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STOCK EXCHANGE SLANG. (From the Money Market Hevieic.) Stock Exchange phraseology and practice belong alone to the Stock Exahange, and are unknown in other commercial pursuits. The uninitiated ma.ny, well versed in ordinary commerce, or law, or physic, would be puzzled to detine the precise meaning of a "contango," or a "backwardation," of a "bull account," or a bear account, of a purchase or sale for the coming out," of dealing in options," and of "giving for the put," or "giving for the call," or "giving for put and call," of buying or selling for account," and of buying and selling at eighths," sixteenths," thirty seconds," or fiddles." A West end magnate or an East-end tallow-chandler would alike stand aghast at the announcement that they had bought a thousand "mummies," "hve hundred babies," or a hundred pots," and yet they might do these things in sober reason without much harm to themselves or their wealth. Mummies" a^e, in Stock Exchange slang, Egyptian stock, babies" Alliance Bank new shares, and "pots" North Staffordshire Railway shares; and the motive tor these and other similar namesâapart from a certain humorous tendency which pervades the establishmentâis, no doubt, mainly their brevity, which in the hurry and turmoil of Stock Exchange business is useful if not imperative. It is easier to use one short word well understood by all than half a dozen, and it takes less time to ask a dealer his price in "babies" than in Alliance Bank new shares, or in "pots" than North Staffordshire Railway Shares. Neurly every stock dealt in in the Stock Exchange has its abbreviation or nickname, and the practice is u pheld on the grot nd £ its being useful and economical, The quaint and humourous style of nomenclature wbich we have given specimens, is, indeed almost pecu- liar to the Stock Exchange; very harmless it is, sometimes very smart, but not usually tor refined. But the general, as distingaishedt rom the special, phraseology of the Stock Exchange, o which we first alluded, describes a class of business which is peculiar to that institution. In ordinary commerce goods are bought and sold for cash or a certain term of creatt, and the transaction is concluded at the time specined but in the Stock exchange business every- thing is done for account or for a "special settling day;" unless, as the exception to the rule, a special bargain is made for cash or immediate transfer. The account now means a fortnightly or twice a month settlement, but in fcriner daj s it meant a much longer period. In speculative busints:" which perhaps con- stitutes the bulk, although the bargaius are made for the fortnightly settlement or account," they may be continued on certain terms, and for a consideration to the next account," and so on, by repetitions of the process, to an almost indefinite period. In a bull" transaction, i.e., a purchase for a rise in price, in which the purchase value is not paid and the stock not delivered, the continuation from account to account, or from one fortnightly settlement to nnother,may be effected by payment of a contango," or the cost of continuation- In a bear transac- tion-i c a sale for a fall in priceâin which the val le of the stock is not paid by the buyer, and the stock not delivered by the seller, the continuation from account to account, if the stock be scarce in the market, m»y be effected by the payment of a back- wardation." Tne indefinite prolongation of a specula- tion is thus peculiar to Stock Exchange business, and the method is thus expressed by these two words of j Stock Exchange coinage, contango and back- | warSfJ°n'» jThe rates for contango and back- as deP,eild chiefly on the state of the account befo^« fi? the "making up day," that is, two days i-dihpro acc°unt day," when the brokers and of the â¢or <?ealers arrange the transactions nurcbaapa ls, a bul1 account," or more tinned," the rates fo- rf.qniri°g be ''covn; lv,o rates tor contango" are high J five oi1j Pue^hases prove to be real instead of specula' mo i f fu j j8,Paid f°r and withdrawn from the market, the demand for contango is small and the ra eslow. Oa the other hand, if the fpeculative sales t. r the fall are found, on making up," to exceed the speculative purchases for the rise, it is designated a bear account," and the rates for "continuation "are low, or it may even be that the rates of backwarda- tion. are high; but real sales increase the supply of stock in the market, and tend to diminish rates of 'l-ackwardation." Dealings for the "coming out," or ?r a ",sPecial settlement," refer only to stock and shares of new creation. As soon as a new company or loan is announced, the shares or scrip are dealt in for the special settling day to be named by the committee of the Stock Exchange after the "coming out," or after the issue of the scrip or certificates necessary for a settlement. Option dealing, or giving for the put" or "call," or "giving lor the put and call," is a business of itself, not to be touched by a bungler, but very safe to a clever j obber, as well as to the public. The public always "give" or put or call," and the jobber" always "takes." n giving for tbe call," the outside speculator, pays, nrough his broker, to the Stock Exchange o'^r certain sum of money in consideration a Rie latter undertaking to deliver t.¡¡ him on at a jn> day. a. certain quantity of stock or shares course, tSe Pnce~and "giving for the put" is, of cail" the jobb^r^P_e/atio°- "taking for the "taking for the pbd,?rt,akes to deliver stock, and m rate for put and call >*Fees to take stock. The stock, the probabilities o?1f^ â¢th D,ature °j length of time for which the present, without asking the priced a"<?0pt £ ,n » Consols, we may assume that it moderate, because the speculation in tfifc~, moment, is trifling, and the fluctuations portant, with nothing in prospect likely to reuj^- them violent; but if any speculator more far-seeing than others should tow, by superior intelligence, or information, anticipate any decided movement ia Consols, either upwards or downwards, he can buy the "option" of "put" or "call" or both at a price which will yield him a profit, while the jobber who sells him the option will scarcely lose if he understands his business. This, at tbe first glance, will appear almost an impossibility, but it is as a rule quite true, and experience has shown that the insurance of lives and ships, or the discount 011 bills of exchange, is not a safer occupation than that of "option jobbing." To persons familiar with these transactions, and versed in Stock Exchange practice and technicalities, these explanations will seem almost superfluous, but to the majority of our readers the minute machinery of this engine, whereby empires are ruled, armies equipped, cities watered and lighted, oceans traversed, and distance conquered, is wholly unknown, and to these we have endeavoured to lay bare a page unread in a book hjtherto scarcely opened.

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