London Settlement

See " Fortnightly Settling-days."

Long

To be "long" of a security means to own more than you have contracts to deliver. If a person owns 100 shares of Union Pacific stock more than he has sold, he is "long" on that stock. The word is used to denote ownership merely as the opposite of the word "short," which is fully explained under the heading "Selling Short." One often reads such a sentence as: "Much long stock came out," meaning there was plenty offered for sale, and holders were taking their profits. When "bulls" have been buying they are " ong." Those who are "long" have bought in expectation of an advance in price.

Long Account

(First read "Long.") This refers to the purchases of all those who have bought a certain security, or it may refer to purchases in general without regard to any particular security The "long account" naturally includes the "bulls."

Long Bills

"Time bills" of "exchange" for, say, 60 or 90 days, or some other long period. (See subjects in quotations.")

Long Interest

(First read "Long.") All those who are "long " of any or all securities.

Long Island

Long Island R. R. Co. Controlled by the Pennsylvania R. R. Co., through an ownership of the majority of its stock.

Long Market

An overbought condition existing; too many have been executing contracts for purchase, the result of which will naturally be a decline in prices.

Long Pull

A purchase of a security with the expectation of holding it for a considerable duration of time; or " selling short," anticipating that that position will have to be maintained for a long period.

Long Rate

(As used in fire insurance.) A rate is based on a year's period of time. A long rate is so called when the period is more than one year, as for three years it is twice the annual rate and for five years three times the annual rate.

1 For much of the above information I am indebted to W. W. Wall's excellent book " British Railway Finance."

Rules and Regulations of the London Stock Exchange - 1906c

Long Side

"Too much pressure on the long side." By an understanding of "long," it will be seen that the foregoing expression has reference to the fact that there has been too great a buying of securities, and a desire to dispose of the same becomes apparent, resulting in a tendency to a decline in prices. An overbought market would have the same meaning.

Long Sterling

"Time bills" of "exchange" on London for, say, 60 or 90 days, or some other long period. (See subjects in quotations.)

Long Stock

See " Long."

Loss

When a security is sold for less than cost or depreciates in value below cost; when a business at the end of a stated period has incurred a cost of operating greater than the receipts, the business has been run at a " loss."

Lost Stock Certificates, Bonds, Etc. See " Care of Securities."