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See also:ACCOUNT (through O. Fr. acont, See also:Late See also:Lat. comptum, cornputare, to calculate) , counting, reckoning, especially of moneys paid and received, hence a statement made as to the See also:receipt and See also:payment of moneys; also any statement as to acts or See also:con-duct, or quite simply any narrative See also:report of events, &c . A further sense-development is that of esteem, See also:consideration . As a stock-See also:exchange See also:term " See also:account " is used in several senses . (i) The periodical settlements occurring, in See also:London, monthly for See also:British See also:government and a few other first-class securities, and fortnightly for all others . The See also:settlement extends over four days in See also:mining shares and three days in other securities . The first See also:day is the carry-over, " See also:contango," or making-up, day, on which speculative commitments are carried over, or continued: that is, the bulls, who have bought stock for the rise, arrange the See also:rate of See also:interest that they have to give on their stock to a moneylender, or See also:bear, who will pay for it or take it in for them; and the bears, who have sold for the fall, arrange the rate that they receive from the bulls or, if the stock is scarce and oversold, the backwardation or rate that they have to pay to holders of the stock who will lend it them to enable them to See also:complete their bargains . On the second day, called See also:ticket-day or name day, a ticket giving the name and address of the ultimate buyer and the See also:firm which will pay for the stock is passed through the various intermediaries to the ultimate seller, so that the actual See also:transfer of the stock can be made directly . In the mining See also:market the passing of names takes two days . On the last day, account day, pay day or settling day, cheques are paid to meet speculative See also:differences, or against the delivering of stock . (2) The See also:period between two settlements . A nineteen-day account is one in which nineteen days elapse between one pay-day and another . (3) The See also:volume or See also:condition of commitments . A speculator is said to have a large account open when he has dealt heavily either for the rise or fall . A See also:bull account exists in a stock or See also:group of See also:stocks when it or they have been bought for the rise by a large number of operators; in the contrary See also:case, when there have been heavy sales for the fall, a bear account is See also:developed . ACCOUNTANT-See also:GENERAL, formerly an officer in the See also:English See also:Court of See also:Chancery, who received all moneys lodged in court, and by whom they were deposited in See also:bank and disbursed . The See also:office was abolished by the Chancery Funds See also:Act 1872, and the duties transferred to the paymaster-general (q.v.) . |
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