Exchequer Bonds

In England, very much the same as "exchequer bills." They have a definite time to run, however, not exceeding six years, with interest at not greater than 5 1/2% per annum; the rate being fixed for the full period at the time of issue. This is a form of indebtedness for short time borrowing and is not confined to Great Britain. There they were first introduced in 1853.


Without interest; coupon already due, or about to become due, detached.

Ex D. " Ex-dividend," i. e. exclusive of dividend.


See " Dividend Off," meaning the same.


A Chicago Board of Trade term for grain out of - or not in - a warehouse, i. e. grain elevator.

Executor (Or Executrix)

The person named in a will as the one to see that its provisions are carried into effect.

Exhaust Price

(It is necessary to first understand " Margin.") A fall in prices to a point where margins are wiped out - exhausted - and when brokers may be compelled to sell out the securities for self-protection, unless additional margins are furnished.


A stock so quoted does not carry the privilege of "rights " that is, it is "ex-rights." (See those subjects.)

Expert Accountant

See " Auditor."

Export Point Of Gold

See "Gold Export Point."


(First read "Rights.") The sale of a stock upon which the privilege attached to its "rights " has been exercised or reserved. In any event, the purchaser obtains no privilege of that nature, and so understands it when making a purchase "ex-rights."


The "ticker" abbreviation for "extended " or " extension."

Extended Insurance

This is an option under a life insurance policy which has " lapsed " (see " Lapse ") by which the insured obtains insurance for the face of the original policy for a specific length of time, without the payment of further premiums. Insurance of this kind is sometimes taken in place of a " cash surrender value " or " paid-up value."

Extension Bonds

Secured by a first mortgage1 upon an extension of a railroad system, and usually guaranteed by the company proper. Besides being a first mortgage upon the extension, such a bond is often a " second " or " junior " mortgage upon other property. In the case of the " Pacific Extension 4's " of the St. Paul, Minneapolis & Manitoba Railway Company, the bonds are secured by a first mortgage on all the company's lines in Idaho and Washington and by a second mortgage upon its lines in Montana.

Whereas, this class of investment is dependent somewhat upon the amount of the issue in proportion to the proper cost of the extension, and the need of such extension to the larger road, yet the standing of the latter and the value of its guaranty are largely to be considered.