This section is from the book "The Investor's Catechism", by Marc M. Reynolds. Also available from Amazon: The Investor's Catechism.
A Wall Street term, meaning an order to buy and sell the same stock; such an order is usually employed for the purpose of artificially raising or lowering the price of a stock.
The joining by operation of law of a lesser estate, right or liability with a greater one, as where a lower is replaced by a higher form of security, or a smaller company is merged with a larger one.
Length or distance in miles. The mileage of a railroad is the length in miles of the railroad itself. Track mileage is the length in miles of the tracks of the railroad, each mile of double track counted as two miles; side track and switching tracks also are counted and included in mileage.
Train mileage is the number of miles traversed by a particular train, or the number of miles, collectively traversed by all trains of a railroad.
Car mileage is the number of miles traversed by a particular car, or the number of miles, collectively, traversed by all cars.
Ton mileage is figured from the number of miles the whole number of tons are hauled. The average number of miles each ton is transported is ascertained by adding together the number of miles each ton is hauled and then dividing by the number of tons.
Passenger mileage means the number of miles, collectively, traveled by all passengers. The number of miles traveled by all passengers, divided by the number of passengers, shows the average number of miles traveled by each passenger.
Cliques of great operators who hold certain stocks and bonds so well in hand that they cause any fluctuations they please in the market, are said to be "milking the Street." By alternately lifting and depressing shares they take all the floating money in the market, in other words, milk it dry.
A loan secured by various collateral, such as railroad stocks; industrial stocks, or other securities, instead of one particular stock.
It pertains to money or finance; used in terms of financial or pecuniary, as monetary convention, monetary union, etc.
It means the standard of value established by law as a basis for the money of a country. Gold and silver are the accepted standard to the exclusion of everything else, and the monetary systems of the world are based on one or the other or both together. Gold is inevitably becoming the universal standard. Great Britain first adopted the gold standard in 1816, and gradually the nations have fallen into line, the United States not until 1900, leaving the Latin countries as the most important representatives of the double standard. The use of silver is practically confined to the Far East, to Mexico, and some parts of Central and South America.
A dealer in coin and paper money, in foreign money, and one who borrows and lends money for others.
The regular commission of a money broker for negotiating a time loan (a loan for a specified lime) is 1-32 of 1% of the amount borrowed; the commission is to be paid by the borrower.
A "money broker" usually receives nothing from the borrower or the lender for effecting a call loan. The reason is that a call loan may continue for a day only. The broker uses the free negotiation of call loans to bring business to him.
A term applied to the business and not to the place of lending money.
In this country banks, trust companies and insurance companies are the chief lenders of money, but there are other corporations and not a few firms and individuals who are also lenders.
The term means the rates of interest at which money is lending. There are different rates for call money and time money (on time, that is, loaned for a specified period). The rates for call money are usually lower than those for time money.
When the currency of the country is based on a single metal, as either gold or silver, it is called "monometalism."
The grantee under the mortgage; the one to whom the mortgage is executed, the mortgager makes the mortgage payable to the mortgagee.
If foreign exchange is quoted and payable in the money of the country where collection is to be made, it is called "movable exchange." Illustration: Exchange on London is quoted in pounds in New York and is therefore movable exchange. The dollar is the basis and the pound fluctuates instead of the dollar in which it is reckoned. "Fixed exchange" is the opposite of "movable exchange."
 
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