Erie Railroad Company. Formerly the New York, Lake Erie & Western R. R. Co.


A very uncertain condition of prices; first up and then down. Under these conditions the stock market is said to be "erratic."


The common use in banking; anything is placed "in escrow" when, by mutual agreement between two parties, it is placed in the hands of a third party, to be held until the fulfilment of some condition, when it shall be delivered or returned in accordance with the agreement.


A "broker is "even " on a stock when he has contracted to receive and deliver equal amounts of the same stock with another broker; that is, inasmuch as he has sold, for example, one hundred shares of Union Pacific to Robinson, and later in the same day has bought the same number of shares from him, there is no necessity of either making a delivery. A settlement for the difference in prices only is called for. This term is much in use in connection with " stock exchange clearing-house "matters, as is explained under that subject.

In London, this term is used when a stock is carried over - as explained under "Contango" - without any charge being made for the accommodation. This indicates that the bulls and bears about balance each other.

Evening Up

When those who are "long" of the market are selling out, i. e. " liquidating," at the same time that the "shorts" are purchasing to cover their contracts, so that both processes are going on simultaneously, it is called "evening up." (See subjects in quotations.)

Even Lots

A number of shares of stocks evenly divisible by 100, as 700, 900, etc., share lots.

Even Up

To get back a loss.


Literally " out of," but as used in finance, meaning "without," "Ex-dividend" is equivalent to "without dividend."


Meaning that a security is sold with all rights, such as dividend due, privilege to subscribe to new shares, and all such advantages, are reserved to the seller.

Excess Reserve

Meaning the same as "surplus reserve."


A "clearing-house" (which see) expression indicating the amount of checks, drafts, etc., settled through its medium. Same thing as "clearings." Also the English equivalent of our "exchange as we use it in foreign " exchange," for example. They use the plural, we the singular.

Exchequer Bill

In time of sudden emergency, when money is needed for a temporary purpose, the British Government is authorized to issue negotiable, interest bearing, coupon bills of credit, due in five years; the interest being fixed each year but never to exceed 5 1/2% per annum. This is a form of indebtedness for short time borrowing.

These had their origin in 1696, but have been gradually superseded by " Exchequer Bonds " and " Treasury Bills."