, as they are usually value, they are " Premium " and when below, at so much called,
;
"
they are
"
Below
Par," or at so
much
"
Discount."
PARQUET,
The
set apart for the sixty official Brokers, or Agents de Change, is called the " Parquet," and the Brokers
"
Parquet," to disconsists
PASSING A NAME
is the buying broker passing to the seller a ticket showing the name and address of the actual buyer, for the purpose of preparing the
Transfer Deed.
PAY DAY
"
(or
Settlement
Day ")
is
the Account, and is so called because on this day securities are delivered to the buyer and paid for, or where they are neither taken up nor delivered,
the
"
Dif-
may
be.
PAWNED STOCK
Marketable
securities
which are
68
loan, in cases
where money
is
borrowed
for short
" periods against security, as explained under Blank " Transfers," is commonly known as Pawned Stock."
PEARS,
The
shares of A.
&
F. Pears, Limited.
PENNS,
An
PETITE BOURSE
the Paris
PLUNGER, This is the name given to a speculator who rushes or plunges into securities to an amount
far
beyond
his
available
means should
prices
go
against him.
PLUNGING
is
on 'Change to an extent far beyond one's available resources, on the theory that prices must go the way the Plunger anticipates, and that a huge fortune can be made on one deal.
PORTS,
POTS
The Consolidated Ordinary Stock of the North Staffordshire Railway Company, and is so
POWER OF ATTORNEY
change dealings,
is
As
referring to Stock
Ex-
power given by a stockholder to another, by a stamped deed, for the receipt of dividends or for the sale or transfer of stocks and shares
69
on
his behalf.
is
They
over
are subject to
3.
stamp duty
if
the dividend
PREFERENCE BONDS
Some Foreign Governments have issued Ordinary Bonds and Preference Bonds, the latter having a preference for the payment of its interest over the Ordinary Bonds First, Second, Third and Fourth Preference Bonds being issued in
;
some them
upon
payable
in
they are
created.
PREFERENCE SHARES
dividend upon which has a preference that is, they have a priority for dividend which is paid upon
Where issued, First Preference Shares rank first in their claim for
Second and Third and Fourth Preference
issued, follow in priority as they are
when
is one on which the dividend or interest accumulates, and having a prior right to dividend over Ordinary and
accumulate
enough
to
pay
PREFERENCE STOCK
in priority for
is,
similarly, stock
which ranks
PREFERRED STOCK
"B"
Stock
is
dinary Stock has been divided into Preferred and Deferred, as with many of the home Railway Companies and
Breweries
"
;
A"
or
Deferred
Stock
70
receives
no return
until a fixed
"
amount of dividend
B"
or Preferred Stock.
PREMIUM.
said to be
is
"
Stocks, Shares and other Securities are At a Premium " when the market price
paid
be
"
call."
the buyer being liable for the further ics. The same with Government and other
is
stock issued by tender, the premium price at which the stock was issued.
loan, issued at 97, if
added
to the
Thus a ;ioo
be 99 iffully paid, or
2
liability of
>Atf.
if
PRICE.
The Market
is
;
Exchange
the jobber's price. He always names at the lower he will buy, at the higher and the price he names for a security is
PRIVILEGES
cans
call
"
What we
Privileges."
call
."
PUT,
This is a system of acquiring the right to sell or deliver, at some future date, an agreed amount of stock, or a certain number of bonds or shares, by
paying down
at once so much per cent, or so much " " share as Put is bought by Option Money. per those speculators who think that prices will fall, but who at the same time wish to limit beforehand
the
amount of
their
liability
or
loss
should the
This is the double option of acthe to either purchase or sell as may quiring right be desirable, and this usually costs twice as much
as the single option.
PUT OF MORE
certain
is
of shares is sold, with the right of or delivering a further like amount at the "putting" same (or sometimes at a different) price.
number
QUOTATIONS, These are the market prices of securities. The prices are quoted in fractions of i. The of be useful 1, may following table, rising by TV
:
FRACTIONS OF
TV of
i,
RISING BY TV
is.
3d.
2s.
35. 5s.
6d.
gd.
od..
6s. 3 d.
7s. 6d.
\
f
H
f if
J
= = = = = = = =
os. od.
us.
3d.
I2s. 6d.
135.
9d
153. od.
1
6s. 3d.
i;s. 6d.
i8s.
9 d.
72
R
RAILS.
This contraction
in
is
Railway Shares
a general way.
is
Sometimes the
:
name
of the country
Thus, we have RAILS, which refer to the Railroads taken as a whole. American
itself is
named.
AMERICAN
many
collective
term
for
the
HOME
RAILS,
which
refer
specially
to
the
YANKEE
RAILS.
favourite
term
for
the
RAILWAY MARKET
in
;
The group
of jobbers
who
deal exclusively Railway Shares when spoken of or the corner on 'Change where they as a whole
stand
is
known
as the
"
Railway Market."
of
the
RAND MINES
Limited.
The
shares
Rand
Mines,
RATES,
interest,
The Backwardation
or
Contango
rates of
charged or allowed for carrying forward transactions from one account to the other.
READINGS
Rail-
73
REGISTERED BONDS
given to those Bonds which have been registered by the holder's name being entered in the books of the State Agents here, and the interest upon them, instead of being
is
name
collected
is
address.
REGISTERED SHARES
of Public
Companies are registered in the holder's name in the Books of the Company issuing them, and when
they are transferred from one person to another, a formal document, called a "Transfer Deed," is used.
that
besides a Stock
owner by
to
his
is
registered
signature in the transfer books at the time of purchase, and before the stock can be re-transferred to
another name,
it will again require the holder's signature, or that of his attorney, as showing that he has sold and assigned his right to the stock
standing
in his
name.
REGISTRATION FEE
companies
another
in their books.
2s.
and
is
usually
RENTES
is a term usually applied to the various French, Greek and Italian Government Funds.
74
RHODESIANS,
to the various
RIG.
When shares are cheap and the floatingsupply of them is small, speculators often buy and take up their shares, and, consequently, as
is
"
thus gradually withdrawn from the Bears," who have sold the shares, are
cornered," as they cannot re-purchase except from the parties they have sold to, who refuse to sell,
except at a much higher price than they have " bought at, and this is called a Rig," while the " operation itself is known as Rigging a Market/'
RIGGER
RIGGERS.
market.
One who
"rigs" a market.
RING.
There
is
said to be a
"Ring"
in
securities
speculators combine together and buy up such a quantity of shares as will cause a scarcity, and so
" "
when
engineer
a rise in them.
ROAD CARS.
The
shares of the
Company, Limited.
RUNNER
"
is
one
who
touts
"
for business.
(See
Tout")
issued
RUPEE PAPER.
by
the Indian Government, bearing a fixed rate of interest, and so called because they are issued for
so
many Rupees.
75
RUPEES,
term used
for the
Rupee Paper
of the
Indian Government.
RUSSIAN FOURS
S
SAG,
when, from want and of support, prices gradually continually go " Prices are said to Sag," and lower, or fall away. " it is called a Sagging Market."
market
is
said to
"
"
Sag
SAGGING MARKET
sagging market
fall
prices slip
Sag," explained above. from a " Slump," in that " " away gradually, whereas in a Slump
See
"
differs
they
rapidly.
SALMONS.
The Shares
of
Salmon
&
Gluckstein,
SCOTCH STOCKS
The
" Railway Companies taken as a whole, as Scotch maintained. Stocks are firm," meaning that prices are
SCRIP
is
is a contraction of Subscription Receipt, and used to mean a provisional Certificate or Receipt of a public company, or of a Government or Colo-
nial
show
loan.
"
Loan, issued as a preliminary Certificate to that a Subscription has been paid upon the
as the whole of the instalments 01 " have been paid up, the " Scrip is returned and exchanged for Share Certificates of their full
calls
"
As soon
face value.
SCRUTINEERS
members appointed by the Committee for General Purposes to act as scrutineers and report the result of the ballots at elections.
are three
is
SELLERS OVER
a phrase
commonly used
"
to in-
more
"
sellers of securities
than
while there are buyers indicates Buyers Over are more that there buyers of securities than there
are sellers of them.
SELLING A BEAR
To
"sell a
Bear"
is
where a
person, although not actually having them in his possession, sells securities, hoping to see a fall in
the market and buy them back at a cheaper price than he has sold at, thus making a profit, before
the selling of securities at aucopen market, in cases where they have taken been not up by the buyer at the settlement.
\
SET BACK,
prices
rise, is
fall
This
away
a term used when, after a rise, set back, after a good again.
is
"
healthy," as
it
lets
SETTLING DAY
Account, and
"
(or
is
Pay Day
") is
the last
day of the
so called
buyer and paid for, neither taken are where or, they up nor delivered, " " the Differences on them necessary to balance the
securities are delivered to the
may
77
SETTLEMENT
The
Ex-
change occurs twice a month for the settlement or closing up of all bargains made during the current
account, as explained in
"
Account Days."
(see above).
SHAKE OUT
"shake out" usually occurs when away, and weak holders, having prices rapidly no more money to lose, become frightened and " throw over their securities. They are shaken
fall
out."
SHARES,
capital
share
is
a a
proportionate
amount of
public company for the in a of division of their profits. sharing purpose Various kinds of shares are issued, sometimes by
subscribed
to
the same
priority over the others in their claim for dividend Thus we^ have Cumulative Preference or interest.
Shares, Founders' Shares, Ordinary Shares, Preference Shares (these latter being sometimes divided
into First, Second, Third,
been explained
coal companies.
The
SHARE CERTIFICATE
The
official
document or
title,
to all
78
public company, and bearing the value and number of the stating shares held, and, where they are not fully paid,
shareholders
their
seal,
by a
stating the
SHEBAS
SHORES,
The
Company, Limited.
The shares of the Lake Shore and Michigan Southern Railroad Company of America.
indicates that a speculator
;
SHORT OF STOCK
"
is
Bear of Stock
"
"
in other
having sold
of Stock
for a fall.
"
On
"
means a
bull."
who
is
"running a
The transfer books of all and the stock books of all public companies, Government stocks are periodically " shut for divi" dend at the time the dividend warrants are issued, The dates and no transfers can then be made.
when
transfers are closed
:
is
usually advertised as
follows
NOTICE
HEREBY GIVEN
the
Debenture Stock Registers will be CLOSED from 1 5th to the 29th of September, both days in-
"By
"
order,
"WM.
"
S.,
Secretary"
"nth
Sept., 1900."
79
The
shares of the
Simmer
&
SINGLE OPTIONS
"
"
Put
"
and the
"
Call
The Single Options are the " when sold separately. (See
Options.")
SLATERS,
The
Limited.
SLUMP.
There
fall
is
said to be a
when they
only
slip
away
strength to weakness.
When
"
prices
Sag," they
away
gradually.
SOUTH AFRICANS
way
African Market.
is used when speaking in a general of the whole of the shares dealt in on the South
That part of the Stock Exchange where the various jobbers who deal in
South African Shares congregate or stand, or the
Dealers themselves when referred to as a whole.
SOUTH AMERICANS
The Stocks
of the various
collectively
known
as
SOUTH-EASTERNS
refers to the
Ordinary Stock of
Company.
8o
SOUTH-EASTERN DEFERRED
is the Deferred Orof Stock the South-Eastern dinary Railway Comand receives no dividend until 6 per cent, has pany, been paid on the " Preferred Ordinary."
SOUTH-EASTERN PREFERRED
is
dinary Stock of the South-Eastern Railway Company, and is entitled to a 6 per cent, dividend
before anything
is
paid on the
"
Deferred Ordinary."
SOUTHS. The Consolidated Ordinary Stock of the London and South-Western Railway Company.
SOUTHERNS
Railroad
SOUTHERN STOCKS
mean
London, Chatham and Dover Railway (now merged with the South-Eastern Railway) and the London, Brighton and South Coast Railway.
SPANISH
SPANISH FOURS,
issued
by Spain.
SPEC,
lation."
SPECIAL SETTLEMENT.
apart
fixed
Days,
for the
from
the
ordinary bi-monthly
settlement,
8i
SPECIAL
panies,
TRANSFERS,
Banks,
Insurance
Com-
where great liability is attached to their shares, have printed their own special form of Transfer " Deed, which is known as a Special Transfer," and must be used when such companies' shares are
transferred.
SPRATTS,
The
used
SPREAD is
of a
"
in
America
"
Put and Call option are different the stock must be "Put" at one price and "Called" at
it is
another.
same
When
is
the
SPREADING OPERATIONS
ing stock alone.
in
several securities,
SQUEEZE.
" "
There is said to be a " Squeeze " when Bears have sold securities and are unable to repurchase them except from the "Bulls." The " " Bears are " Cornered," they "run to Cover," and " " are Squeezed," hence the term Squeezing the
Bears."
STAG,
in
that he
only dabbles
shares of
for
new companies,
or
new
an allotment simply with a view of selling at any premium which may be quoted upon them hence the term " Stagging
issues,
;
and applies
the Market."
'
,<U Y)
82
STALE BULL.
instead of
to
sometimes happens that a "Bull," making a profit during the Account, has
It
pay a loss owing to the price having fallen away, and after he has paid his " Differences," and carried
over his securities several times without making the expected profit, he is known as a "Stale Bull."
STAMP DUTY
debentures,
is
the
contract notes, the transfer of stocks, shares, bonds, etc., as a means of revenue.
refer to the bonds of the various American Railroad Companies and some Foreign Governments, and are payable both as to principal and interest in sterling.
STERLING BONDS
STERLING LOAN
here for
is
name
when
the principal and interest are to be paid in English " " money, or Sterling as it is called, and it is so
named
to distinguish
it
in
foreign currency.
STOCK,
The
is
and shares
in as a
$
distinguishing difference between stock that shares are issued for fixed amounts
$
for instance, a
share,
share,
or, in
whereas stock
transferable in
any amount,
tiples of
i.
some
83
their
claims
for
dividend or interest.
Thus
we have Cumulative
Stock, Deferred Stock, Guaranteed Stock, Ordinary Stock, Preferred Stock, and Preference Stock, all
named.
STOCKBROKER,
who
is
This is the agent, or middle acts as agent for both buyer and seller.
man
He
a go-between, serving both the general public and the Stock Jobber in all transactions. Members of the Stock
rules to
Exchange
are forbidden
by
their
hence those who advertise as Stock and Share Brokers or Dealers are known in " " " the House as Outside Brokers," or, as they are more commonly called, " Bucket Shops."
advertise,
STOCK EXCHANGE
the
"
is
called
House."
is
the Official List published by the Trustees and Managers of the Stock Exchange, and the words
Business done
mean
which transactions have taken place, the prices being made up from the members' official markings.
STOCK HOLDER
holds stocks
Stocks.
;
The name given to a person who but more particularly used when referring to parties who hold Registered or Inscribed
84
o o
a
i!
w *
u
3
S
|E
a
Q o 02
S!
iifi l!f s
1.3*
5
I
111
11 II
l
1 *
s
o M ^
<D CO
!I
I 2
M
JJ
III
fc
2 a Q*
-no
S c
a|
JSa
11 C
>-H
lil
85
NOTICE to Holders of
Bears Interest at the rate of
of
15s.
"/
Consolidated Stock.
;
3 155. per Cent, until $th April, 1903 a IDS. per Cent, thereafter until redeemed.)
and
at the rate
Dividends are due and payable on and after the 5th January, 5th April, sth July, and 5th October (unless any of these days fall on a Sunday, or Bank Holiday, in which case they will be payable on the business-day next following), and will
be paid in one of the following modes
(a)
:
By
Without Application
Upon Application
To
To any
|
Surviving Stockholder, Sole Executor or Administrator and Sole Surviving First Executor or Administrator.
Stockholder includes the First Executor.)
m'.nistrator, or to
(b)
Dividends will be paid to any Stockholder, Executor or Administrator, personally attending at the Bank, on his written Request, in the case of a Sole Account, or on the written request of all the Stockholders, Executors or Administrators, in the case of a Joint Account. The Request in either case must be in the prescribed form.
of Postal
Forms
any
of their
Request can be obtained at the Bank of England, at Branches, or at any Money Order Office throughout the
"
United Kingdom.
Postal Dividend Warrants will be crossed & Co.," and must therefore be presented for payment through a Banker. The Bank cannot undertake to cross a Warrant payable to a Banker with the account to which the Dividend is to be
placed.
receive Warrants by Post, should give notice to the Bank if they are NOT received on the day on which they ought to be delivered but need not acknowledge those that arrive in due course.
Persons
who
Request, for the receipt of Dividends on Personal Attendance, can be obtained on application at the Dividend Office, Bank of England.
Forms
of
Under the Provisions of the National Debt Acts, Stock and Dividends unclaimed for 10 years are transferred to the Commissioners for the Reduction of the National Debt, but may be reclaimed by the persons entitled thereto.
Communications
relative to "
2 155. per Cent. Consolidated
of England, London,
100,
200,
E.C
500
STOCK CERTIFICATES
and
of the denominations of
1,000, with Coupons for the Quarterly Dividends attached, obtained in exchange for inscribed Stock.
may
be
86
STOCK JOBBER
who buys
is
member
of the Stock
Exchange
or sells securities,
and
risks
being able to
repurchase or resell them at a profit. Jobbers do not deal with the general public, but only with
clients'
STOCK RECEIPT.
filled in
is
by the
seller of
him
to the
On
STOP ORDERS,
as recently explained in the Daily Mail, are a Wall Street technicality rather puzzling to British readers.
limits to cut a loss.
They
are
what we should
"
of,
call
"
Bull
say,
500 Louis-
villes at 88, when he sees the market going against him, may instruct his broker to sell at best if they should fall to 86. The result is virtually a forced
sale, as
When
the nominal quotation is still 86, he may not be able to get a better offer than 85^, or even 85
Selling on
"
Stop Orders
"
STRADDLE
price at
is used in America to indicate that the " " which stock can be " Put or " Called " under a " Put and Call option is the same and " are when the prices different, it is termed Spread."
;
87
STOUTS
Limited.
The
&
Co.,
SWEETMEATS,
The
SWORN BROKERS
no longer exist in England, but the survive on Continent, and will be found they " in Bourse." explained
TAKEN
money
IN
lent,
When
it is
stock
is
held
as
in."
security
for
said to be
"
taken
TAKING
ties.
IN,
" Receiving Backwardation on securi" broker says he will " take in when he is
"
desirous of borrowing stock or of obtaining a backwardation to carry over securities to the next
account
ing to
and he
"
will
"
"
give on
"
when he
is
will-
pay
Contango
TALON,
warrant or
certificate
attached to the
coupon sheet of Foreign or Government Bonds to Bearer, so that it may be detached and exchanged
for
further
all
have
last issued
TAPE.
An Electrical Machine belonging to the Exchange Telegraph Company, upon which are
and the
88
TAPE PRICES,
The
TELEPHONES
TICKET
in
The
phone Company,
Limited.
referred to in
"
The Ticket
Ticket
Day
"
is
It passes from hand to hand the following form. as shares are usually sold many by endorsement,
A
;
B buys
from C, when B endorses the ticket and passes it on to C, so that A actually receives a transfer of the shares from C although they were bought from
B:No
Consideration
Stamp
(Name
@,
To
Of.
Given
(The
1901
selling Jobber's
name)
TICKET DAY
(or
"Name Day")
is
the second
day of
the Account, and is so called because on that day the purchasing broker prepares a Ticket, as explained above, showing the buyer's name and
address, which
to enable
him
89
TIME BARGAINS
tions
on the next
are
Account.
They
for
are
"Bought
Account."
the
made
the
TINTOS,
The
Com-
pany, Limited.
TIP,
about to take place, whereby a particular stock or share is likely to advance or fall in price, is said to
have a
"
"
tip
or
"
another, to be
TOUTS,
in
for half
those parties who, usually " commission, bring business to the House" the shape of speculative orders from persons who
are anxious to
A term applied to
do them a
"
turn."
TRANSFER
is
Deed
"
(which see)
for the
TRANSFER BOOK
The
special
book kept
transfer of Registered and Inscribed Stocks, and in which both the buyer and the seller, or his proxy,
have
to sign their
names when
the stock
is
trans-
ferred.
TRANSFER DAYS
are the days when stocks can be transferred in the Bank's books.
TRANSFER DEED,
for transferring
Registered Stocks and Shares from one person to The following is the usual form another.
:
9o
in consideration of the
sum
of
paid by
^jc
sell,
assign,
said
"v
<^U
i_
Transferee
of
<3[o
and
in the
2-3 g o
unto the said Transferee Executors, Administrators, and held the same Assigns, subject to the several conditions on which execution the said Transferee betore the and hereof; immediately do hereby agree to accept and take the said subject to the
pelt)
,
,
conditions aforesaid.
O
*
JU
in the
SSSiiiuss our Hands and Seals, this Day of Year of our Lord One Thousand Nine Hundred and One.
Presence of
SIGNATURE OF WITNESS/
i
Presence of
SIGNATURE
OF WITNESS/
Address, Occupation, Signed, sealed, and delivered, by the above-named
in the
*
Presence of
SIGNATURE
OF WITNESS/
Address, Occupation, Signed, sealed, and delivered, by the above-named
in the
*
Presence of
SIGNATURE
Address, Occupation,
OF WITNESS/
NOTE. The Consideration money set forth in a transfer may differ from that \vhi h the first Seller will receive, owing to sub-sales by the original Buyer; the Starr.p Act requires that in such cases the Consideration-money paid by the Sub-purchaser shall be the one inserted in the Deed, as regulating the ad valorem Duty; the following is
the Clause in question " Where a person, having contracted for the purchase of any Property, but not having obtained a Conveyance thereof, contracts to sell the same to any other Person, and the Property is, in consequence, conveyed immediately to the Subpurchaser, the Conveyance is to be charged with ad valorem Duty in respect of the Consideration moving from the Sub-purchaser." [54 and 55 Viet., cap. 39 (1891) Section 58, Sub-section 4.]
:
When a
transfer is executed out of Great Britain it is recommended that the Signature be attested by H.M. Consul or Vice-Consul, a Clergyman, Magistrate, Notary Public, or by some other Person holding a public position as most Companies refuse to reWhen a Witness is a Female she must state cognise Signatures not so attested. whether she is a Spinster, Wife, or Widow; and if a Wife she must give her Husband's Name, Address and Quality , Profession or Occupation. The Date must be inserted in
91
TRANSFEREE.
in
Transfer Deed, is called the "Transferee," while the seller is termed the " Transferor."
a
TRANSFER FEES
The
fees
to another.
office
TRANSFER OFFICE
England
The
of the
Bank of
is
TRANSFEROR,
The
seller.
TRANSVAAL FIVES
5
The Transvaal Government Per Cent. Loan, redeemable after 1903, and not later than 1942.
TRUNKS,
The Ordinary Stock of the Grand Trunk Railway of Canada. Thus we have Trunk Firsts,
First,
Trunk Seconds, and Trunk Thirds, for the Second, and Third Preference Stock of this
way.
Rail-
TURKS
is a general name covering the whole of the various Turkish Bonds and Loans when they are
TURN.
The middle
price
between those
at
which a
" jobber will buy or sell is called the jobber's turn," " or the turn of the market," and is fully described
in
"Jobber's Turn."
92
UNAUTHORISED CLERKS
are those juniors who are to go on 'Change for the Committee permitted by the sole purpose of attending on a member there
in
etc.
UNDERGROUND STOCKS
various
Underground Railways
London.
sell
UNDO A BARGAIN,
against a
securities
UNIONS
The Union
URAGUAYS
UTAHS
The
The Bonds
of Uraguay.
shares of the
Limited.
VANDERBILTS
is
of the various Railroad Companies in which the Vanderbilt family are interested. They are the New
York
Central,
Railroads.
VELVETS,
The
VENDOR'S SHARES
When
93
for a
money
payment, but takes the value in shares, and these are called " Vendor's Shares."
VESTAS
&
VICKERS-MAXIMS
plained above.
The same
as
"Vickers" ex-
VILLARD STOCKS,
Oregon Railway
VIRGINS
Bonds.
The
W
WAITER,
The Exchange are
attendants in livery on the Stock called "Waiters."
Cent. National
WAR LOAN
War
1910,
and known on
WATER STOCKS
Compauies
The
Water
94
WATER WORKS.
The same
as
"
Water Stocks."
"
WEAK BULLS
of securities
A "Weak
is
Bull" means a
Bull"
not financially strong, and after " his resources are exhausted by paying Differences"
or carrying over, his holdings are of necessity thrown on the market, and such forced sales usually mean
who
lower prices.
WELSH STOCKS
ways
in
refers in a general
way
to the Rail-
Cardiff,
WESTERNS
WESTRALIANS
in
Western Australia.
YANKEE RAILS
is
YANKEES,
Applied generally to the shares of the American Railroads, as " Yankees are strong," meaning that they are firm at a higher price.
YORK
The Consolidated "A" Stock of the Northern Railway Company, sometimes called "Noras."
A,
Great
95
YORKS
Z
ZOUTS.
contraction of Zoutpansberg, used for the shares of the Central African and Zoutpansberg
Exploration Company, Limited, now amalgamated with the Oceana Consolidated Co.
ABERDEEN
THE UNIVERSITY
PRESS.
SEE BACK.
JULY, 1910.
"
EFFINGERE, LONDON
".
CATALOGUE
OF
egat Commercial
sn6 otfkr
PUBLISHED AND SOLD BY
EFFINGHAM WILSON,
THREADNEEDLE STREET, LONDON,
TO WHICH
IS
ADDED A LIST OF
TELEGRAPH CODES.
EFFINGHAM WILSON
ana
publishing of Pamphlets and Books of every Estimates given, and description upon Commission. Conditions of Publication may be had on application.
INDEX.
PAGE
Arbitrage
Deutsch
....
of
. .
PAGE
Clerks (continued) Mercantile Practice (Johnson)
Arbitration-
....
.
London Chamber
Lynch, H. Foulks Rudall, A. R.
.
24
19
Solicitor's
BankingBanks of the Clearing House Banks, Bankers and Banking Bank Book-keeping (English) Barton's Questions on Banking Bibliography (Bank of England)
. .
.
16 22 4 10 25 13 13 10
Coumbe
Counting-house Cordingley County Court County Court Practice . Easy C> Jones and Finance Currency
.
Made
English and Foreign (Attfield) Examination Questions, Arithmetic and Algebra Half-yearly Balance Sheets Howarth's Clearing Houses Hutchison's Practice of Banking Legal Decisions affecting Bankers Scottish Banking Smith's Banker and Customer
. .
.
Aldenham (Lord)
20 10 16 16 22
17 25
Barclay (Robert)
Clare's
Cobb
.
.
McEwen
Bills of
(Accounts)
of)
Stewart (Law
.7
. .
.19
.18 *
Cuthbertson Del Mar's History Del Mar's Science of Money Hon. H., Bimetallic Gibbs, Primer Indian Coinage and Currency Poor (H. V.) The Money Ques.
....
tion
Exchange
. . .
Dictionaries
Loyd's Lectures Smith (Law of Bills, etc.) Watson's Law of Cheques Bimetallism
List of
26
Terms
French Abbreviations Milford's Mining Terms
(Liabilities
.
Works
Carr (Investors) Donald's Mining Accounts Down to Date (Munro) Harlow's Examination Questions Holah's Double Entry Merces* (Indian Currency) Jackson's Book-keeping . Johnson's Book-keeping and Ac.
. . .
...
. .
and Duties)
.
4 7
13 21
15 8
ExchangesBrazilian
Exchanges
Goschen Norman's Universal Cambist 20 Tale's Modern Cambist 16 Exchange TablesAmerican Exchange Rates .16 Dollars or Taels and Sterling
.
16
17 8
Seebohm's (Theory)
Sheffield (Solicitors)
.
.... ...
.
.
....26
.
24
26
14
!
Eastern Currencies Garratt (South American) General Exchange Tables Koscky (Russian) Lecoffre (French) ,, (Austria and Holland)
. .
(German)
and
.
.23
.
Insurance
Insurance Principles Finance . Short-Term Table
Fire
.
.
12 12
Kennedy (Stockbrokers)
17 35
ST.,
LONDON.
PACE
Law
. .
.
.11
.
Lawyers and
Licensing
Magistrates'
18
Law
(Product)
cent.
. .
.
12
Law
.19
.
Cummins' 2^ per
Interest
.
.
12
2{
Handbook
.
.
.
14
Gilbert's Interest
and Contango
.
Gumersall Ham (Panton) Universal Indian Interest (Merces) Lewis (Time Tables) Oppenheim's Universal
.
15 15
.15
.
20
18 21
Rutter Schultz
24
. .
Wilhelm (Compound)
Investors
24 26
Marine Insurance 13 Maritime Law -24 Master Mariners' Legal Guide 24 .25 Mortgages .21 My Lawyer Patent Law (Emery) \.\ Powers of Attorney and Proxies 19 5 Repairs, Household Small Holdings Act 5
.
.
Solicitors'
... ...
.
Maritime Codes8 Germany Money Holland and Belgium Joint-Stock CompaniesItaly Analysis of Modern Balance Sheet 19 Abolition Frauds Spain and Portugal 24 Company 14 MiningCompany Management Accounts of G. M. Cos. 15 Companies Acts 1862-1907 Common Company Forms Gabbott's How to Invest in Mines 23 the Law Milford's Dictionary of Mining 23 Handy Book on Pulbrook's Responsibilities of Terms
(see also Stock Exchange Manuals) 10 Birk's Investment Ledger .11 Capital and Investment Investment Profit Tables 27 8 Houses and Land
.
.
Thames
Title
River
Law
....
.
9 25 9
6-9
How
...
.
.
to Invest
....
.23
and
23
.
Russell's
Mining Manuals
24
5
Miscellaneous
Arithmetic, Practical Arithmetic and Algebra Author's Guide
1907
.
Reminders for Secretaries 23 Revised Table A 24 14 Secretary's Everyday Guide Simonson's Companies Acts, 1900 and 1907 24 Simonson's Debentures and De. .
.
...
. .
On Compound
nuities
.....
Interest
.
....
20
27
and An2
24
Amalgamation
Abridgment of the
.25
.
Children's Act, 1908 . Constable's (A) Duty Copper, a Century of Cotton Trade of Great Britain . Dynamics of the Fiscal Question
Elgie's Elgie's Elgie's
I
19
ii
Law
.
(Folk-
14 5
Commercial
Copyright
Divorce,
Law Law
.
.
. .
.
Death Duties
Law
of
.
. .
.18 Evidence in Brief 10 Factors (Law relating to) First Elements of Legal Procedure 10 and CorForeign Foreigners
.
.6
porations
-14
Gresham, Sir Thomas (Life of) Ham's Customs Year Book Ham's Inland Revenue (Excise) Year Book His Lordship's Whim Income Tax (Hallett Fry) Kew Gardens (Illustrations) Lloyds' Brokerage and Discount Card Mirabeau and Gambetta Mortgages (Law of)
.
Wages
14 19 14 14 14 ii
....
.
15 26 26
18 22
5 5
General Practical Arithmetic 5, 13 Average .22 High Court Practice Landlord and Tenant . 9
.
.
26
16 21
21
EFFINGHAM WILSON,
PAGE
Miscellaneous (continued} Schedule D of Income Tax Wilson's Equivalents
.
PAGE
Stock Exchange Manuals, etc. Contango Tables .15 .12 Cordingley's Guides Higgins, Leonard, The Put-and. .
8
12
.26
.
Call
16
.
Finance).
16
13
Pamphlets
Prices
How
Money
.
Article
.
.20
.
.20
.
Permanent or
.
Redeemable Stocks
16
26
Home
Rails
.25 .19
22 27 9
.
Key
Options
(Castelli)
.11
...
(the
Poor's American Railroad Manual 22 Poor's Manual of Industrials 22 Redeemable Stocks (a Diagram) 10 of Transfers Registration 14
. . .
Exchange
.
etc.)
Buyers and
Robinson (Share Tables) Rules and Usages (Stutfield) Willdey's American Stocks Yield Tables
.
Sellers'
(Ferguson)
.
8 21
....
.
.
23 25 26 25
Tables
.
.
.16 Ingram (Yards) 26 Telegraph Codes Kilogrammes and Pounds Ager's (list of) Kinmond's Universal Calculator 17 Miscellaneous (list Redeemable Stocks (Mathieson) 20
etc.).
.
.14 -14
est Tables,
Tables,
28, 29
30, 31
of)
.
.
.
.20
23
.32
.
Sinking Fund and Annuity Tables10 Booth and Grainger (Diagram) .13 Dougharty's 16 Hughes Wilson's Legal and Useful Speculation (see Investors and Books List Stock Exchange).
.
.
Trustees Investment of Trust Funds Judicial Trustees Act, 1896 Marrack's Statutory Trust Investments
. . . .
7
17
.19
.6-9
Handy
.
IN
ENGLISH
THE
PRESS.
With an
IntroT.
BANK BOOK-KEEPING.
duction on the Theory and Practice of Accounts. EASTON, Associate of the Institute of Bankers.
By H.
NEW
By
R. S.
BOOKS.
Examples and Exercises.
PRACTICAL ARITHMETIC.
OSBORNE, Fellow of the Statistical Society; Lecturer on Commercial Methods and Practical Arithmetic at the City Price 2s. 6d. net. of London College.
ACT, 1908. Together with the Watermen's and Lightermen's Amendment Act, 1859, The Thames Watermen's and Lightermen's Act, 1893, The Thames Conservancy Acts, 1894 and 1905, as amended by the Port of London Act, 1908. Also a summary of principal Acts affecting the Chief Dock Companies, together with the Bye-laws of the Thames Conservancy, the Watermen's and Dock Companies. By C. A. M. BARLOW, LL D.. M.A., Barrister-at-Law, and W. H.
LEESE, B.A.
Price 205. net.
Board of Agriculture and Fisheries Rules and Forms, 1908, the County Court Rules and Forms, 1909, and Order as to Costs and Fees; also the Allotments and Cottage Gardens Compensation for Crops Act, 1887, and the Ground Game Acts, 1880 and 1906, with Notes thereon respectively and also the Law of Distress Amendment Acts, 1888 and 1895, the Rules thereunder, and the Law of Distress Amendment Act, 1908. Forming the Third
;
Edition of The Agricultural Holdings' Act, 1906. ARTHUR JOHNSTON, M.A. (Oxon.), J.P. (Berks),
By GEORGE
Inner
of the
and the Western Circuit, Barrister-at-Law, Author Temple " Small Price 10s. 6d. net; Holdings and Allotments ".
:
of
INCOME TAX ITS RETURN, ASSESSMENT AND RECOVERY. By T. HALLETT FRY, Barrister-at-Law.
Price
6s.
net.
Price
JOHNSTON ON
MENTS
thereon, together with Statutes referred to therein, and Rules, Regulations, Orders and Forms thereunder. By GEORGE ARTHUR JOHNSTON, of the Inner Temple and the Western Circuit, Barrister-at-Law, Author of "The Agricultural Holdings Act, 1906". Royal 8vo. Second Edition, entirely Revised. Price
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THE
CYPHER TELEGRAPHIC
PREMIER
CODE
YET PUBLISHED.
Containing close upon 120,000 Words and Phrases. THE MOST COMPLETE AND MOST USEFUL GENERAL CODE
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'
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1OO,OOO
ready.
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;
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Figure Key to the and providing means of sending any two Code Words (or groups) by one word. By W. H. HAWKE. Price 10. 6d.
LONDON
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