A commission charged by a broker or factor who guarantees the solvency of the customer for whom he transacts business. Also the obligation itself so incurred.

The sale of a stock with the agreement that the dividend about to be paid shall go to the buyer; or that the buyer of a stock is entitled to the next dividend paid.

In the middle and far western States, bonds are issued to procure funds for drainage purposes. They may be issued by districts territorially formed for the special purpose, or by a town, city or county. When issued by a district, they are in the nature of a special assessment bond, that is to say, payable from taxes levied on the taxable property of the district only. These are merely another form of drainage bonds but must not be confused with irrigation bonds .

To understand the London use of this term, it is necessary to clearly understand their fortnightly settlement, to which subject refer. The difference is the amount to be paid or received by the speculative operator at the time of the settlement. It represents the difference between the price at which a transaction

Deliveries of securities upon the New York Stock Exchange must be made not later than 2.15 p. m. on the day sold, if for cash or if sold in the regular way then before 2.15 p. m. on the following business day. On half-holidays which the exchange observes, cash sales require delivery riot later than 11.30 a. m. No deliveries are made on Saturdays. In case of failure to make deliveries as above, the undelivered portion may be bought in under the rule. (See the various subjects quoted; also Bids and Offers and Transfer in Blank.) If delivery is offered after hours the buyer may refuse it until the following business day, but the seller has no right to demand interest for the extended time.

Some stated day of the week upon which a bank discounts bills or notes.

Metallic money which has been tampered with; cut, stamped, injured, or changed in any way.

The twenty dollar gold coin of the United States, containing 464.40 grains of fine gold, and 51.60 grains of alloy.

Bills of exchange (see Exchange ) payable on demand; on presentation. Practically the same as a sight bill. For exception see that subject.

The English term for a stock of a face value of so many dollars,

Any instrument, such as a note or draft, which calls for payment at some distant point from that in which it is drawn, is said to be domiciliated in its place of payment.

An English term. All sorts of expedients have been resorted to in order to outwit the Usury laws. For example: the lender might be allowed the use of land belonging to the borrower, for a nominal rent only; thus permitting the lender to sub-rent the same at a profit, which would, in effect, amount to an increased rate of interest on the loan.

The sale of a stock with the agreement that the dividend about to be paid shall not go to the buyer; or that the buyer of a stock is not entitled to the next dividend paid. Sometimes called Ex-dividend. When a large company declares a dividend, it usually fixes a day upon which its transfer books shall be closed. From this time, until the books are again opened, no transfers can be effected. (See Books Close.)

By this is meant a straddle, a put of more, or a call of more, to which subjects refer.

Care should always be taken to avoid dating an issue of bonds upon Sunday. A New Jersey city issued recently $50,000 worth of bonds dated on Sunday. New ones had to be created to replace them.

Among those trading in grain, for future delivery, the first trading or business day of the month is so known. The seller’s option feature, however, permits of delivery on any business day of the month for which the sale was made. All contracts for future delivery are seller’s option (see that subject).

The face value of a bond. Most bonds are issued in the denomination of $1,000, although the $500 and $100 denominations are not uncommon, and bonds of almost every conceivable denomination have been placed upon the market from 50 cents up to $1,000 and occasionally for a greater sum than the last named; especially is this so in the case of registered bonds. Our Government bonds are sometimes issued in $50,000 pieces.

Detroit United Railway Co. (Street Railway.)

The monetary unit of Servia, the same as that of the Latin Union, and equivalent to $0,193 United States money.

A lot of stock was dumped upon the market, meaning that a great deal was sold for the purpose of getting rid of it; that is, the stock was undesirable, either on account of high price existing or for other reasons. Dumping stock has reference not so much to disposing of an undesirable investment, but in offering the same in large amounts, not in small amounts from time to time. You dump a lot of earth when you tip up the cart and let it all go at once.

One to whom a debt is due; a creditor.

A London term for the ordinary stock of the South Eastern Rwy.

If, in boring for an oil well, no oil is found, only a dry hole, it is called a duster.

This word is used in connection with director, stockholder, etc., as dummy director, and indicates one who really acts for another, but by so doing relieves the other of liability; or who is merely placed in office to fill the number required by law. A dummy usually has little financial means, or has little or no interest in the corporation which he is serving. He may be elected for a brief time, to be later succeeded by one personally interested.

Slang for money Ducat was the name of a gold coin used at one time in various European countriesPerhaps we are more familiar with it as part of the old Spanish currency, as we frequently meet the expression ducats of gold in reading of the Spanish explorersPrescott, in his Conquest of Mexico, states that the gold ducat at the close of the fifteenth century was equivalent to $8.75 in our money, but other writers state that the ducat as commonly in use in the different European countries varied but little, being worth from $2.27 to $2.32The Century Dictionary and Encyclopedia says that the ducat was also an Austrian weight for gold, the unit supposed to have been derived from the JewsVarious authorities determined it to be 3.490896 grams.