Matched Order

A Wall Street term, which means an order to buy and sell the same stock; such an order is usually employed for the purpose of artificially raising or lowering the price of a stock. It is the same as stock-watering.

Mileage

Means length or distance in miles. The road mileage of a railroad is the length in miles of the railroad itself. Track mileage is the length in miles of the tracks of the railroad, each mile of double track being counted as two miles; side tracks and switching tracks also being counted and included in the mileage. Track miles means the same as track mileage.

Train mileage is the number of miles traversed by a particular train; or the number of miles, collectively, traversed by all trains of a railroad. The result attained by adding together the number of miles traversed by all trains and dividing by the number of trains shows the average number of miles traversed by each train. Train miles means the same as train mileage.

Car mileage is the number of miles traversed by a particular car; or, again, it is the number of miles, collectively, traversed by all cars. The result attained by adding together the number of miles traversed by all cars and divided by the number of cars shows the average number of miles traversed by each car. Car miles means the same as car mileage.

Ton mileage is the number of miles the whole number of tons are hauled. The average number of miles each ton is hauled (transported) is ascertained by adding together the number of miles each ton is hauled and then dividing by the number of tons. Ton miles means the same as ton mileage.

Passenger mileage means the number of miles, collectively, traveled by all passengers. The number of miles traveled by all passengers, divided by the number of passengers shows the average number of miles traveled by each passenger. Passenger miles means the same as passenger mileage.

Mixed Loan

A loan secured by collateral of different character, as railroad and industrial stocks, instead of railroad stocks alone or industrial stocks alone.

Monetary

Pertaining to money or finance; consisting of money; financial; pecuniary; as monetary convention, monetary union, etc.

The standard of value established by law as the basis for the money of a country. By long process of evolution or natural selection gold and silver have been left in possession of the field to the exclusion of everything else, and now all the monetary systems of the world are based on one or the other or both together. Gold, however, is rapidly becoming the universal standard in law as it has been in fact for many years.

Great Britain first adopted the gold standard (1816). One by one the nations have fallen into line, the United States as recently as 1900, leaving the Latin Union as the most important representative of the double standard system, while the use of silver is practically confined to the Far East and to Mexico and some parts of Central and South America.

The bimetallic system in its unrestricted form has proved a failure owing to the wide variation in value between gold and silver, and no nation any longer undertakes to coin both gold and silver in unlimited quantities. The countries which still retain nominally the double standard, place severe restrictions on the use of silver, and mint it only on government account, while gold is coined as freely as it is offered.

Thus, gold has become practically the standard of the world, for not only do the double standard countries restrict the use of silver for the purpose of keeping their silver money at a parity with gold, but the silver standard countries in all international transactions are forced to use gold as the basis of exchange.

The value of a gold coin depends on the amount of pure gold it contains; therefore, governments in establishing their monetary standard and monetary unit declare by law the weight and quantity of the coin in which values are to be measured. Thus, in the United States, where gold is the standard and the dollar the unit, it is enacted that a gold dollar shall contain 23.2 grains of pure gold and 2.6 grains of alloy, making the weight of the dollar 25.8 grains of standard gold .900 fine. In Great Britain the unit is the sovereign or pound sterling and contains 113 grains of pure gold and 10.27 grains of alloy, making the standard of fineness .916 2-3 instead of .900 as in the United States and most other gold-using countries.

Money Broker

A dealer in coin and paper money and in foreign money; also one who borrows and lends money for others.

The regular commission of a money broker for negotiating a time loan (a loan for a specified time) is 1-32 of 1% of the amount borrowed or $31.25 on $100,000. The commission is paid by the borrower.

A money broker receives nothing from the borrower or the lender for effecting a call loan. The reason is that a call loan may continue for a day only. The broker expects the free negotiation of call loans to bring business to him when the borrower on call becomes a borrower on time.