Frequently defalcations take place in regard to the “occasional ” receipts of a business. Under this head would come (a) transfer fees, (6) agreement fees and receipts for dilapidations and repairs in a property company, (c) dividends received in respect of bad debts subsequent to the whole of the debt being written off the books, {d) interest and dividends on investments, (e) sundry rents in a trading or manufacturing company, (/) duty drawback in the liquor trades, (g) sale of packing cases, (/

This is a copy which has been made of an original document, examined with the original, and certified by a responsible official as being correct. Thus, all wills are kept at Somerset House. The originals cannot be obtained. But a copy of a will is always forthcoming upon application and upon payment of the prescribed fees. An office copy is often known as a certified copy.

Office expenses are a revenue charge, and, as they do not form a direct charge against manufacturing or trading, should be included, along with other similar establishment charges, as a charge against Profit and Loss Account. Where apportionable charges such as office rent and rates, as distinct from factory rent and rates, are included under this heading, an auditor should inquire into the manner in which the apportionments are made. In most cases this heading applies only to postages, receipt stamps, and sundry petty cash expenditure.

For the most part accountants and their clerks have been very slow to recognise the importance of modern appliances in offices, and frequently it is found that they are not cognizant of the machines that are available for accounting. Also

If we classify in general terms the numerous descriptions of trade, manufacture, and professions, we shall probably find that as between the members, as it were, of each family or category, there is more or less a mode or system in principal essentials common to each class, and that schemes of organisation in a class primarily differ from each other more in matters of detail than in questions of principle. The precise organisation of any business, however, depends inter alia upon its nature, size, ramifications, routine and conditions, and its existing form, in so far as it may have deflected from that which witnessed its inception or its early history, is traceable to the permutations, vicissitudes, and changing scenes through which it has passed, and may continue to pass, in the prosecution of its objects. Some lines or classes of business are by their constitution and circumscription not subject to much change as regards principle or detail; to others, time may apply such terms as evolution and metamorphosis. A factory or other business of similar kind and significance may be broadly divided into general administration ; sub-divided into finance administration, works administration, and sales administration ; which may be composed of the following elements : board of directors, general manager, secretary, accountant, sales manager, works manager, chief designer, draughtsmen, travellers, buyers, works accountant or cost accountant, financial manager, cashier, foremen, timekeepers, storekeepers, tool designers, wages and other clerks, plant and machinery engineer, inspector, rate-fixing committee or department, warehousemen, and others, according to the conditions of each particular case. On the other hand, if we take the office of a secretary or administrator to many companies of different kinds operating abroad, we have, in London, the boards of directors,

This is a French term for bonds.

The Chicago & Wabash Valley R. R. Co.

Offered (an offer to sell) at less than the last quotation of the same security.

A bank not belonging to any clearinghouse, and which does not clear through any other bank which is. (See Clearing-House Agent.)

This expression is used in reference to a form of borrowing where an agreement exists between the lender and the borrower that the note shall run for a definite period, and that the lender shall not have the right to ask for a previous payment, but the borrower may have the right, if he so elects, to pay the note off on or before the maturity date mentioned in the note.

There is a distinction between offered firm and subject to sale (the meaning of the latter is set forth under the subject of that heading), but in the case of offered firm one offers to sell another certain securities, or anything else for that matter, giving definite time for the acceptance of the offer. Or, one may make an offer, that is, a bid, that in turn will be good for a definite time; in which event it is known as a firm bid. Anything may be offered firm for three days, by which the intending purchaser has that length of time to decide’in; or a bid may be made firm for that length of time, and is known as firm bid for three days.

A payment to secure an option. See next subject.

The London term which is the equivalent to our List, to which refer. (See same subject in Addenda.)

A bill of exchange (see Exchange) which has only one signature and is without indorsements, and has not been accepted.

The full title is The Stock Exchange Daily Official List, and is the London equivalent to our list (to which subject refer). This is issued twice daily under the authority of the Committee for General Purposes, of the London Stock Exchange. This committee consists of 30 members, elected by ballot each year; has extraordinary powers in the governing of the exchange, and in connection with its control of the official list, decides as to quotations of what securities shall or shall not be included. The official list is directly compiled under the superintendence of the Secretary of the Share and Loan Department. Those who have never seen anything more imposing than the list issued by the New York Stock Exchange, upon examination of its London counterpart

A loan of money to be repaid the following day.

The quotation of the day’s first sale of each security.

One not belonging to an exchange, as, for illustration, a curb broker, to which refer.

County, city, State, etc. (See Warrant.) Any written instructions to pay money, as checks, bills of exchange, etc. An order to buy or sell is given a broker. (See also the following subjects: Stop Loss Orders, Buying Order, Selling Order, Postal Money-Orders and Express Money-)

Osceola Consolidated Mining Co. (Copper.)

This will be understood by reading Demand Note. It has reference to money or anything subject to call; subject to demand for immediate delivery or payment.

Used in contradistinction to insider, to which subject referThe outsider is the occasional speculator or investor; one who does not make a profession of the same, and also who is not in a position to be in possession of inside information, as it is called, regarding the affairs of the corporation in which he may happen to be investing.

By options is understood either a call, a put, a spread, or a put-and-call. Options, in reference to dealings in securities, mean the privilege of buying or selling, or a combination of buying and selling, a certain amount of securities at the expiration of, or within a given period, at prices determined at the time of the execution of the contract. In order to possess any of these rights, one must pay some other party a sum of money sufficient to induce him to take the risk of signing such a contract. The price paid for an option is termed the premium.

An obligation, which, on account of the time elapsed since it was incurred, or since any payment of either principal or interest has been made thereon, cannot legally be collected, is said to be outlawedThat is to say, the statutes of limitations provide in each State the length of time during which legal action may be taken to collect a claim; neglecting so to do within the time fixed deprives one of his right to collectA recent court decision of interest to the holders of national bank stocks is given under the last paragraph of the subject Double Liability.

To overdraw one’s accountA person having money in a bank subject to check, that is, subject to his written order called a check, may issue such orders on the bank to pay this money out in such sums and at such times as may suit his convenienceThis is called checking out, and may continue so long as he does not draw