Accommodation Paper

Notes or bills not representing an actual sale or trade transaction, but merely drawn to be discounted for the benefit of drawer, acceptor or indorser, or all combined.

Balance Of Trade

Difference in value between total imports and exports of a country.

Ballooning

To work up a stock far beyond its intrinsic worth by favorable stories or fictitious sales.

Buying Long

Buying in expectation of a rise.

Breadstuffs

Any kind of grain, corn or meal.

Broker

An agent or factor; a middleman paid by commission.

Brokerage

A percentage for the purchase or sale of money and stocks.

Bull And Bear

The "bull" is a stock exchange speculator who "goes long" on stocks, trusting to a rising market; while the "bear" is one who sells stock "short," which he does not possess, and who speculates for a decline. "Bulls and bears" is a colloquialism for the whole fraternity of stock speculators.

Call

Demand for payment of installments due on stocks.

Call

A privilege given to another to "call" for delivery at a time and price fixed.

Clique

A combination of operators controlling large capital in order to unduly expand or break down the market.

Collaterals

Any kind of values given in pawn when money is borrowed.

Corners

The buying up of a large guantity of stocks or grain to raise the price When the market is oversold, the shorts, if compelled to deliver, find themselves in a "corner."

Curbstone Brokers

Brokers or agents who are not members of any regular organization, and do business mainly on the sidewalk.

Delivery

When stock or grain is brought to the buyer in exact accordance with the rules of the Exchange, it is called a good delivery. When there are irregularities, the delivery is pronounced bad, and the buyer can appeal to the Exchange.

Differences

The price at which a stock is bargained for and the rate or day of delivery are not usually the same, the variation being termed the difference.

Factor

An agent appointed to sell goods on commission.

Factorage

Commissions allowed factors.

Flat

Inactive, depressed, dull. The flat value of bonds and stocks is the value without interest.

Flyer

A small side operation, not employing one's whole capital.

Forcing Quotations is where brokers wish to keep up the price of a stock and to prevent its falling out of sight. This is generally accomplished by a small sale.

Gunning a stock is to use every art to produce a break when it is known that a certain house is heavily supplied and would be unable to resist an attack.

Kite-Flying

Expanding one's credit beyond wholesome limits.

Lame Duck

Stock-brokers' slang for one unable to meet his liabilities.

L,Ong

One is long when he carries stock or grain for a rise.

Pointer

A theory or fact regarding the market on which one bases a specu-tion.

Pool

The stock or money contributed by a clique to carry through a corner.

Price Current

The prevailing price of merchandise, stock or securities.

Selling Short

To "sell short" is to sell for future delivery what one has not got, in hopes that prices will fall.

Watering a stock is the art of inflating a quantity of stock without improving its quality.