A custom among commission merchants and brokers, (not unlike the clearing-house system) by wbich they ex-change contracts for sale against contracts for purchase, or reciprocally cancel such con-tracts, adjust differences of price between themselves, and surrender margins. See (ward v. Vosburgh (C. C.) 31 Fed. 12; williar *v. Irwin, 30 Fed. Cas. 38; Pardridge v. Cut-Jer, 68 111. App. 573; Samuels v. oilver, 130 111. 73, 22 N. E. 499
Source: Black's Law Dictionary 2nd Ed (1910)
