Generally three extra days given by the "grace" of the payee (see " Payee ") in which a note or other paper may be paid after its maturity. Formerly no interest was charged for the three days, later, interest was charged, but now the custom of allowing " days of grace " has practically ceased. If the laws of a State provide for "days of grace" and the same are demanded, then it is understood that interest may be added for the time. Neither party can make or obtain payment before the expiration of the time except at the pleasure of the other. " Grace " prevails throughout Great Britain, but does not exist upon the Continent.

Day-to-Day Loan. A loan of money for over night, and, possibly, renewed from day to day.

In New York the following custom prevails: If a call for payment or a renewal is wished, notice to that effect must be given by one party to the other between the hours of 11 a. m. and 1 p. m. daily. In the event of no such notice being received by either party the loan continues until the next day, the lender notifying the borrower what the rate will be for the succeeding twenty-four hours. It is fully understood that no demand for payment of a " ay-to-day loan" will be made after 1 p. m. Loans made on Friday are carried over till Monday.

Times left to the judgment of the one in charge of that work of the institution, to take into consideration the activity of the account. If it should be inactive and running a balance of, say $650, he might add, at the end of the interest period, a few hundred dollars to the amount on which he figures the interest.

D. C. 3.65s. "District of Columbia bonds" bearing 3.65% interest. (See subject in quotations.)