As usually understood, Boston, New York, Philadelphia, and Baltimore.
Payable on presentation.
At the Opening. An order to buy or sell at the best market price obtainable immediately after the opening of the exchange, no actual price limit being set.
Delivery of the security upon the third day following the contract.
Quotations of securities sold at auction frequently appear in the papers. In Boston the custom is to hold auction sales of securities once a week - upon a fixed day, the securities having been previously advertised in the daily papers. These sales have no connection whatsoever with the stock exchanges; are held in the auction sales rooms of certain private banking firms, at which time any person may be present. Many securities not listed upon the stock exchanges are sold in this way, as well as securities which the law provides must be sold at auction. There is no restriction as to securities which may be offered for sale through such a medium.
Authorized Stock, Bonds, etc. The amount of each which a company may lawfully issue.
Property which can be had for sale or use, and which is not already given as security for an indebtedness.
Buying more stock at a lesser price than the last or previous purchases, in order to reduce the average cost to the holder.
Buying more of a given security as prices advance. By this process the average cost of the whole increases. If one has been " selling short " (see that subject) a certain security, and, contrary to his expectations, the price continues to advance, he may make additional sales of the same security at the higher quotations. This would also be known as " averaging up " or " averaging."