lame duck

Dictionary of American Words And Phrases by John Russell Bartlett.

A Wall-street phrase for a Broker or Stock Jobber, who is unable to pay his losses or differences. He is short in his payments; he is a lame duck. It is among the rules of the Stock Exchange, that a broker ceases to be a member when he cannot or will not meet his engagements.


The same phrase is employed at Exchange Alley in London, where the delinquent is said to "waddle out of the Alley, not to appear again till his debts are paid; should he attempt it, he would be hustled out by the fraternity."--Grose, Slang Dictionary.

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