Account Days

See " Fortnightly Settling-days "

Account Sales

The statement which a broker, agent, or commission merchant gives his customer, showing how his account stands.

Accounts Payable

Open accounts with others showing sums due them, but not evidenced by forms of indebtedness such as notes or acceptances.

Accounts Receivable

Open accounts on the books of a firm,, corporation, etc., against its customers, not evidenced by written obligations such as notes or acceptances.

Accrued Dividend

This has the same relation to a stock as "accrued interest" has to bond. Not many stocks are sold with "accrued dividend" or "with dividend," and then only in case of " guaranteed stocks" or stocks where the dividend is certain and fixed.

Accumulated Dividends

The dividends which have accrued but not been paid on "cumulative" (which see) stock.


See " Cumulative."


A certificate of the proper officer that the maker of a written instrument has appeared before him and declared it to be his wilful act and deed.


A written agreement relieving one from the necessity of making a payment of money.

Active Account

Bank deposits against which many checks are drawn, and at frequent intervals; accounts with brokers which show many transactions.

Active Partner

One actively engaged in the business, and who incurs full liability, as distinguished from " silent partner" and "special partner."

Active Stocks Or Bonds

Securities which are frequently bought and sold; quoted daily, or nearly so, in the newspapers or reports of the various stock exchange transactions. When trading in a security ceases for any considerable time, it becomes "inactive."

Actual Rates

See " Posted Rates."

Actual Reserve

The same as " Reserve Held."


A person skilled in the theories and mathematical calculations on which life insurance is founded and conducted. He computes mathematically the reserve upon policies, premiums, surplus, dividends, and performs any other mathematical calculations needed in the practice of the company. The study of death rates always has been, and must continue to be, a very important item in the activity of the " actuary," and the measuring of probabilities based on his calculations is one of his most responsible duties.

Adjustment Mortgage Bonds

There are very few of these in existence, the most notable example being that of the Atchison, Topeka & Santa Fe Railway Co., which, in the reorganization of 1895, scaled down its original first mortgage to 75%, for which new first mortgage bonds were issued, and the difference, namely, 25% of the principal, and the defaulted interest, adjusted by issuing other bonds. These were accumulative "income bond" for the first five years and then became a fixed obligation. These are known as "adjustment mortgage bonds."