Load Up

To purchase a great deal of anything. You load up with a certain stock when you buy nearly or fully up to your capacity. "He is loaded." This may mean the same as the last or may mean that he has too much of an undesirable security, of which it is impossible to dispose, except at a loss.

Loan And Trust Company

See " Trust Company."

Loan Certificate

A short term for "Clearing-House Loan Certificate."

Loan Crowd

Those brokers who have stocks to lend or who wish to borrow them. Refer to "Borrowing Stock."

Loaned Stock

See " Borrowing Stock."

Loaning Rate On Stocks

See " Borrowing Stocks."

Local Check

Although "local check" in clearing-house parlance would naturally indicate a check on some bank belonging to the clearing-house association, in some instances, it is used in the same sense as an "out-of-town check," or a check on some country bank.

Locked Up

Money is said to be "locked up" when it is not available for immediate use. Money that is "locked up " is not necessarily ill-invested, as it may be in such form that it is not adapted to other uses.

When, however, money is said to be "tied up," it conveys an idea of insecurity, as that of a depositor in a bank in process of forced liquidation.

Locomotive

American Locomotive Co.

Lombard Street

1 Lombard Street as used with us has much the same general significance as our own term " Wall Street " (which read), but to quote the words of a well-known London man of finance:

"The terms in London, which most nearly correspond to 1Wall Street' in New York, would be 'capel Court' and 'throgmorton Street,' Lombard Street' and 'threadneedle Street,' referring more particularly to the banking element of our city, whereas the Stock Exchange and its associations are more correctly described by the former."

Bagehot, writing of Lombard Street in 1873, said "that it is by far the greatest combination of economical power and economical delicacy that the world has ever seen. . . . Money is economical power."

One English financier - W. R. Lawson - says of Lombard Street: ". . . meaning thereby the clearing banks of London, the discount houses, the bill brokers, and all the moneyed interests."

London Equivalent

Read "New York Equivalent," which applies here, transposing the two cities.

London Money

Rates asked for "call" and "time" money in that city.

1 This Street received its name from the Lombards - Italian merchants from the republics of Genoa, Lucca, Florence and Venice - who carried on the business of banking, and who, previous to the expulsion of the Jews, settled in England.