This is explained under "Grain," which, in a general way, covers this subject.


This is a French term for "bonds."

Oats Pit

See " Pit."


The "ticker" abbreviation for " opening of books." (This is explained under " Books Open.")


This is a term for indebtedness, and has a very general use. Bonds of municipalities, corporations, or of any nature, may be referred to as " obligations; " so may an indebtedness of any form. (See " Direct Obligation.")

Odd Lots (or Odd-share Lots). See " Fractional Lots."


Lower prices. Also used to denote " without," as "dividend off," meaning " without dividend."

Off Coast

Vessels in port awaiting orders to discharge cargoes or to proceed to some other port.


A bid; an offer to buy. (See also " Bids and


") notary's signature and seal. A notice of dishonour may be in writing or oral, and may be given personally or sent through the mails. It may be quite informal. Any notice is sufficient which fairly identifies the instrument and indicates that it has been dishonoured. Of course, it is safer to have the notice in writing, in order to avoid any dispute about its terms."

Offered Down

Offered (an offer to sell) at less than the last quotation of the same security.

Offered Firm

There is a distinction between "offered firm " and "subject to sale " (the meaning of the latter is set forth under the subject of that heading), but in the case of " offered firm" one offers to sell another certain securities, or anything else for that matter, giving definite time for the acceptance of the offer. Or, one may make an offer, that is, a bid, that in turn will be good for a definite time; in which event it is known as a "firm bid." Anything may be " offered firm for three days," by which the intending purchaser has that length of time to decide in; or a bid may be made "firm" for that length of time, and is known as " firm bid for three days."

Official List

The London term which is the equivalent to our "List," to which refer. (See same subject in Addenda.)

Official Minimum

The "discount" rate of some of the large foreign banks, such as the Bank of England, is known as the " official minimum." (See " Bank of England Discount Rate."

Official Time

See " Hammond's Time."


Sometimes notes bear the words "without offset," meaning that if the person holding the note meets with financial disaster he cannot use the note as an "offset" against any sum which he may happen to owe the person who signed the note.

Dictionary meaning: To set one account against another; to make the account of one party pay the demand of another; a sum, account, or value set off against another sum or ac-count as an equivalent.

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

O. K. (or 0. Ked). When marked upon a paper it signifies that it is correct to the satisfaction of the person who placed the letters thereon. He is said to have " O. Ked " it. It is said to be the abbreviation of oll korrect (all correct).