the credit of the client
in London is established his broker does not, ordinarily, call on him
for any cash until the next "settlement day." A _wash sale_ is a
fictitious transaction made by two members acting in collusion for the
purpose of swelling the volume of apparent business in a security and
thus giving a false impression of its value. Stocks sell _dividend-on_
between the time the dividend is declared and the day the books of the
company close for transfer; after that they sell _ex-dividend_, in
which case the dividend does not go to the buyer. When a company
decides not to declare a dividend it is said to _pass its dividend_.
To sell stock _buyer 3_ is to give the buyer the privilege of taking
it on the day of purchase or on any of the three following days,
without interest; and to sell stock _seller 3_ is to give the seller
the privilege of delivering it on the day of purchase or on any one of
the three following days without interest. _Buyer 3_ is a little lower
and _seller 3_ a little higher than _regular way_ when the market is
in a normal condition. _Bucket shops_ are establishments conducted
nominally for the transaction of a stock-exchange business but really
for the registration of bets or wagers, usually for small amounts, on
the rise or fall of the prices of stocks, there being no transfer or
delivery of the commodities nominally dealt in. There are thousands of
these counterfeit concerns throughout the country conducted without
any regard for legitimate commercial enterprises.

FUTURE DELIVERY

Grain is stored in warehouses until needed for milling or shipment.
When we speak of _December wheat_ we mean wheat that is to be
delivered to the buyer in December. The carrying charges include
storage, interest, and insurance, so that wheat sold for _May
delivery_ would necessarily bring a higher price than wheat sold for
December delivery. Carrying charges are in favour of the _short_
seller. When sold for immediate delivery it is known as _cash grain_.

XIV. STORAGE AND WAREHOUSING

BONDED WAREHOUSES

There is a government regulation that an importer who does not wish to
pay immediately the customs duties on his goods may have them stored
in a warehouse, provided he furnish a bond with a surety that he will
pay the duty within three years or export the goods to some other
country. It is also a requisite that the goods be deposited in a
bonded warehouse in the care and custody of its proprietor, w