shares, a subscriber may demand a return of his money, plus his share of the earnings of the "association." The magnitude of the money invested in this country in institutions such as above, may be appreciated from the following figures furnished by the Secretary of the United League of Building and Loan Associations: Total assets $600,342,586; membership, 1,631,046; these returns relating to 5,265 associations. There are various institutions such as Savings Fund and Loan Associations, Mutual Loan Associations, Corporative Savings and Loan Associations, Homestead Aid Associations, Corporative Banks, etc., but for all practical purposes their intents and aims are substantially the same as the "Building and Loan Associations." These associations are divided into what are called “local” and "national." For obvious reasons it is better to invest in those of the former class. The first institution of this kind in the United States was at Frankford, Penn., in 1831, although in England these associations have been traced back to as early as 1789.1 Associations of this type have proved a great blessing to the wage earners of this country, and the blessings do not end there; the community at large is a gainer in more ways than one. It is conceivable that civil strife in this country may be restrained from the very fact that such a large number of people of limited means have become property owners. Based on the estimates made by the Department of Commerce and Labour, it is fair to estimate that there must be in the vicinity of 400,000 buildings and homes which have been acquired by this means. In the local associations about 70% of the shareholders are working people. Building and Mutual Loan Associations. See " Building and Loan Associations." Building Mortgage. See "Mechanic's Lien." Bulge. A small but sudden advance in prices. Bull. One who believes that conditions are ripe for an advance in prices, or one who desires such an advance, and talks "bullish" accordingly. One may believe that the price of a certain security is about to advance, and, therefore, is said to be a "bull" on that particular security, whereas, he may not necessarily be a "bull" on others. One writer defines a "bull" as " a man who has something to sell. . . consequently he is anxious for prices to go up that he may do so at a good price. Bull Clique. Those whose interests lie in the direction of an advance in price of one or several securities, or market prices 1 1 Department of Commerce and Labour, Bulletin No. 55. in general, and who unite in mutual efforts to obtain such a result. A" bull clique" in Union Pacific, for instance, is a combination formed to effect an advance in price of Union Pacific Common Stock. (See " Clique.") Bulling Prices (or the Market). Pushing prices upwards. Bullion. Uncoined gold or silver, generally in the form of bars, but sometimes in lumps or other masses. Although the uncoined metal is usually understood, yet, in discussions relating to the currency, the coined metal is signified as well. For export purposes the former is generally used. Bullion Point. This is occasionally used in the same sense as the "gold import point" or the "gold export point. Bullion Value. The commercial value of the precious metals as distinguished from the face value of coined money. If a gold five-dollar piece has been reduced in weight, by wear, so as to contain but $4.75 worth of fine gold, the latter is its "bullion value." Bull Market. (See "Bull.") When so many are "bulls," that their influence is predominant in the market, a bull" market is said to exist. Bull Pool. See "Bull Clique." The difference between a "pool" and " clique" is explained under the latter subject. Bunco. To swindle or cheat. Buoyant. Having the quality of rising. When the market is "buoyant," it is rising rapidly, with leaps and bounds; creating much enthusiasm among those benefited thereby. Burlington. Chicago, Burlington & Quincy R. R. Co. Business Is Business. Meaning that everything is fair in business and that its conduct shall not be tried by the moral code. It is to be regretted that there should have existed a condition giving occasion for the coining of this phrase. Business Paper. Often referred to as " business receivables," or "trade paper." Notes, acceptances, etc., taken in the course of one's business in exchange for goods delivered, for instance, and not notes given in exchange for money with which to do business. If West, a grocer, sells Clark fifty barrels of flour and accepts the latter's note for the amount, such a note is "business paper." If West had borrowed $10,000 in cash from Clark, giving Clark his note therefor, and West wished this money to use in his business, such a note would be known as "paper." "Paper " given by a dry goods house, for instance, might be "business paper or mercantile paper," according to whether it was given by the dry goods house to a jobber for goods purchased of him, or was given in the form of a note in direct exchange for money borrowed to conduct the general business of the concern. As a matter of fact, all classes of notes, acceptances, bills of exchange, etc., irrespective of for what purpose given, are referred to as "commercial paper " or, more briefly, "paper," and the minute classification given above is not always adhered to in common usage. The foregoing terms used to designate different kinds of "promises to pay" arise from usage. Business Receivables. See " Business Paper." Buy at the Market. An order to buy at the lowest price at which the security can be obtained without any price limit being set by the one giving the order. Buy at the Opening. An order to purchase immediately after the opening of the stock exchange and at the lowest price possible. Buyer's Option. A stock exchange term for a contract under the terms of which the buyer of a security need not receive delivery until the end of a specified time. He also has the right to demand delivery any time within the period covered by the contract, by giving one day's notice to the seller. The understanding is briefly expressed as " buyer 4," "buyer 10," the figures indicating the number of days provided for in the agreement. By the New York Stock Exchange rules the time must be not less than four nor more than sixty days. Buyer the Year. This is explained under "buyer's option," except that one year is the time allowed the purchaser to call for delivery. Buyer Three (or any number). See " Buyer's Option." Buying Down. See "Averaging Down." Buying In. See "Short Covering," meaning the same, also buying in "under the rule" (to which refer) and buying to return borrowed stock. Buying on a Scale. Buying at regular intervals as the market changes. Example: A certain stock at 100, at 98, at 96, and so on at every decline of 2%, purchasing a stated amount each time. Buying Order. An order given to a broker to buy a certain security, either with or without limit as to price as the case may be. An order to buy is good for the date for which it is given only unless otherwise specified. Sometimes an order is given good until countermanded," or "good until cancelled," by which the broker understands there is no definite limit as to time; but brokers usually remind their customers at frequent intervals regarding the orders to be sure that they wish them to still remain in force. Buying Outright. An absolute purchase for which full payment is made. Buying Up. See "Averaging Up.' B. V. These letters stand for "book value." (See that subject.) C C. When printed upon the "tape," either "Class C" bonds, "coupon," or "cash" (if preceded by a sale) is understood. Cable Companies-Securities of. Since the laying of the first submarine cable in the Atlantic Ocean, the world has now been girdled with them. The large expense contingent upon their laying, repairing, etc., has been considerably reduced, but the liability to breakage and the consequent cessation of business is considerable. The ocean bed is uneven, and there is necessarily a considerable wear and tear, to say nothing of the dangers of ship anchors and icebergs. The repairing of a break has been much simplified, as it is now scientifically possible to calculate with great accuracy the location of the break, and, by the aid of charts, to locate and pick up the two ends. Still, there is an element of risk about cable company investments; but, nevertheless, they seem to be regarded as an established form for the employment of money. Cables. Cablegrams giving quotations in foreign markets. These are referred to as private cables," which distinguishes those received by private firms, or individuals, from "public cables," which are received by commercial organizations. Cable Transfers. A method by which bankers in one country give their customers immediate use of money in another. A person in Boston wishing so to remit a sum of money to a person in London, may go to a banker dealing in "foreign exchange" and deposit the sum desired, together with an amount sufficient to cover certain charges and expenses, and the banker will cable his agent or "correspondent" in London, authorizing the payment of the sum desired to the Londoner, another cable message being sent the latter advising him where he may call to get the money. The charge made for a "cable transfer " depends upon the " rate of exchange," and a newspaper quotation: "cable transfers 4.87" means that for every "pound sterling"- English money - the Bostonian wishes to pay the Londoner, he must deposit $4.87 U. S. money, besides the expenses of cabling. Call. A demand for the payment of money; a demand for payments (generally in installments) of subscriptions to GRAR UNIVERSITY stocks or bonds; an assessment for which one is legally liable; a notice of intention to prepay a bond or warrant. A"call" is a contract which gives its possessor the right to demand, from the party signing the same, a certain amount of stock (grain or other commodity) at a named price during the time stated in the contract. (In London the privilege conveyed in a "call" can only be exercised on the last day of the time limit. In New York it may be exercised any time within its life.) The party willing to execute such a contract, in consideration of the sum received, believes that the security will not be more than this sum above the price named in the contract during its life (or at the maturity of the same), thus making it no object for the owner of the "call" to demand the security. "Calls" are dealt in much more extensively in London than in America. A "call" as executed in New York may read as follows: "For value received, the bearer may call on me on one day's notice, except the last day, when notice is not required, 100 shares of the capital stock of the Arctic Electric Co. at $175 per share any time within 30 days from date." Then follows the signature, the time of expiration, and an agreement that all dividends paid upon the stock in the meantime shall accompany the stock in case of the rights of the "call" being exercised. (See also" Options.") The word "call" is also used in reference to the calling off upon produce exchange, "futures" in commodities, or, upon a stock exchange, a list of securities. Callable. This indicates the right on the part of the issuer of a security to pay it off- usually under certain conditions previous to its actual date of maturity; "subject to call;" subject to redemption." Called Bonds. Bonds called for payment or redemption. In many issues of bonds the right is reserved to pay off all, or a certain portion of the issue, under conditions and at such times as may be specified in the bonds and deed of trust. Bonds which are "callable," that is, subject to this right of prepayment, are oftentimes considered undesirable, owing to the fact that the notice of a bond being "called " may not reach the attention of the holder, and, as a result, he may lose interest by not discovering that it has ceased until the time of presentation of the next coupon. It is important, therefore, that the holder of a bond subject to redemption previous to its actual maturity, shall be conversant with the terms under which such bond may be " called," and ascertain from time to time whether or not the " call " has actually been issued. It is proper that the banking house selling such |