An absolute purchase for which full payment is made.
See " Averaging Up."
Cable Companies - Securities of. Since the laying of the first submarine cable in the Atlantic Ocean, the world has now been girdled with them. The large expense contingent upon their laying, repairing, etc., has been considerably reduced, but the liability to breakage and the consequent cessation of business is considerable. The ocean bed is uneven, and there is necessarily a considerable wear and tear, to say nothing of the dangers of ship anchors and icebergs. The repairing of a break has been much simplified, as it is now scientifically possible to calculate with great accuracy the location of the break, and, by the aid of charts, to locate and pick up the two ends. Still, there is an element of risk about cable company investments; but, nevertheless, they seem to be regarded as an established form for the employment of money.
Cablegrams giving quotations in foreign markets. These are referred to as " private cables," which distinguishes those received by private firms, or individuals, from " public cables," which are received by commercial organizations. Also used to designate securities of railways operated by cables.
A method by which bankers in one country give their customers immediate use of money in another. A person in Boston wishing so to remit a sum of money to a person in London, may go to a banker dealing in " foreign exchange " and deposit the sum desired, together with an amount sufficient to cover certain charges and expenses, and the banker will cable his agent or "correspondent" in London, authorizing the payment of the sum desired to the Londoner, another cable message being sent the latter advising him where he may call to get the money. The charge made for a "cable transfer " depends upon the " rate of exchange," and a newspaper quotation: " cable transfers 4.87 1/2" means that for every " pound sterling " - English money - the Bostonian wishes to pay the Londoner, he must deposit $4.87 1/4" U. S. money, besides the expenses of cabling.
This indicates the right on the part of the issuer of a security to pay it off - usually under certain conditions - previous to its actual date of maturity; " subject to call; " " subject to redemption."