Shop Talk of the Texas Bond Man (1960)

[Baker, John]

        "Take or pay" is quite a bit older than 1960.  From 1941:

>>A provision in said contract known as the 'take or pay' clause requires
the purchaser to take a minimum amount of gas annually and in the event such
a quantity is not taken by the purchaser, he is obligated to pay a sum
equivalent to the amount computed as the minimum requirements, but the
purchaser thereby becomes entitled to a credit upon the future delivery of
gas.<<

In re Michigan Consolidated Gas Co., Release No. 35-2532, 8 S.E.C. 550 (Jan.
30, 1941).  The term is a common one in finance.  See, e.g.,
http://www.investorwords.com/t1.htm#takeorpaycontract.  It derives from the
once-common contractual formulation that a buyer will "take and pay for" the
thing sold.  Nowadays buyers usually agree to "purchase and pay for" things.


        I remember the popular slang use of "turkey" in the 1970s to
describe an inadequate person or thing, and it's sometimes still used in the
securities field to describe a security that has performed poorly.  I wasn't
aware that it ever had such a specific meaning as that given below.  I see
from the OED Supplement (I'm traveling and don't have access to the online
version at the moment) that "turkey" was used to mean a show business flop
by 1927.


John Baker



> -----Original Message-----
> From: Bapopik at AOL.COM [SMTP:Bapopik at AOL.COM]
> Sent: Friday, September 21, 2001 11:32 PM
> To:   ADS-L at LISTSERV.UGA.EDU
> Subject:      Shop Talk of the Texas Bond Man (1960)
>
> SHOP TALK
> OF
> THE TEXAS BOND MAN
>
> A Glossary of Words and Phrases
> from the Professional Vocabulary of
> Those Who Deal in Municipal Bonds
>
> MUNICIPAL ADVISORY COUNCIL OF TEXAS
> 1960
>
>    Jesse Sheidlower was interested in the "muni," so Gerald Cohen kindly
> inter-library loaned and copied this 15-page book.
>    It doesn't have "muni," it doesn't have much slang, and it's not of
> much interest.  Perhaps "Take-Or-Pay" or "Turkey" can be used.
>    The terms are:
>
>
> Pg. 13:  Syndicate; Take-Down; Take-Or-Pay ("A term used to describe a
> type of contract under which the party who stands ready to deliver a
> commodity or to render a service is guaranteed a minimum payment whether
> or not the party who is to use the commodity or service actually availas
> himself of the right for which he is bound to pay."); Tax Levy; Tax
> Limitations; Tax Rate.
>
> Pg. 14:  Tax Year; Term Bonds; Texas Municipal Report; Time Warrants;
> Turkey ("An underwriting deal on which you lose your shirt."); Unlimited
> Tax Bonds.
>