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ex-dividend. Not including dividend;-said of a stock sold on or after the day the transfer books of a corporation close.

ex-drawing. Not including any advantage accruing to the buyer if drawn for redemption. [English.] ex-interest. Not including interest.

ex-rights. Carrying with sale no rights recently granted holders; said of a stock.

ex-ship. Free of charges up to the time of discharge from the vessel.

ex-store. Subject to all charges after leaving storage. extended bond. A bond upon which extension of time has been granted.

extension bond. A mortgage bond covering a railroad extension.

F

fiat money. Money by decree of the government. finance committee. A board directing monetary affairs. financial statement. A balance sheet.

first mortgage. A mortgage that must be satisfied before all others.

fiscal year. The twelve months considered a year in financial operations, that of the United States government ending on June 30.

fixed capital. Property in its final form and capable of continued use in production, as machinery.

fixed charge. A certain charge becoming due at stated intervals.

fixed debt. A debt of some permanence, as a debt represented by bonds.

floating. Marketing; selling;-said of bonds or stock. floating capital. Property in a changing form, as that invested in articles being manufactured.

floating debt. Indebtedness not represented by securities.

floating stock. Stock not held permanently.

forced loan. A loan made to conform to the requirements in hand, as that of a bank which has paid an overdraft afterwards not covered.

foreign exchange. Drafts drawn in one country payable in another; the system so used.

founders' shares.

Shares formerly issued to the promoters of a company.

free coinage. Coinage of money without charge or deposit of metal, extended in the United States only to gold.

[blocks in formation]

freight. 1. Anything transported by a carrying company. 2. Charges for transportation of the heavier class of goods.

full-stock. Stock at the face value of $100.

funded debt. Outstanding debts converted into bonds or annuities.

G

general mortgage. A blanket mortgage.

gold bond. A bond payable only in gold, principal and interest.

gold point. That period in the buying and selling of foreign exchange when it permits the importation or exportation of gold.

gold reserve. The fund in gold, $150,000,000, set aside in the United States treasury for the redemption of greenbacks.

government depository. A national bank designated to receive government deposits.

gross earnings. Total earnings.

guaranteed bond. A bond issued by one company and having the principal and interest guaranteed by another.

guaranteed stock. A stock issued by one company and guaranteed by another.

H

half-stock. Stock the par value of which is $50. holding company. Same as securities company. hypothecation. The pledging of any property, as securities, as collateral for loans.

In bond. Held under bond or in trust.

Indorsed bond. A bond bearing an indorsement not properly pertaining to it. According to New York stock exchange rules such a bond must be designated "indorsed," when offered for sale.

industrial stock.

Stock of a manufacturing company. initialed check. A check bearing the initials of a cashier or paying teller, signifying that the signature is correct.

Interim dividend. Division of profit before the final yearly dividend is declared.

International stock. A stock dealt in in foreign exchanges.

investment securities. Stocks, bonds, or the like, considered as safe and desirable as regards dividends. iron-clad note. A collateral note.

irredeemable bond. A bond which can not be paid off, now rarely issued.

irredeemable currency. Fiat money.

issue. 1. In law, the first delivery of a negotiable instrument in complete form to the holder. 2. In finance, the outstanding stock or bonds of a company.

J

joint bond. A bond on which two or more parties are bound, as in certain railroad issues.

Joint mortgage. A mortgage issued jointly by two or more parties.

joint-stock company. A company having its capital stock divided into shares of equal amount.

judgment note. A promissory note bearing a warrant of attorney authorizing the entry of a judgment without process against the maker in case of nonpayment.

junk. Cats and dogs. [Colloquial.]

K

kiting. The incurring of a fresh obligation to discharge an old one, as by exchanging checks with a confederate.

knocked down. Sold at the price bid, said of goods auctioned.

L

land grant bond. A bond issued under a land grant mortgage.

land grant mortgage. A mortgage on a grant of land, for the issuance of bonds.

leased line. A railroad held by another subject to a lease.

limited liability. Responsibility of stockholders for company debts only to the amount of stock held; indicated by the word "Limited" in the title.

liquid assets. Assets in cash or readily convertible into cash.

listed stocks.

Stocks included in the list of those ad

mitted to dealings at an exchange.

long and short haul clause. A clause in the interstate commerce law prohibiting a greater comparative charge for freight transportation for a short distance, than for a long distance under similar conditions.

M

marked check. A check bearing a private mark without which it is not valid.

merger. A trust.

mileage. 1. The number of miles in a railroad. 2. Distance traveled. 3. Transportation issued in continuous slips to be lifted by the conductor as used. mortgage. A lien upon property to secure a debt, becoming void upon the payment of the obligation. municipal bond. A bond issued by a borough, town or city having a self-governing charter of incorporation.

N

negotiable instrument. Any paper that may be transferred by assignment, indorsement or delivery. net. 1. Clear of all expense, as earnings. 2. Not subject to any deduction, as a price.

net cash. Immediate payment; payment on delivery of the goods.

nominal assets. All assets, particularly those of doubtful value.

non-assented stock or bonds. Stock or bonds held by

parties refusing to deposit their securities on a readjustment of the affairs of a corporation.

non-assessable stock. Stock not to be assessed.

non-cumulative stock. Stock on which no passed dividend has to be made good;-opposed to cumulative stock.

no protest. Not to be protested if not paid.

nude contract.

A contract without a consideration.

obligatory bond. Any bond having the interest at a fixed rate payable at designated intervals.

operating company. The company carrying on a road, the ownership of which vests elsewhere.

option. The purchased privilege of either delivering a specified amount of something at a specified price within a specified time, or calling for and receiving such delivery.

optional bond. A bond that may be retired by the issuer at a designated earlier date.

overcapitalization. Capitalization for an amount not warranted by the profits.

overcertification. The certification of a check by an officer of a bank, the drawer not having sufficient funds to cover it.

overdraft. A check drawn on a bank not having sufficient funds to the credit of the drawer.

overhead price. A price covering cost and all charges. overissue. Issue of stock beyond that authorized. overlying mortgage. A mortgage subsequent in claim to another mortgage.

P

paid-up stock. Stock paid for in full.

paper profits. Probable profits from transactions not closed.

par. Face value.

parent company. A company from which other companies derive authority.

parity. A price (of a stock) equivalent or equal to the price of the same stock quoted on a different basis. par list. A list issued by a bank to correspondents or customers, giving a list of cities and towns the checks of which will not be charged exchange.

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