As no one unfamiliar with the meaning of "call," or " put-and-call," would be likely to wish an understanding of " call of more," it seems sufficient to quote Mr. Higgins's explanation as given in his London published book, "The Put-and-call," although he uses rather technical language:

" The premium paid for the right of calling or putting stock at some future date, at a stipulated price, is sometimes included in the price at which a transaction is done, for the same date, in firm stock. Thus, a ' giver ' of option money will buy a certain amount of stock firm for delivery, e. g. two months ahead, at a figure sufficiently over the current market price for that period to carry with it the option of calling a like amount at the same price. This transaction in options is known as buying stock ' call of more.'

" The ' put of more ' is the same kind of optional transaction, in the other direction. The giver sells stock to the taker under the market price with the privilege of being able to sell him another like quantity of the stock at the same price at the end of the option period. In these cases, the difference allowed between the market price and the price fixed upon is regulated by the market value of the option in question at the time of dealing.

"A stock may be bought call o' more or bought put o' more: in the former case the buyer is ' giving option money,' and in the latter he is ' taking option money.' In like manner if A sells to B stock call o' more, the option to call rests with B, and A is ' taking option money.' If A sells stock to B put o' more, he is giving the option money and has the right to put on B.

"The price given for the firm stock may carry the right to buy twice, three times, or any number of times, the amount of the firm stock dealt in; the options being termed ' call of twice more,' ' call of three times more,' etc., or, in the selling direction, ' put of twice more,' ' put of three times more,' etc. . . . Such fancy options, however, are not very frequently indulged in."

Call o' More. See " Call of More."