The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-24
St,ck Exchange Phrases.

Many OF the phrases used in Wall
street, as well as the methods OF bust
ness on the Stock Exchange, are eng
mas TO outsiders. What are known as
privileges" are not officially recognized
by the Exchange. Yet these privileges"
form an important part in 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 spectators as an in
surance against losses In their opera
tons in the market. A put Is con-
tract given to receive and pay for stock
at a price below the current market
price for a cash consideration, usually
! per cent A call Is a contract 70 de-
liver stock at a price above the current
quotation for a similar consideration a
"straddle" is dual privilege either
TO receive or deliver stock at a price
usually from . TO per cent above
or below the market figure. the consider
alton being about per cent a spread
is a privilege In two separate contracts,
one a put the other call the con-
sideraton for which IS usually larger
than in the other options, say
! - per cent. There are many other
terms used on the Stock Exchange, which
may be briefly stated and explained. a
break" I'm the market Is serious de-
cline caused BY a strlngency In the mon
ey market or any other similarly potent
factor in stock speculatiOns. The bear
CLIQUE attacks the market, and holders
out. A marked decline IN values follows;
the market thereupon breaks down.
"Ballooning' is TO work up stock TAR
beyond its intrinsic worth by favorable
stories. fictitious sale, or other cognate
means "BlOck": a number Of shares,
saw five thousand or ten thousand, mass
ed together and sold or bought IN
lump. To buy IN" is the act Of purchas-
ing stock in order to meet a short con-
tract. or TO enable one 10 return stock
which has been borrowed. Carrying
stock is to-hold stock with the expecta-
ton Of selling IL at an advance. a
s'cIioue' Is a combination Of operators
controlling vast capital In order TO eN-
pand or break down the market. Con
versions: bonds are frequently Issued
with provision whereby they can al any
moment be exchanged for equivalent
stock: such securities are called converti-
bic. and the act of substitution Is styled
conversion" Corners when the mar
ket is oversold the shorts are compeil-
ed to deliver, finding themselves In a
corner" "COllaterals' any Kind or Sc
curlties given In pawn when money Is
borrowed. To cover where STOCK mas
been sold short" and the market adj
yances, the. seller buys IN grqer 10 PtGJ-
tect himself on the day OF delivery; this
is covering" ones Shorts "Dinerenc-
es": the price at which a stock IS bar
gained for and the rate on the day or
delivery are usually not the same, the
variation is known as the difference,
and occasionally brokers pay over TINS
money h.Jance instead Of furnishing the
stock. but such cases are rare. a drop
I'm a stock IS equivalent 10 a break,
except that IL may possibly be due TO
wholly natural causes. FORCING quo
tations Is where brokers wish 10 keep up
the price Of a stock, and this Is general
" accomplished by transactions amohs
themselves. This IS known also as
washing" To be more explicit. wash
ing" is where one broker arranges with
another 10 buy certain stock When ne
offers II for sale. The bargain Is ncu-
tious. and the effect. when this fact Is
not detected, is TO keep the stock quot,
ed. and. II the plotters buy ana sen
actual transactions. watering n stock
rs the artihce employed 20 double the
quantity OF a stock without improving
its quality. go. .roro
Long in stocks Is where an OPT
tor is carrying stock for rise. 10
"lOad" no Is where operators buy very
heavily To be short" Of the market
is where an operator has sold stock
which is not yet actually In ms posses
sion Milking the Street the act Oh
cliques or great operators VINO noll ' rgi i,
tain stocks so we'll In hand that they may
cause any fluctuations they please ana
nv alternately lifting and depressing the
nrice OF the shares take all the iloatlns
money i'm the market This Is also
known as "shearing the lamps. q
'.point" IS theory or q fact resafllhS
efocks on which one bases speculation.
The market is "on' when prices nave
fallen either I'm a week a day, or even
an afternoon A pool Is the stock and
money contributed by clique "a. carry
tbrourb a corner" To unload is "a
eau ONT n stock which has been carried
for some time There are other phrases
In the stock Exchange vocabulary bu'
Tho foregoing are those most used in the
daily routine.-Harper' Weekly.