Stock loaned by one broker to another without interest is loaned "flat."

"A HEDGER."

One who buys a quantity of stock, and then for fear he has made a mistake, sells the same quantity in order to "hedge" against the loss that he fears is to come. A "hedger" usually makes nothing, because the profit on his purchase is offset by his sale, or vice versa.

"LIQUIDATION."

Generally selling out of stocks previously purchased by the "bulls."

"MANIPULATION."

Forcing stocks too high or too low by misrepresentations, rumors and false sentiments.

"OPTION."

A contract that one person will deliver to another a certain thing at a fixed price within a certain time.

"POINT."