A demand for the payment of money; a demand for payments (generally in installments) of subscriptions to stocks or bonds; an assessment for which one is legally liable; a notice of intention to prepay a bond or warrant.
A " call " is a contract which gives its possessor the right to demand, from the party signing the same, a certain amount of stock (grain or other commodity) at a named price during the time stated in the contract. (In London the privilege conveyed in a " call" can only be exercised on the last day of the time limit. In New York it may be exercised any time within its life.) The party willing to execute such a contract, in consideration of the sum received, believes that the security will not be more than this sum above the price named in the contract during its life (or at the maturity of the same), thus making it no object for the owner of the " call " to demand the security.
"Calls" are dealt in much more extensively in London than in America. A "call" as executed in New York may read as follows:
" For value received, the bearer may call on me on one day's notice, except the last day, when notice is not required, 100 shares of the capital stock of the Arctic Electric Co. at $175 per share any time within 30 days from date."
Then follows the signature, the time of expiration, and an agreement that all dividends paid upon the stock in the meantime shall accompany the stock in case of the rights of the "call" being exercised. (See also " Options.")