Bullion Value

The commercial value of the precious metals as distinguished from the face value of coined money. If a gold five-dollar piece has been reduced in weight, by wear, so as to contain but $4.75 worth of fine gold, the latter is its " bullion value."

Bull Market

(See " Bull.") When so many are "bulls," that their influence is predominant in the market, a "bull " market is said to exist.

Bull Pool

See "Bull Clique." The difference between a "pool" and "clique " is explained under the latter subject.


To swindle or cheat.


Having the quality of rising. When the market is "buoyant," it is rising rapidly, with leaps and bounds; creating much enthusiasm among those benefited thereby.


Chicago, Burlington & Quincy R. R. Co.

Business Is Business

Meaning that everything is fair in business and that its conduct shall not be tried by the moral code. It is to be regretted that there should have existed a condition giving occasion for the coining of this phrase.

Business Receivables

See " Business Paper."

Buy at the Market. An order to buy at the lowest price at which the security can be obtained without any price limit being set by the one giving the order.

Buy at the Opening. An order to purchase immediately after the opening of the stock exchange and at the lowest price possible.

Buyers Option

A stock exchange term for a contract under the terms of which the buyer of a security need not receive delivery until the end of a specified time. He also has the right to demand delivery any time within the period covered by the contract, by giving one day's notice to the seller. The understanding is briefly expressed as "buyer 4," " buyer 10," the figures indicating the number of days provided for in the agreement. By the New York Stock Exchange rules the time must be not less than four nor more than sixty days.

Buyer the Year. This is explained under "buyer's option," except that one year is the time allowed the purchaser to call for delivery.

Buyer Three (or any number). See " Buyer's Option."

Buying Back

Same thing as " Short Covering."

Buying Down

See " Averaging Down."

Buying In

See "Short Covering," meaning the same, also buying in "under the rule" (to which refer) and buying to return borrowed stock.

Buying on a Scale. Buying at regular intervals as the market changes. Example: A certain stock at 100, at 98, at 96, and so on at every decline of 2%, purchasing a stated amount each time.

Buying Order

An order given to a broker to buy a certain security, either with or without limit as to price as the case may be. An order to buy is good for the date for which it is given only unless otherwise specified. Sometimes an order is given "good until countermanded," or "good until cancelled," by which the broker understands there is no definite limit as to time; but brokers usually remind their customers at frequent intervals regarding the orders to be sure that they wish them to still remain in force.