The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1894-08-11
STOCK EXCHANGE LINGO.
Meaning of Phrases Used Daily In Wall
Street.

Meaning of Phrases Used Daily in Wall
Street.
What are known as privileges" are
not officially recognized by the ex-
change. Yet these privileges" form
an important part of the daily life Of
some of the members of the exchange.
These privileges" are known as
puts" calls" 'straddles' and
spreads" All are purchased by spec
:ulators as an insurance against losses
in their operations in the market. A
put" is contract given TO receive and
pay for stock at price below the cur
rent market price for cash considers
tion, usually one per cent A ''csll'' is
. contract to deliver stock at price
above the current quotation for simi-
lar consideration A "straddle" 10 Q
dual privilege either to receive or de-
liver stock at q price usually from two
to three per cent. above or below the
market figure, the consideration being
about one per cent A spread" is 3
privilege In two separate contracts,
one q put" the other call" the
consideration for which Is usually
larger than in the other options, say
one and a half per cent. There are
many other terms used on the stock
exchange which may be briefly stated
and explained. A break" in the mar
ket is a serious decline caused by
stringency in the money market or
any other similar potent factor in
stock speculations. The bear clique
attacks the market, and holders un-
able to carry the load of stocks
sell out. A marked decline in
values follows; the market thereupon
breaks down. "Ballooning" is to work
upa stock far beyond its intrinsic worth
by favorable stories, fictitious sales, or
other cognate means. Block" A
number of shares, say five thousand
or ten thousand, massed together
and sold or bought in a lump.
To ''buy in" is the act of pur-
chasing stock in order to meet a short
contract, or to enable one to return
stock with the expectation of selling
it at an advance. A clique is a COM
bination of operators controlling vast
capital in order to expand or break
down the market. Conversions"
Bonds are frequently issued with
provision whereby they can at any mo-
ment be changed for equivalent stock:
such securities are called convertible,
and the act of substitution is styled
conversion" Corners" When the
market is oversold the shorts are
compelled to deliver, finding them
selves in a corner" ''Coliaterals:"
Any kind of securities given in pawn
when money is borrowed To cover
Where stock has been sold short and
the market advances, the seller buys in
order to protect himself on the day of
delivery; this is covering" ones
shorts Differences" The price at
which stock is bargained for and the
rate on the day of delivery are usually
not the same; the variation is known
as the difference" and occasionally
brokers pay over this money balance in
stead of furnishing the stock; but such
cases are rare. A drop" in a stock is
equivalent to a break" except that it
may possibly be due to wholly natural
causes. Forcing" quotations is where
brokers wish to keep up the price of
stock, and this is generally accom-
plished by transactions among them
selves. This is known also as wash
ing" To be more explicit, washing"
is where one broker arranges with an
other to buy a certain stock when he
offers it for sale. The bargain is ficti-
tious. and the effect. when this fact is
not detected. is tn keep the stock
quoted. and. if the plotters buy and
sell it to high figure. to afford a basis
for actual transactions Watering
stock" is the artifce employed to dou-
BILE the quantity of stock without i'm
proving its quality.
Long" in stocks is where an opera
tor is carrying stock for rise. To
load" up is where operators buy very
heavily. To be short" of the market
is where an operator has sold stock
which is not vet actually in his pos
session. Milking the street." The
act of cliques or great operators who
hold certain stocks SO we'll in hand
that they may cause any fluctuations
they please. and by alternately lifting
and depressing the price of the shares,
take all the floatin- money in the
market. This is also k klOwn as shear
ing the lambs" A point is theory
or fact regarding stocks on which
one bases speculation. The market
is off when prices have fallen. either
in week. day or even an afternoon.
A pool is the stock and money con-
tributed by clique to carry through
corner" To unload is to sell out a
stock which has been carried for some
time. There are other phrases in the
stock exchange vocabulary, but the
are those most used in the
daily routine.-Harper's Weekly.
Crawling Out.
Teacher-What did you mean. sir. by
speaking of me as IAN old cow?'
Bad Boy-Please, only meant that
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