Securities which, at the option of the holder, are convertible, under certain conditions, into some other security, issued, usually, by the same corporation. For examples see "Convertible Bond," "Convertible Collateral Trust Bonds," and "Convertible Debenture."
Co-operative Banks. For all practical purposes these are about the same as " building and loan associations," to which refer. One conspicuous difference exists, however, namely: the right of a member of the former to withdraw the accumulations upon his unpledged shares, by giving due notice, say thirty days, and upon certain other conditions.
A term used in England to denote receipts for copper placed in the public storehouses. We have nothing corresponding to these receipts in this country. " Copper warrants " are sometimes sold and delivered at the sale, and the copper is taken out of store and used, but it is a very common practice for contracts to be made for the future sale or delivery of these warrants. Sometimes a contract for future delivery is bought by a manufacturer, who has taken an order for manufactured goods, also for future delivery, and for which he has yet to supply himself with refined copper. At times " copper warrants " are sold by others engaged in trade to protect themselves in a like manner. They are also often bought and sold in mere speculation.
A control of a commodity or security for the purpose of raising prices. A " corner in wheat " occurs when one person, or a group, secretly buys practically all the wheat in the market, and others, who have made contracts to deliver wheat on the supposition that it could be bought in time to comply with their contracts, and not knowing of the secret buying for control, suddenly find that in order to meet their agreements they are obliged to pay such prices as those in control demand. A witness in court once described a " corner" as " a . . . combination to prevent people short of stocks from buying them."
" Corners " have often proved dangerous to those attempting the same, and very frequently they reap financial disaster for their pains.