Detroit United

Detroit United Railway Co. (Street Railway.)


A rate less than the regular or tariff rate allowed to a road disadvantageous situated, by a competitor in order to equalize conditions and avoid rate wars.

1 Corporation Finance.

Digested Securities

See " Undigested Securities/'


A small silver coin of the United States of the value of one-tenth of a dollar, or ten cents, containing 34.722 grains of fine silver, and 3.858 of alloy. Legal tender in amounts not exceeding $10.


The monetary unit of Servia, the same as that of the " Latin Union," and equivalent to $0.193 United States money.

Direct Exchange

"Exchange" between points in two different countries (or two points in the same country) without the intervention of a third, as in the case of " triangular operation."

Direct Obligation

The obligation to pay on the part of the person, corporation, etc., named. As an example, take the Baltimore & Ohio R. R. Co., Southwestern Division bonds. These are really a first mortgage upon certain portions of the railroad property, but, in case of financial disaster to the road, if there were not sufficient value in such property as the mortgage covers, the Baltimore & Ohio R. R. Co. itself would be responsible for the payment of the difference. Again, if the earnings of the property covered by the mortgage are not sufficient to protect the interest and principal of the bonds, as due, the Baltimore & Ohio R. R. Co. is liable for any deficiency.


Short for "discount."


See " Agio."

Discharge Of Mortgage

See " Release of Mortgage."

Discount Clerk

A clerk only especially employed by the larger banking institutions. He attends to all " discounted " paper; figures and makes payment to the borrower after acceptance by the bank; keeps record of bills receivable; is the custodian of the same, and obtains and keeps track of much information very necessary to the officers of a bank in relation to its loans.

Discount Day

Some stated day of the week upon which a bank "discounts" bills or notes.


In the sense of anticipating an event. (See last paragraph of "Discount.")

Discount Rate

(First read "Discount.") The "discount rate" or the rate of discount is the rate of interest deducted in advance from the face of a promissory note. In other words, if the "discount rate" is 5%, the face of the note $1,000, the time which it has to run six months, 2 1/2%, or $25, is deducted from the face of the note, the bearer receiving, therefore, but $975. When the loan.matures, however, $1,000 must be repaid.