Registration Tax

See " Secured Debt Tax."

Regular Lot

The regular unit of transaction upon the Stock Exchange. This will be readily understood by reading the subject " Fractional Lots."

Rehabilitation Bonds

An unusual nomenclature. An example of such an issue is that of the Calumet & South Chicago Railway Co., First Mortgage Rehabilitation 5% Bonds, which were issued under the terms of the ordinance granted to that Company by the City of Chicago, by which the Company was required to extend its line and rehabilitate its property.

It was provided that all betterments and improvements should be paid from the proceeds of the bonds.


To re-pledge by a broker, stocks, bonds, etc., as security for a loan, which securities had, in turn, been deposited with him by some customer as security for money advanced on account of the latter.

Release Of Insurance

In taking a mortgage upon insured property, the lender should have the policy (or policies) indorsed by the company, or its agent, in such a way that in the event of loss the insurance shall be payable to the mortgagee. When the mortgage is paid off, and the insurance policy is relinquished, there should be written on it words of the following intent: - "I hereby release as mortgagee all interest in this policy," followed by the signature of the mortgagee, and date.

Replenish a Loan. To increase the collateral security.

Repurchase Agreements

Against the rules of the New York Stock Exchange. Sales must be bona fide and with no strings attached.


Used in London to designate the ordinary stock of the Buenos Aires & Rosario Rwy.

Seasoned Securities

Those of long standing and established value.

Secured Debt Tax

In 1911, the State of New York passed a law by which secured debts - i. e. bonds, debentures, collateral trust issues, etc. - could be exempted from taxation by that State or its municipalities.

Secured Notes

The plain notes of a corporation, i. e. having no mortgage claim upon the property, but secured by other stocks or bonds. This is merely another term for "collateral notes," or "collateral trust notes." It is customary to have the par value of the collateral security in excess of the par value of the notes secured.

Sell a Bear. The London equivalent to our term " Selling Short."

Seller 3 (or any number). See "Seller's Option."


See " Hammered."

Shop (The). Where a company employs a "jobber" upon the London Stock Exchange to handle its securities, the jobber is referred to as "the shop" in such issues.


A London Stock Exchange term, denoting an "arbitrage" business between domestic points; similar to the American custom, for instance, between Boston and New York. It is the taking advantage of the difference in current quotations upon the same security in two different markets by buying in one and selling in the other at a higher price; the difference, less certain expenses, representing the profit.