Pinholed. When a stock certificate is punctured with numerous pinholes they furnish evidence
that the certificate has had numerous sale tickets (memoranda of sale) pinned to it—that it has
changed hands numerous times.
When stock certificates bearing date materially earlier than that on which purchasers receive them
are appearing in large numbers without pinholes it is taken as evidence of the unloading of
permanent holdings. Were the stock numerously pinholed the inference would be that it was
floating stock— stock in regular use in speculative operations.