"Matched orders" are used to manipulate the market. The process consists in giving orders to buy and to sell the same stock at the same price by which an artificial activity is given, and likewise changes in prices effected.

There is another phase in dealings of this character by which the cancellation of a transaction may be brought about. A "professional trader," who had bought 1,000 shares of any given stock, say, at 90, with the idea of closing it out during the day at a profit, might avoid a loss, even if the bid price did not advance more than 1-8 of 1%. He might accomplish this by getting the bidder to take the stock at 90, which was his purchase price, and buy direct from the original seller, and, by so doing, "match" the trade to the satisfaction of both. Thus, he would have been put to no expense whatsoever, which would have been the case had he accepted the delivery of the stock, for there would have been (if the transaction were on the New York Stock Exchange) a transfer tax to pay besides the "clearance charges," etc.

Carrying-over Contracts (or Carryover Contracts). First read the subject "Fortnightly Settling Days" and then "Contango." These contracts arise on account of a postponement of the delivery of securities until the next "account day."