E

E. These letters stand for "errors excepted," and have practically the same significance as " E. & O. E."

El

Elevated or Electric.

Elastic Currency

(See " National Bank Notes.") A kind of money that will expand in emergencies, and contract when not needed.

Secretary of the Treasury Shaw said: "The only elastic currency known to man is one based on credit circulation."1

Electrolytic Copper

That which is purified by suspending it in an acid solution and by an electrical current disintegrating it and re-depositing it upon a plate without the impurities. This copper has high electrical conductivity, sometimes 102% of that attributed to chemically pure copper. It is not quite as strong as the best "Lake copper."

Elevator Certificates

Same as " Elevator Receipts."

Elevator Receipts

These are practically the same thing as "elevator certificates," referred to in the last subject. They are issued by warehouses - called grain elevators - for the storage of grain, and evidence the storage therein of a certain quantity of grain (see "Warehouse Receipt").

Emergency Currency

A form of money created to fill the needs of a sudden demand, and for a brief period only; a form which can be put out and withdrawn with equal rapidity; money which can be easily retired when the emergency for which it was created has passed. During the Civil War the Federal Government issued some short time - one or two years - notes bearing interest, which, by some writers, are considered "emergency currency." The Imperial Bank of Germany is authorized to issue an emergency circulation to any extent it pleases in excess both of its authorized circulation, provided it holds in cash (See " Bank of Germany ") one-third of the total issue of such notes; but it must pay the Government an annual tax of 5% upon such excess of notes.

Employees Liability Insurance

See " Liability Insurance."

Endorse

See " Indorse."

Endowment Life Insurance

See " Life Insurance."

Enforced Liquidation

See "Liquidation."

Engagements

"His engagements amount to $50,000," meaning his promises to pay or contracts to deliver call for that amount, or value.

Envelope

United States Envelope Co.

Equipment

This is a railroad term and refers to all rolling stock; its locomotives, cars, snow-plows, hand-cars, etc.

Equipment Bonds, Certificates or Notes. See " Equipment Trust."

Equity

The common meaning in reference to investments is the value in the property over and above its indebtedness; for instance, to the stockholders of a railroad belongs its "equity." In the case of a mortgage upon real estate, the value of the property above the mortgage would be the "equity."