Stock Watering

See " Watered Stock."

Stock Yards

Chicago Junction Railways & Union Stock Yards Co.

Stop Order

See "Stop Loss Orders."

Straddle

First understand the two subjects, "Call" - second paragraph - and "Put." A "straddle" gives the owner the right to either "put " or "call" a specified amount of a certain security at a fixed price. A "straddle" on Illinois Central at 125 would carry the right to "put" or "call" it at 125 during the option (or if in London, on the last day of the option).

Straddle the Market. An understanding of "Selling Short" is first necessary. One has "straddled the market" when he is "short" of one stock and "long" of another.

Straight City Bond

The bondman's term for an issue for which the faith and credit of an entire city is pledged, as distinguished from "special assessment bonds," to which subject the reader is referred.

Straight Paper

Same as "single-name paper."

Straw Board

American Straw Board Co.

Street

"The Street said so and so," "The Street was uneasy," and such like expressions arise from the use of the term " Wall Street " or " State Street," which designate the financial centres respectively of New York and Boston. Throughout the country at large " Street" means the financial centre or pulse of New York.

Street Broker

A broker between offices: one who buys from one banker and sells to another. These men have their uses and are frequently called upon by bankers to hunt up some security not dealt in actively upon the stock exchange. The bankers can better afford to pay the small commission asked than to devote the time to that end themselves. Again, a banker may wish to get control of certain bonds and prefer to deal through a "street broker" rather than disclose his own identity.

Street Call Loans

Loans made to or between brokers; loans carrying stock exchange and similar securities as collateral; loans made in the "Street," meaning Wall Street, State Street, etc., and representing in a broader sense the financial centres of New York, Boston, etc.

Street Certificate

The stock-broker's name for a certificate of stock, or other similar paper, which has been transferred in blank. (See "Transfer in Blank.") A certificate of this kind may be passed from hand to hand without further "indorsement" or transfer upon the books of the company. It must have the requisites set forth under "Good Delivery."

Street Improvement Bonds

As a rule bonds of this class are secured by a special tax levy upon the property abutting upon the street or in the special district improved; the entire city not being responsible for their payment. The tendency of the Eastern States is to disallow such bonds as proper investments for savings banks, and it is good judgment for the investor to be guided likewise. In some States, the city is responsible for the payment in case of failure on the part of the improved section to meet the obligation, and, in that event, the bonds are said to be the "direct obligation" of the municipality. Under such conditions the objections above raised disappear.