A stock exchange term for a contract under which the seller of a security need not make delivery until the end of a specified time. He also has the right to make delivery any time within the period covered by • the contract, by giving one day's notice to the buyer. The understanding is briefly expressed as "seller 4," " seller 10," the figures indicating the number of day's provided for in the agreement. By the New York Stock Exchange rules the time must be not less than four nor more than sixty days.

Upon Boards of Trade and Produce Exchanges, where grain, cotton, coffee, etc., are dealt in, this method of trading also exists with special rules and customs. (See " Delivery Day.")

Seller the Month. A contract by the terms of which the party selling may make delivery any time within the month.

Seller the Year. A contract by the terms of which the party selling may make delivery any time within the year.

Selling at a Premium. Selling at a price higher than the par or face value of the security. (See " Premium.") Selling Off. Prices declining.

Selling on a Scale. Selling at regular intervals as the market prices change. Example: A certain stock at 96, 98, 100, and so on, at every advance (or, reversing it, at every decline) of 2%, selling a stated amount each time.