The Theory of Stock Exchange Speculation

by Arthur Crump

H. W. R.

[8] Very important.

H. W. R.

[9] This hardly applies to the New York market. The so-called larger operators and traders take here the place of the London jobber.

[10] The settlement does not exist in the New York market.

[11] Contango is equal to New York carrying charges—in New York so much per cent. per annum, fixed daily; in London a certain sum from one settling day until the next.

H. W. R.

[12] Equal here to borrowing stock flat, or even paying for the use of it.

H. W. R.

[13] Backwardation is equal to the paying for the use of borrowed stock at the New York Stock Exchange.