The sale of a stock with the agreement that the dividend about to be paid shall not go to the buyer; or that the buyer of a stock is not entitled to the next dividend paid. Sometimes called "Ex-dividend."
When a large company declares a dividend, it usually fixes a day upon which its transfer books shall be closed. From this time, until the books are again opened, no transfers can be effected. (See " Books Close.")
The sale of a stock with the agreement that the dividend about to be paid shall go to the buyer; or that the buyer of a stock is entitled to the next dividend paid.
Dividend, Stock. See " Stock Dividend."
An order for the payment of a dividend to a shareholder is what is commonly understood, although there have been other applications of the term. In England a " dividend warrant " is a check for the payment of the dividend.
See last subject.
D. M. J. S. December, March, June, and September; interest or dividends payable quarterly beginning with December.
A "bill of exchange" (to which refer) accompanied by a " bill of lading," insurance policy, and invoice covering the shipment of goods, and which papers show the security which is behind the bill of exchange. In the case of a shipment of cotton or grain, certificates of inspection may be among the papers. (See " Documentary Commercial Bill.")
Some financiers distinguish between this subject and a "documentary bill " (to which refer) by considering the former as being used in case of a shipment of merchandise, manufacture, or produce, and the latter in the event of other property, such, for example, as securities; but custom would seem to designate a bill drawn against the shipment of stocks, bonds, etc., as a "security bill." "Documentary bills " of all kinds and "documentary commercial bills " are usually classed under the one heading of "Documentary Bills."
Papers accompanying a bill of exchange against a shipment of merchandise, and include, usually, the invoice, insurance certificate, and bill of lading. All or any of the following may also be included: certificate of inspection, certificate of origin, consular certificate, and letter of hypothecation.
Documents for Acceptance. Used in connection with the "documentary bill" of exchange, indicating that the bill of lading, etc., must be delivered immediately upon the " acceptance " of the draft, by which it is understood that the " acceptor " will pay the draft when due.
Documents for Payment. Used in connection with the "documentary bill " of exchange, indicating that the bill of lading, etc., must not be delivered until after the payment of the draft.