Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: W

WINDOW DRESSING

Changing the appearance on financial statements to make a company look better. It is ethically questionable.

WATERED STOCK

Stock of a company whose assets are overvalued. The price does not accurately represent the companies position.

WITHOUT

When only a oneway quote is available for a security.

WEAK HANDS

A holder of a derivative contract that plans to close out before maturity. Retail investors are commonly weak hands. Refer to strong hands.

WORKING CAPITAL

The shortterm operating resources of a company. Refer to loan, gross working and net working capital.

WEATHER BOND

When weather risks cause securitization. These risks can be temperature or percipitation. This is not the result of a catastrophe. Repayment stops when loss causing weather damages crops. Refer to catastrophe bond,

WEINER PROCESS

The process of comparing value to variable changes in the market. Part of the markov process. It is used in pricing options.

WET BARRELS

Physical barrels delivered rather than financially settled. It is used in refining and supply trades.

WHENISSUED (WI) SECURITY

A security announced but not priced. It is informal but legally binding. When settled it trades like any seasoned security. Refer to to be announced and when issued treasury.

WHENISSUED TREASURY (WIT)

Treasury bills that are announced but not yet priced. Upon settling they will sell as any treasury bill would. Refer to to be announced and when issued security.

WAINAGIUM

What is necessary to the P farmer for the cultivation of his land. Bar- ring. Ob. St. 12.

WANTAGE

In marine insurance. Ullage; deficiency in the contents of a cask or vessel caused by leaking. Cory v. Boyl- ston Fire & Marine Ins. Co., 107 Mass. 140, 9 Am. Rep. 14.

WARP

A rope attached to some fixed point, used for moving a ship. Pub. St. Mass. 1882, p. 1207.

WASH

A shallow part of a river or arm of the sea.

WAX SCOT

A duty anciently paid twice a year towards the charge of wax candles inchurches. Spelman.

WELL

adj. In marine insurance. Aterm used as descriptive of the safety and soundness of a vessel, in a warranty of hercondition at a particular time and place; as, “warranted well at on

WHALER

A vessel employed in the whale fishery.

WIFE’S EQUITY

When a husband Is compelled to seek the aid of a court of equityfor the purpose of obtaining the possession or control of his wife’s estate, that court willrecognize the right of

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