Isle Royale

The Isle Royale Copper Co.

Issue House

See " House of Issue."

Issue Par

The price at which a security is first sold, or issued, regardless of its actual face value.

Issue Price

The price at which an issue of securities is offered to the public. In the case where an issue had been previously underwritten, "issue price " is used in contrast to " underwriting price," the difference in the two prices representing the underwriter's profit, from which certain commissions or other expenses may be deducted.

Item

Each check or draft, etc., which a bank presents at the "clearing-house" is referred to as an "item." Cannon states, "The word is frequently employed in combination with a qualifying term, as, for example, ' collection items', out-of-town items, ' city items,' etc."

Jacking Up

See " Jackscrewing."

Jackscrewing

Fortunately an uncommon term. It is a pity that the financial writers of newspapers cannot find more fitting words to express their meaning. " Jackscrewing " means putting great power, as it were, beneath the market and forcing prices up to unnatural levels. The comparison to the great power of the builders' " jack,' by the use of which enormous buildings can be lifted, or forced upwards, explains the application.

Jail Bonds

A form of municipal indebtedness created for the purpose of building or enlarging a jail and, usually, a county obligation.

J. A. J. O. January, April, July, October; interest or dividends payable quarterly, beginning with January.

J. and D. Interest or dividends payable semi-annually, June and December.

J. and J. Interest or dividends payable semi-annually, January and July.

Jeweller's Bar

For use in the manufacture of jewelry, etc., fine gold is cast in the form of small ingots or bars, valued at about $100 and upwards.

Jobber

An English term referring to a London Stock Exchange member, who deals only between other members of the Exchange, and is distinguished from the broker, who, although also a member of the Exchange, executes orders for the general public. The broker, however, deals directly with the "jobber" (it being contrary to custom for the brokers to negotiate with each other), who, at request, submits a buying and selling price on each security, the broker having the privilege of making a transaction either way in accordance to the desire of his customer. The "jobber"' of course, buys for his own account and may properly be termed a "middleman."

The use of word "stock-jobber" in London dates back to 1688.