Orders

County, city, State, etc. (See "Warrant.") Any written instructions to pay money, as " checks," "bills of exchange," etc.

An " order " to buy or sell is given a broker. (See also the following subjects: "Stop Loss Orders," "Buying Order," " Selling Order," "Postal Money-orders" and "Express Money-orders.")

Ordinary Shares (Or Stock)

The term used in England as the equivalent of the American " common stock," but which the English often divide into two classes known as "preferred shares" and "deferred shares." (See those subjects.)

Osceola

Osceola Consolidated Mining Co. (Copper.)

0. T. On track. (See " On the Track.")

Out-Clearer

This is explained under " In-clearer."

Outer Belt

See " Belt Lines."

Outside Bank

A bank not belonging to any "clearinghouse," and which does not "clear" through any other bank which is. (See "Clearing-House Agent.")

Outside Broker

One not belonging to an exchange, as, for illustration, a " curb broker," to which refer.

Outside Market

This refers to dealings outside of the regular exchange.

Outsider

Used in contradistinction to "insider," to which subject refer. The "outsider" is the occasional speculator or investor; one who does not make a profession of the same, and also who is not in a position to be in possession of " inside information," as it is called, regarding the affairs of the corporation in which he may happen to be investing.

Outside Stocks and Bonds (Securities). Those not dealt in upon the regular exchanges.

Outstanding Issue

The total amount of stock, bonds, or whatever the security may be, which a company has already placed upon the market. A company, for example, may be legally authorized to issue $5,000,000 in first mortgage bonds; suppose it should have issued but $2,000,000 of these, leaving $3,000,000 yet to be issued. $2,000,000 would be the amount " outstanding."

Over

This is a term used in Great Britain, and means 1-32 of 1% more, or above, a price. To illustrate, " over 1/8," would equal 5-32.

Overbought Market

When so many have been buying securities that the amount which they have on hand is so great that it is not easy to sell, the demand for the time being having greatly lessened, the market is said to have been "overbought," and it is natural to expect a fall in prices.

Overcapitalized

A company with more securities outstanding than it is able to return interest or dividends upon. (See "Capitalization.") Meade2 defines overcapitalization "as that condition in which the par value of the securities of a company exceeds their actual value based on profits."

1 "Money and the Mechanism of Exchange." W. Stanley Jevons. "Trust Finance," E. S. Meade.