One which specifies the person or to the order of whom payment shall thereafter be made, and which calls for the indorsement of the party to whom it was made payable before it can be further negotiated; as, for example, suppose a note is made payable to Henry Adams. He makes a "special indorsement " by writing across the back "Pay to James Frazer or order," and then signing his own name below; i. e. "Henry Adams." By this form James Frazer is specified as the person to whose order the paper shall afterward be paid, and he must indorse it before it can be further negotiated.
Certain floor brokers are sometimes known as "specialists," which means that they have particular interest in one or more securities and devote much of their time to buying and selling the same; their interest in such being well-known to other brokers.
See "Crossed Check."
A partner in a firm whose liability is legally limited to the amount of capital contributed by him. In order to become a "special partner" certain legal formalities must usually be complied with or the "special partner" is considered as a general partner. A "special partner" is not supposed to take any active part in the business.
See "Council Drafts."
Special Settlement (Settling) Day. A London term. When a new issue of securities is being made, dealings in the first instance always take place for the "special settlement," and, until that is granted, no settlement of any transactions in that particular security can occur. When, however, that has been granted, the security takes its place in the ordinary way, and is dealt in for the fortnightly accounts. (See " Fortnightly Settling-days.")
"Boston specialties were traded in largely to-day." Each of the large stock exchanges has various securities which are dealt in more particularly on such exchange than upon any others; the prices of such securities being very largely regulated by the quotations upon that particular exchange, and, to a great extent, transactions in these " specialties" are consummated upon that exchange. If a broker in New York is given an order to sell a stock which is a Boston "specialty," the chances are that he will telegraph the order to Boston, and have the sale made on the latter exchange. " Boston specialties," therefore, are such securities as are more particularly handled in Boston than elsewhere. Many of the copper stocks are "Boston specialties."
"Specialties advanced;" meaning that there was no general advance in prices, but simply a rise in the quotations of certain securities which were attracting special interest at the time.