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.