Evening

up. A stock market term, meaning the securing of profit to offset a previous lo . Thus, a speculator who sustained a lo in a stock of which he was short may turn about and go long of the stock and make up his lo ; or a speculator _ who lost in one stock may make up his lo in another stock. Also, in abitrage operations in stocks (see Arbitrage) when a dealer buys more than he sells he subsequently sells enough additional to make up the difference, thus equalizing or evening up. Even lots. In stocks lots in multiples of 100 shares. 7 Ex. Without or not including, as ex-dividend or ex-inter- Sib. Ex-all. London Stock Exchange term, signifying that a stock is selling ex-dividend and rights or ex any two or more privileges simultaneously offered to the shareholders (stockholders) of a company, such as the right to subscribe for new stock of the company or for new stock of a controlled company or for new stock of two or more controlled companies. When a stock is sold “ex” it means that the buyer has no claim ttpon the dividend or rights or bonus, or any other advantage recently declared or due. Ex is the opposite of cum. Exchange. The payment of an obligation in one place by the transfer of a credit from another place. By this operation the obligation is discharged without the direct forwarding of:; money. Exchange, in itself, is an order obtained in one place for the payment of money in another place. Exchange is divided into domestic exchange and foreign exchange, but the same principles obtain in both. | In the United States the term exchange (whether referring to foreign exchange or domestic exchange, but specifically in referring to foreign exchange) is used, whereas in Great Britian the custom is to use the term in the plural, viz: the exchanges. The term is, of course, derived from the exchanges; of moneys and credits. It is the common practise in the United States to say exchange when bills of exchange are meant; and likewise the term exchange is generally construed as meaning. foreign exchange. There is practically no difference between a bill of exchange | and a draft. The term bill of exchange, however, is commonly applied to an order for money payable in a foreign country,. whereas the term draft is applied to an order payable withirf: the country of its origin. }. ): i Ss = - - For additional information see Domestic exchange; also see Foreign exchange. J The term exchange also means a place where purchases and sales are made, as stock exchange. 188