The daily morning journal and courier., 1894-06-30
- Phrases in Wall Street.
[Prnm Hnrpcrs Weekly.l


 Many of the phrases used in Wall street, as well as the methods of busi- ness on the Stock Exchange. are enig- mas to outsiders. What are known as 'priylleges" are not officially recog- nized by the exchange. Yet these privileges" form an important part In the daily life of some of the mem bers of the exchange. These "privi- leges" are known as puts" "ealls," ''straddles' and spreads" All are purchased by speculators as an Insu- rance against losses in their opera tlons in the market, A put" is con tract given to receive and pay for stock at a price below the current. A "call' Is a contract to deliver stock at price above the current quotation for a simi- lar consideration. A "straddle' Is a dual privilege either to receive or de- liver stock at a price usually from two to three per cent. above or below the market figure, the consideration being about one per cent. A spread" Is n privilege in two separate contracts, one "put," the other a "cali," the consideration for which Is usually ldl 6BE tidIl III tIG olHEi bPNtob5t 9ey one and q 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 a stripgency in the money market or any other similarly potent factor in stock speculations. The bear clique attacks the market, and holders unable to carry the load of stocks sell out. A marked decline in values follows; | the. market thereupn breaks down. "Rallooning" is to work up stock | far beyond its intrinsic worth by fav- orable stories, fictitious sale, or other oognate means. "Block": number of shares say five thousand or ten thous- and, massed together and sold or bought in a lump, To 'huy in" is the act of purchasing stock in order to meet a "short" contract, or to enable one to return stock which has been bor- roWed, Carrying" stock is to hold stock with the expectation of selling it at an advance, A ''clique" is combi- nation of operators controlling vast capital in order to expand or break down the market. Conversions" Bonds are frequently issued with a pro- vision whereby they. can at any moment be exchanged for equivalent stock such securities are called convertable land the act of substitution is styled "cenversion." Corners: When the market is oyersold the shorts" arc compelled to deliver, finding themselve! in a "corner." "Collaterals":, Any kint of securities given in pawn when none! is borrowed, To ''cover": Where stocl has been sold short" and the marke advances, the seller buys in order tt protect himself on the day of delivery this Is, Covering" ones shorts" "Dif ferences': The price at which stock fl bargained for and the rate on the day of delivery are usually not the same the variation is known as the differ enenee,n and occasionally brokers pa! over this balance instead of furnishln, the stock; but such cases are rare. "drop" in stock is equivalent to { "break," except that it may possibly b. due to wholly natural causes. Fore ing'' quotations is where brokers wisl to keep up the price of stock and thi is generally accomplished by transac tions among themselves. This is know also as "Washing." To be more OK piictt, washing" is where one broke arranges with another to buy certail stock when he offers it for sale. Th bargain is fictitious, and the effec' when this fact is not detected, is t keep the stock quoted, and, if the plot