When a debt is owing to two or more persons jointly, each of them is a joint creditor of the debtor.

The Journal is a book of first entry, and, as its name implies, is a Day Book (French, jour, a day), i.e. a book in which the entries are -made day by day as they take place. In this country it is used only for the reception of items for which no special book of original entry is kept. Of these may be mentioned the opening entries of a new set of books, the closing entries at the end of each period, the appropriation of profits, those accounts of a limited company which deal with the raising of capital or debentures, and the acquirement of a business, consignment transactions and bill transactions, these latter being of so great importance that it is advisable to record them through the Journal as well as through the Bill Books, especially as the Bill Books are not recognised as part of the books of account, but only as Memoranda. All items which require explanation, such as the writing off of bad debts, introduction of capital, and transfers from one Ledger to another, should also be passed through the Journal. The Journal entry is made by stating the account to which the item is debited, with the amount in a first (debtor) column, and immediately beneath, the account to which the item is credited, with the amount in the second (credit) column, the total of the debit column thus agreeing with that of the credit column. Wherever necessary or advisable, a short explanation of the nature of the transaction, known as a ” narration,” is given under each entry. The following are the Journal entries for a few transactions of special character, showing the necessary narrations. Others are given under Opening Entries, Closing Entries, and Narration. The Journal here given is in the ordinary form. Other forms and their uses are discussed under Columnar Journals and Transfers. Lewis & Co. drew on Armstrongs for that amount, and secured an advance of

Under this Act the legislature provided for the appointment of an official who was to be known as a ” judicial trustee.” By the provisions of the Act, a judge of the High Court, or, in certain cases, the judge of a County Court, is empowered, upon application being made by the creditor of a trust, or by the trustee or beneficiary under an existing trust, to appoint any fit or proper person who has been nominated for the purpose as a judicial trustee. This person so nominated is then empowered to act either alone or in conjunction with some other person in the administration of the trust. In special cases, provided sufficient cause is shown, a judicial trustee may be appointed to take the place of an existing trustee or of existing trustees. Th Act provides for a certain remuneration being paid to the judicial trustee, who is also compelled to render periodical accounts of his trusteeship in a prescribed manner. For these particulars the Act must be consulted. In all probability the Act will become, if it has not already become, a dead letter, owing to the passing of the Act which set up the office of the public trustee in 1906.

From the Latin, juratus, sworn. This is the clause written at the foot of a deed or affidavit, stating when, where, and before whom the document was sworn.

There are not many such bonds in existence. The best example is the joint bond issued by the Northern Pacific and Great Northern Railroad Companies. The majority of the stock of the Chicago, Burlington & Quincy Railroad Co. was purchased in the interests of both the Great Northern and Northern Pacific Railroads, and a joint bond/’ so-called, issued, being the direct obligation of both the companies in question, secured by a deposit of the Chicago, Burlington & Quincy Railroad Co. stock, and guaranteed by the two first named railroads above. The Chicago, Burlington & Quincy Railroad Co. already has its own bonded debt. This security is in reality a collateral trust issue and is so called on the bond; a joint collateral trust.

Fortunately an uncommon termIt is a pity that the financial writers of newspapers cannot find more fitting words to express their meaning means putting great power, as it were, beneath the market and forcing prices up to unnatural levelsThe comparison to the great power of the builders’ jack, by the use of which enormous buildings can be lifted, or forced upwards, explains the application.

Bank. This is a term used in Great Britain rather than America, and refers to the incorporated banks; that is, banks whose ownership is represented by shares of stock, much the same as our national banks. It is used to designate the incorporated banks from the Bank of England and from private bankers. The joint-stock banks all keep their reserves with the Bank of England. The English joint-stock bank came into existence during the fourth decade of the nineteenth century. In a treatise upon the Athenian revenue published by Xenophon will be found the first suggestion for the creation of a joint-stock bank.

A London Stock Exchange term. (See Jobber.) The turn is the profit which the jobber makes on a transaction with a broker, but it is understood that one party to the transaction is the broker and the other party another jobber. When trading between brokers, that is, buying from one broker, for instance, and selling to another, he really makes two turns.

An indebtedness which has been legalized by action of a court.

Interest or dividends payable semi-annually, January and July.

Interest or dividends payable semi-annually, June and December.

Those keeping a record of their transactions with others use an account book termed a journal, in which is entered the daily record of all transactions, which are not cash, which latter, of course, are entered in the Cash Book. The chief uses of a journal are for entries in closing or balancing accounts, charging off profits or losses, and making entries of correction. In double entry bookkeeping, entries are so made that not only the accounts to which these items are afterwards to be posted in the ledger will show, but whether to the debit or credit of such account.

Note. When a debtor wishes to avoid having a law suit brought against him, he may be willing to acknowledge the debt by giving a judgment note, which is simply an ordinary promissory note containing a power of attorney to appear and confess judgment for him.

A form of municipal indebtedness created for the purpose of building or enlarging a jail and, usually, a county obligation.

First read Joint and Several Note. A joint note is one signed by two or more persons, but the wording of which begins We promise to pay

For use in the manufacture of jewelry, etc., fine gold is cast in the form of small ingots or bars, valued at about $100 and upwards.

This is explained under Joint Bonds; that is to say, such a bond as there described would be a joint mortgage bond if secured by a mortgage on the property of the Chicago, Burlington & Quincy R. R. Co., and guaranteed by the Great Northern and Northern Pacific Railroad Companies. .

Issued in satisfaction of a debt adjudged legal by a decision of the court. Such bonds, presupposing an ability to pay, are considered safe; the courts recognizing no right of the issuing party to avoid payment unless the existence of fraud in obtaining the judgment can be demonstrated.

Sometimes a note is made payable to two or more persons, not partnersTheir indorsement in such a case is joint.

One who sells exchange to banks and other dealers in foreign exchange, who resell to their own clients. The jobber might be termed the wholesaler of exchange, and those with whom he deals, the retailers.

A company whose ownership is represented by shares of stock. Although this term is occasionally used in America, it is much more common in Great Britain. This term is also subject to two interpretations. In the first place, the ordinary corporation with shares of stock, or, as defined by the General Corporation Laws of West Virginia, the words joint-stock company include every corporation having a joint-stock or capital divided into shares owned by the stockholders respectively. And then’ another class, which is really an exaggerated form of partnership, the participants in which do not own shares of stock, but certificates showing their joint interest in the concern or company. Holders of this form of a certificate are personally liable for the debts of a concern the same as in a partnership, and they have not the limited liability of the shareholders of the ordinary corporation with which we are so familiar. A partnership of this kind does not end by the death of a member, nor has each certificate owner the right to transact business for the concern as in an ordinary partnership. This class of joint-stock companies is not very common in America, but a good example is that of some of our large express companies, such as the Adams, American, and United States, which are organized under a New York law, by which they have the right to issue transferable shares representing beneficial interests in the companies.

Congress in 1916 passed the Federal Farm Loan Act, to provide capital for agricultural development, to create standard forms of investment, based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, etc. The banks operate under Federal Charter and government supervision and the bonds are instrumentalities of the Government. The Act has been proved to be constitutional and the bonds free from all except inheritance taxes. These banks are privately controlled and the stockholders have a double liability. (See Federal Farm Loan Banks.)

In a note of this kind any one of the signers can be held responsible for the entire amount of the note in case of inability to pay on the part of the other, or they can all be held equally if each is financially able to meet his proportion. In other words, they are liable for its payment all together, and liable for its payment individually. (See Joint Note.) An ordinary promissory note beginning I promise to pay, and then signed by each of the parties, or by a firm, as Good & Company, is a joint and several note; also one reading, We jointly and severally promise to pay, signed as above. Some States make all obligations of two or more persons joint and several unless the instrument expressly provides that the obligation shall be joint only.

Bonds over which another issue has precedence, and which latter, would have prior claim upon the property, in case of foreclosure.