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participating bond. A bond sharing in a distribution of profits as well as a guaranteed interest.

passing a dividend. Failure to make a regular dividend.

passive bond. A non-interest bearing bond having some other benefit attached.

plain bond. A bond having no mortgage or collateral security and without a sinking fund provision.

plant. The permanent appliances necessary to conduct any business.

pool. Interests joined for mutual advantage, specifically, (a) a trust or combination to regulate prices; (b) a fund contributed by several persons for a specified use.

postdated. Bearing a future date. preferred stock. Stock which must receive a dividend and participate in a distribution of assets before common stock.

premium. 1. The amount of excess over the par value. 2. The sum paid by a policy-holder for insurance. private company. A close corporation. [English.] promoter's stock. Stock issued one interested in the promotion of a company, for services rendered. proprietary company. A controlling company. protest waived. Without necessity of protest (to indorser).

proxy. A person authorized to represent another; also, the instrument granting such authority.

put. A contract by which one person, in consideration of money paid to another, acquires the privilege of selling or delivering to the latter within a certain time some designated article at a stipulated price.

quarter-stock. Stock at the par value of $25. quick assets. Property quickly convertible into cash. quid. One pound sterling. [English.]

quotation. Price. On the stock exchange quotations

for stock are in eighths of one per cent, while quotations for grain, pork, lard, short ribs, and silver are in eighths of a cent. Cotton and coffee quotations are in hundredths of a cent.

R

redeemable bond. A bond payable at a specified future time.

redemption drawing. The determination by lot of those bonds to be redeemed and paid.

registered bond. A bond recorded in the owner's name. registered coupon bond. A bond bearing coupons payable to bearer, but itself payable only to owner. registered stock. Stock recorded in the company books and transferable only by surrender of the stockcertificate, not by indorsement. [English.]

registrar. The keeper of the records of transfers of securities, verifying the signatures of registered

owners.

rehypothecation. The hypothecation by a broker of securities hypothecated to him. Such act is illegal without the consent of the owner of the collateral. released indorsed bond. A bond bearing an acknowledgment of relinquishment of title, taken before a notary public.

reorganization. Compulsory financial reconstruction. resources. The collective amount of cash and property equivalent to cash.

restrictive indorsement. An indorsement so worded as to qualify further negotiability.

right. 1. The privilege to subscribe (a certain amount) to an issue of a security. 2. In underwriting, an allotment or accepted subscription.

S

scrip. 1. A certificate for a fraction of a share of stock, usually exchangeable for shares when presented in sufficient quantities. 2. United States paper currency of less than $1 denomination,-not now issued.

seasoned securities. Stocks or bonds having an established value.

securities company. A company owning the securities

of other companies and depending for its income upon the income derived from such securities. seignorage. The difference between the cost of the bullion in a coin and the value of the coin minted.

seller four, ten, twenty, etc. Sold for delivery on any day desired by the seller within the number of days specified (4-10-20-etc.) on one day's notice to the buyer.

seller's option. A put.

serial bonds. Bonds redeemable in specified install

ments.

single-name paper. Unindorsed paper.

sinking fund. A fund to which are

added certain

amounts of money at specified times to close off a debt.

sinking-fund bond. A bond to be paid by a sinking fund.

sinking-fund mortgage. A mortgage to be paid by a sinking fund.

slow assets. Property not to be quickly turned into cash.

sola. A foreign bill of exchange drawn singly.

special aid bond. A bond issued by a government or municipality to facilitate a beneficial enterprise.

special assessment bond. A municipal bond issued payable by a special tax levied upon property improved by the fund originating the bond.

stale check. A check not presented for a considerable time.

sub-company. A subsidiary company.

subsidiary company. A company the stock of which is owned or controlled by another company.

surplus. Profit remaining after deductions are made. syndicate. A number of capitalists uniting to finance and carry out some plan or scheme.

T

tack. The direction in which a speculator's interest lies.

tax bond. A state bond receivable for taxes.

time loan. Money borrowed for a specified period. ton-miles, ton-mileage. Number of miles total tonnage was hauled by a railroad.

train-miles, train-mileage. Number of miles made by a railroad train or trains.

transfer agent. An officer authorized to transfer a company's stock.

traveler's letter of credit. A draft issued payable in

such amounts as desired by various domestic and foreign correspondents.

turn over. The total business transacted by a concern in a given period.

U-Z.

underlying mortgage. A prior mortgage. unfunded debt. A floating debt.

utter. To issue, as forged paper.

via. A bill of foreign exchange, drawn in duplicate or triplicate.

voting trust. The placing of all or part of the stock of a company in a trust for voting purposes.

when issued. Deliverable when, and as if issued-said of a stock.

working capital. Money necessary for operating expenses.

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