See " Fleece," meaning the same.
The " shekel " of the ancient Jews signified a weight. In those days money had no regular shape, and was without marks or devices. Thus precious metals were com-' puted by weight when used in payments. A " shekel's " weight was a little less than a troy half ounce.
Modern slang utilizes "shekel" to indicate that one has money as "he has the 'shekels' "
On July 14, 1890, the "Bland-Allison Law" was repealed and the "Sherman Act," so called, substituted in its place, directing the purchase of 4,500,000 fine ounces of silver each month, or at least that proportion which could be purchased at a market price not exceeding a coinage value of $1.2929 per ounce.
In 1893 it was found that the price of silver was declining so rapidly - a panic in the silver market occurring in July in London, when the price fell below thirty pence per ounce, which would be equivalent to a ration of 1 to 31.43 - that it was deemed advisable to repeal the purchasing clause of this Act, which Congress did on November 1st, of that year.1
See "Treasury Notes of Act of July 14, 1890."
Paying off loans by borrowing elsewhere.
A popular name for the "fractional currency" issued for small change during the Civil War. After the war of 1812, when metallic money was scarce, business houses issued scrip which went by this same name.
By which is understood that the security, note, commodity, or whatever it may be, may be forwarded to the proper party, and a " draft " for the amount due sent through a bank, and that it will be promptly paid upon presentation.
United Shoe Machinery Co.
1 United States Treasury Department Circular No. 72.
See " Selling Short."
(See "Selling Short.") All of a particular security which has been sold "short " or all of the securities of every kind which have been sold " short." In trading in grain or other commodities the same term is used.
When any one has sold a security "short," and thinks it the proper time to buy it, in order to make delivery in accordance with his previous agreement so to do, he "covers his sale." This is called a "short covering." The "shorts are covering" when a number are doing this simultaneously. (See "Selling Short.")
The court outside the London Stock Exchange to which those having transactions with the American market adjourn after four o'clock, London time, when dealing ceases on the London exchange. This may be considered as the London "curb market," although not so called on that side of the water.