Discount Bank

See "Bank of Discount."


A London term for the ordinary stock of the Metropolitan District Rwy.

Ditch Bonds

In the middle and far western States, bonds are issued to procure funds for drainage purposes. They may be issued by districts territorially formed for the special purpose, or by a town, city or county. When issued by a district, they are in the nature of a "special assessment bond," that is to say, payable from taxes levied on the taxable property of the district only. These are merely another form of "drainage bonds" but must not be confused with "irrigation bonds ".


Used in London to designate the deferred ordinary stock of the South Eastern Rwy.

Dover A. A London term for the deferred stock of the South Eastern Rwy.


A London term for the ordinary stock of the South Eastern Rwy.


When bonds to be redeemed prior to their actual maturity are drawn by lot, the number of each unredeemed bond is placed upon a separate slip of paper, and so protected from the sight of some impartial person that he may draw the required number of bonds in much the same way as the drawings in a lottery. This is referred to as "The Drawing," and, in foreign countries, where there are many outstanding issues of bonds which are not only subject to redemption in this fashion, but which include with each drawing a real lottery accompaniment, entitling the holders of a certain few numbers to premiums or bonuses, the drawings are attended by great public interest. The New Orleans "Premium Bonds" (see that subject) is the only illustration of this in America.

Dry Exchange

An English term. All sorts of expedients have been resorted to in order to outwit the "Usury" laws. For example: the lender might be allowed the use of land belonging to the borrower, for a nominal rent only; thus permitting the lender to sub-rent the same at a profit, which would, in effect, amount to an increased rate of interest on the loan.


A London term for the ordinary stock of the Great Eastern Rwy.

Effective Circulation

This covers all money which is in actual use; the available supply.


See "New York Equivalent."

Estate Tax

A federal or state tax imposed upon the transfer of the net estate of any decedent. The Federal Act took effect Sept. 9, 1916. In some states it is called an Inheritance Tax.


Ex-lake grain denotes the movement of grain from the eastern end of the Great Lakes by rail and canal, as distinguished from grain en route upon the Lakes.


Used in several ways, such as "Exempt" - contraction of "Tax-Exempt" - having reference to investments that are non-taxable. Also "Exempt" as used in connection with an issue of bonds, such as the Burlington & Missouri River R. R. in Nebraska, Consolidated Mortgage Sinking Fund 6's. Under the terms of the Trust Deed, these bonds may be drawn for the benefit of the Sinking Fund, if they cannot be purchased in the bond market. $5,000,000 of the bonds, of certain numbers, were "Exempt" from drawing until July 1st, 1908. i. e. not subject to being drawn for payment until that time.

Bonds which were subject to such redemption were referred to as " Non-exempt."