[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. H. W. R. [14] In New York, “flat.” H. W. R. [15] Called “straddle” in New York. H. W. R. [16] In London all options are for a fixed date; at New York they are generally made so that the option can be exercised at any time during the pending of the contract. [17] This may be true in a certain sense, but if options are considered as an insurance feature, it is generally expected and hoped that they may not have to be exercised, and will simply answer the purpose of insurance and margin. [18] This does not apply to the New York market. H. W. R. [19] In London all options are made at about the current market price, and the premium paid varies with the character of the stock and length of time, while in New York puts, calls, or spreads are generally so much above or below the market price, and the premium consequently much smaller than at London. The only exception here is the “straddle.” H. W. R. [20] This is not considered so in New York, where we generally expect a so-called “January rise,” which, however, sometimes does not come; and also sometimes expect a bear market in the fall of the year, when money is employed to move crops, which, however, also very often disappoints the operator. [21] Somewhat superstitious. I have often observed it just the other way, although generally a very dull market is expected during the hot summer months. H. W. R. [22] This about corresponds with our spring and fall trade, when the newspapers teem with interviews with prominent merchants and bankers. H. W. R. [23] Of course, this applies, in a general way, more to the London than to the New York Stock Exchange. H. W. R. [24] This applies also to the New York market in so far as that after a large bull speculation there will be heavy realizations, and after a bear campaign or attack the covering process will take place. [25] This applies to the so-called “lottery loans.”