Discount Rates

The rates at which first-class paper is being "discounted." (See "Discount" and "Bank of England Discount Rate.")

Discretionary Accounts

Accounts in which the buying and selling, the price, and the choice of the stock are left entirely to the broker. Beware of them! Look out for advertisements of such! They ask the gullible public to send in its money; that the advertisers know just what the market is going to do, and if money is sent to them and left entirely to their discretion as to its expenditure, untold wealth will roll in to the senders.

The quickest way to force the utter absurdity of such statements upon the minds of those who are hunting for opportunities to separate themselves with great rapidity from their money, is to make known the fact that no stock exchange member is allowed to advertise the taking of such accounts.

Discretionary Order

The nature of such an order is explained by the last subject. One given a legitimate broker is usually, and always should be, accepted with hesitation. It is not good policy to either give or receive " discretionary orders " as it places too much responsibility upon the broker.

Discretionary Pool

For all practical purposes the same thing as a " blind pool; " at least, the one in control is allowed entire freedom to do as he sees fit with the interests of all.


A failure to pay as agreed; a refusal to accept a draft or a bill of exchange.


Distiller Securities Corporation, now U. S. Industrial Alcohol Co.

District Of Columbia Bonds

The bonds of the District of Columbia bear 3.65%, for the payment of which - principal and interest - taxes are levied upon the property within said District. But the faith of the United States is also pledged for the payment of these securities, so they are considered United States Government bonds.


Division or dividend.

Dividend Balance

The earnings of a corporation after deducting operating expenses of every kind, taxes, insurance, any expenditures charged against operating, interest on floating and bonded debt, and amount set aside for sinking fund. In other words, the earnings of a corporation which are available for dividends.

Dividend, Extra. The majority of corporations have established fixed rates of dividends upon their stocks. These are known as "regular dividends." Anything over and above this rate may be styled an "extra dividend."

Dividend In Liquidation

When a business or industry of any kind is being wound up, closed out, " liquidated," and money paid from time to time to those to whom it is due, the creditors, stockholders, owners of the business, depositors (in case of a bank), etc., these payments are called " dividends in (process of) liquidation."