Atlantic Ports

As usually understood, Boston, New York, Philadelphia, and Baltimore.

At Sight

Payable on presentation.

At the Market. An order to buy or sell at the best price the market affords at the time, no actual price limit being named.

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.

At Three Days

Delivery of the security upon the third day following the contract.

Attorney In Fact

One who acts under the authority conferred by power of attorney.

Au Besoin

Literally, " in case of need." This often appears in bills of exchange naming some one to whom application for payment may be made in case the original person (drawee) refuses.

Auction Sales

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 Issue

The total amount of stocks, bonds, or whatever the security may be, which a company may legally sell in accordance with the terms imposed by its charter, bylaws, or otherwise.

Authorized Stock, Bonds, etc. The amount of each which a company may lawfully issue.

Available Assets

Property which can be had for sale or use, and which is not already given as security for an indebtedness.

Average Life Of Securities Maturing At Different Intervals

The reader will find, toward the end of the subject " Net Return upon the Investment," an explanation of how to compute the average life of securities maturing at different intervals.

Averaging Down

Buying more stock at a lesser price than the last or previous purchases, in order to reduce the average cost to the holder.

Averaging Up

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."