BAOKWARDATION  , or, as it is more often called for brevity, BACK, a technical See also:

• TERM

term employed on the See also:

• LONDON

London Stock See also:

• EXCHANGE

Exchange to See also:

• EXPRESS (through the French from the past participle of the Lat. exprimere, to press out, by transference used of representing objects in painting or sculpture, or of thoughts, &c. in words)

express the amount charged for the See also:

• LOAN (adapted from the Scandinavian form of a word common to Teutonic languages, cf. Swed. Mn, Icel. lan, Dut. leen; the O.E. laen appears in " lend," the ultimate source is seen in the root of Gr. Xeiaecv and Lat. linquere, to leave)

loan of stock from one See also:

• ACCOUNT
• ACCOUNT (through O. Fr. acont, Late Lat. comptum, cornputare, to calculate)

account to the other, and paid to the purchaser by the seller on a See also:

• BEAR
• BEAR, BLACK
• BEAR, BROWN
• BEAR, GRIZZLY
• BEAR, ISABELLINE
• BEAR, WHITE

bear account (see ACCOUNT) in See also:

• ORDER
• ORDER (through Fr. ordre, for earlier ordene, from Lat. ordo, ordinis, rank, service, arrangement; the ultimate source is generally taken to be the root seen in Lat. oriri, rise, arise, begin; cf. " origin ")
• ORDER, HOLY

order to allow the seller to defer the delivery of the stock . The seller, having sold for delivery on a certain date, See also:

• STOCKS

stocks or shares which probably he does not possess, in the See also:

• HOPE, ANTHONY
• HOPE, THOMAS (c. 1770-1831)

hope that he may be able, before the See also:

• DAY (O. Eng. dreg, Ger. Tag; according to the New English Dictionary, " in no way related to the Lat. dies")
• DAY, JOHN (1574-1640?)
• DAY, THOMAS (1748-1789)

day fixed for delivery, to buy them at a cheaper See also:

• PRICE
• PRICE, BARTHOLOMEW (1818–1898)
• PRICE, BONAMY (1807-1888)
• PRICE, RICHARD (1723-1791)

price and so See also:

• EARN

earn a profit, finds on settling-day that the prices have not gone down according to his expectation, and therefore pays the purchaser an agreed amount of See also:

• INTEREST

interest (backwardation) for the See also:

• PRIVILEGE

privilege of deferring the delivery, either in order to procure the stock, or else in the hope that there will be a shrinkage in the price which will enable him to gain a profit . (See also STOCK EXCHANGE) .