Deed Of Trust

See " Trust Deed."

Defaced Coin

Metallic money which has been tampered with; cut, stamped, injured, or changed in any way.

1 " How to Invest Money," E. R. Gabbott.


A failure to meet an obligation or promise. If, at the time due the interest upon a bond is not paid it is said to be in " default."

Defaulted Bonds

See last subject.

Deferred Annuity

A fixed sum of money payable yearly, but the payment of which does not begin until the expiration of a certain time or after the happening of some event, as the death of a person.

Deferred Bonds

The holder of such a security receives a gradually increasing rate of interest up to a fixed rate, after which time the rate of interest is supposed to be uniform. Or bonds upon which the interest is deferred until some future date.

Deferred Dividend

By reading " deferred stock" one meaning of this may be found. Life insurance companies term " deferred dividends " those which are not distributed among the policy-holders yearly, but retained by the company and paid to the holders at greater intervals, say twenty years. (See " Tontine Insurance.")

Deferred Ordinary Shares (Or Stock)

The English equivalent of the American term " common stock," but only a part of such issue. (See " Preferred Stock " and next subject.)

Deferred Shares (Or Stock)

Shares in a corporation, the holder of which is not entitled to receive dividends until the expiration of a fixed time or until some specific event has taken place. (For an explanation of the English use of this term see " Deferred Shares," in Addenda and " Preferred Shares.")


When the losses of a business are greater than the gain or profit, or when an industry costs more to operate than its receipts, it is said to have made a " deficit." To say a business has " earned a deficit " simply means that it has been run at a loss.

Del Credere

A commission charged by a broker or factor who guarantees the solvency of the customer for whom he transacts business. Also the obligation itself so incurred.


Deliveries of securities upon the New York Stock Exchange must be made not later than 2.15 p. m. on the day sold, if for "cash " or if sold in the " regular way " then before 2.15 p. m. on the following business day. On half-holidays which the exchange observes, cash sales require delivery not later than 11.30 a. m. No deliveries are made on Saturdays.

In case of failure to make deliveries as above, the undelivered portion may be bought in " under the rule." (See the various subjects quoted; also "Bids and Offers " and "Transfer in Blank.") If delivery is offered after hours the buyer may refuse it until the following business day, but the seller has no right to demand interest for the extended time.