allotment. 1. Share

or portion. 2. In underwriting,

the amount assigned a member or subscriber. all-'round price. Overhead price.

arbitrage. Purchase and sale of the same thing in different markets.

arrha. Earnest money. [Latin.]

assessment. A demand upon stockholders for a specified sum per share of stock.

assets. Total worth of property;-as of a person. aval. Guaranty; indorsement.

average book. In banking, a book recording the average credit balances of depositors.

B

backing. Indorsement.

balance sheet. A tabular statement showing assets and liabilities, profit and loss.

ballooning. Inflating a stock value.

[Colloquial.]

bear. A speculator believing in lower prices; one who sells stock short to buy back at a lower price. bearing the market. Working to force prices down. bid and asked quotations. Quotations furnished by stock specialists, the nominal prices of the day on the stock exchange.

blanket mortgage. A general mortgage.

blind pool. A money pool to be used at the manager's discretion.

block. A large number of shares.

board of trade. 1. An organization formed to promote mercantile or commercial interests. 2. An exchange or trading organization the members of which conduct large speculative operations.

bond. A secured certificate of obligation to pay money. bonded. Secured by some guaranty.

bonus. A premium or gratuity.

books close. That time, prior to a dividend payment, at which ownership of securities may not be changed in the record;-opposed to books open.

books open. The opposite of books close. book value. Stock value based on earnings.

branch bank. A bank under the control and supervision of a larger bank;-not permitted under the national bank act.

bucket shop. A place where bets are placed on regular exchange quotations. bucketing of stocks. Sales by a broker-for his own account and risk-against customers' purchases, or purchases by the broker against customers' sales. budget. An estimate of probable revenues and expenditures by the government in the ensuing year with affecting measures. [English.]

bull. A speculator believing in higher prices; one buying in expectation of a raise.

bulling the market. Working to make prices higher. buyer four, ten, twenty, etc. Bought for delivery on

any day demanded by the buyer within the number of days specified (4-10-20-etc.) on one day's notice to the seller.

buying back. Purchasing a stock previously sold without ownership.

by-bidder. A side bidder at an auction to raise prices. by-laws. Rules, subordinate to a constitution or charter, adopted by an association or corporation for the conduct of its affairs.

C

call. A contract binding the issuer to deliver on demand to the holder agreed stock within a certain time at a certain price.

called bond. A bond issued with the privilege of redemption after a certain time, interest to cease on such call.

call loan. A loan payable on demand.

capital. Available wealth or money.

Captain of Industry. A leader in the creation and development of important industries in the United States.

cash assets.

into money.

Assets in money or readily convertible

cats and dogs. Worthless securities. [Colloquial.] charges forward. Designating charges to be paid by the receiver of the property.

Chicago check. A form of check having the dollar mark to be followed by the amount in figures, at the end of the line for the payee's name.

c. i. f. Cost, insurance, and freight included.

circular letter of credit.

See traveler's letter of credit. circulation. 1. Money in use. 2. Notes issued by na

tional banks.

classified bonds. Bonds disposed in two or more classes, as designating the payment of interest or maturity.

classified stock. Stock disposed in two or more classes, as first, second, and third preferred.

close corporation. A company the stock of which is held by a few persons and is not on the market. closed for dividend. Not open pending a dividend payment; said of stock.

closing prices. On the stock exchange, the prices at which the last sales are made.

coining rate or value. The valuation as compared with gold at which silver is coined as opposed to its actual bullion value.

collateral loan. A loan on paper secured by a pledged

security.

collateral note.

A promissory note secured by a pledge. collection charge. A charge for collecting out-of-town

paper.

commitment. The act of giving an order to buy or sell. community of interest. Joint ownership or control for the maintenance of harmonious relations.

commutation, commuting. See compounding.

compensatory damages. An amount adjudged equivalent to a sustained loss.

composition. A partial payment of creditors accepted by them as a full payment.

compounding. The payment of several successive obligations by substituting a lump sum. concessionaire. One who obtains a grant.

consignee. The one to whom goods are sent. consignment. Goods shipped or forwarded by one person to another.

consol.

A consolidated stock or bond, an abbreviation of consolidated annuities.

consolidated bond. One of an issue of bonds taking up and replacing two or more previous issues. consolidated mortgage. A mortgage replacing two or more mortgages previously made.

constant. In finance, a fixed value.

construction account. The account showing the amount of building and equipment investment, as of a railroad.

continued bond. A bond which may be held after maturity, then bearing the same or a different rate of interest.

contribution. An indemnifying payment made to one

of a number of parties jointly responsible for a debt by those not participating in the payment.

controlling company. One owning control though not operating another company.

cooked. Garbled or manipulated;—said of an account or report.

corner. The condition of the market with respect to a commodity which has been bought up with a view to monopoly.

coupon. The detachable form showing the amount of interest due at a certain date, being negotiable the same as a check.

coupon bond. An unregistered bond payable to bearer. crossed check. A check bearing on its face, certain words making it payable only at a bank;-used only in England. cumulative stock. Preferred stock bearing a dividend, which if not paid regularly, accumulates, and must be paid before a dividend on common stock. current assets. Such assets as change from day to day. current liabilities. Liabilities changeable daily. cutthroat mortgage. A mortgage so drawn as to cut off the mortgagor's right of summons or notice and recourse, not sustainable in equity.

D

dating. Extension of credit beyond the ostensible term by placing the date ahead.

dead assets. Unproductive assets.

debenture. A certificate of debt; unless secured, a promissory note.

declaration of trust. Acknowledgment by a person holding a title to property that the virtual ownership vests in another.

deferred bond. A bond the interest of which is put off for a certain period.

demurrage. A charge for holding cars or vessels beyond a specified time.

differential rate. In transportation, a lower rate to the same or competing points.

direct liabilities. Determined, undisputable obligations. discussion. A proceeding in which a surety exhausts his principal's property before becoming liable himself.

dividend. A profit paid to a holder of a stock.

dividend off. Not carrying a declared dividend with the sale; said of a stock.

dividend on. Including dividend due.

divisional bond. A bond under a mortgage on property in one railroad division.

domestic exchange. Drafts drawn at one place and payable at another place in the same country. domiciled. Payable at (a certain place).

double-name paper. Paper bearing an indorsement. drawback. A rebate.

drawn bond. One of a number of bonds determined for payment by lot.

E

equipment bond. One of a series of bonds given for money to equip a railroad with rolling stock. equity. The difference between the value of encumbered property and the incumbrance standing against it.

exchange. 1. The payment of an obligation in one place by the transfer of credit from another place. 2. A draft. 3. A place where purchases and sales are made.

ex-coupon. Having the coupon for the current interest payment detached;-said of a bond.