In relation to investments, acceptance of a proposition to buy; generally used in reference to some issue of bonds, for the purchase of which bids have previously beep submitted. (See " Sealed Bid.")

A. & F. August and February; interest or dividends payable semi-annually beginning with August.

A. & O. Interest or dividends payable semi-annually, April and October.


This is the " ticker " abbreviation for " Bonds," " Class B," or, accompanied by figures, " Bid," or " Buyer."

Baby Bonds

See " Small Bonds."


For "backwardation." (Explained under " Contango.")


See " Contango."

Bad Delivery

A security not fulfilling the conditions imposed by the stock exchanges as referred to under " Good Delivery."


Used in London to designate the "ordinary stock" of the Buenos Ayres Great Southern Railway.


The amount due from one party to another after adjusting accounts. It is the difference between the charge and credit sides of an account. The word " balances " is often used to indicate "clearing-house balances," to which subject refer. (Also see "New York Balances.")

Balance Of Trade

The "balance of trade" is in favour of the United States as against England, for example, when we have sold the merchants of England merchandise greater in value than they have sold us. This will naturally result in the shipment of gold to adjust the balance, or the selling in the United States of "exchange" on England at a discount, if the condition is a temporary one. The "balance of trade " does not always determine the debtor country, as there are other factors to be considered, such as interest and principal due on account of securities of one country held in the other. (See "International Movement of Gold.")


Monetary unit of Panama, and the equivalent of our American dollar.


To manipulate prices up beyond legitimate values, to unsafe limits; in excess of intrinsic worth.

Baltic Ports

Ports of the Baltic Sea from which most of the Russian wheat was formerly shipped. This is now to a great extent accomplished through the Black Sea ports.

Banging or Banging the Market. The selling, or offering for sale, of a large quantity of a certain stock for the purpose of depreciating its price, or pursuing the same tactics in regard to several, or many stocks, in order to depress the whole market. These methods are pursued, of course, for the purpose of buying at the lower level of prices thus brought about.

Bank Balance

As commonly used denotes the amount to one's credit in a banking institution, but has been extended to mean a bank's debit or credit at " clearing." (See " Clear-ing-house Balance.")