Fiscal Year

Any yearly period, regardless of the calendar year, at the end of which any firm, corporation, or municipality may close its books in order to determine its financial condition.

Fish Scales

See " Five-cent Silver Piece."


Fitchburg R. R. Co., leased to the Boston & Maine R. R. Co.

Five-Cent Silver Piece. A small coin of the United States, the minting of which was discontinued by Act of February 12, 1873. Legal tender in amounts not exceeding $10. This coin is called the "half-dime," and in some sections of the country they have been nicknamed " fish scales."

Silver half-dimes were the first coins turned out by the United States Mint - October, 1792.

Five Per Cent

Redemption Fund. Every national' and Federal Reserve bank is required by law to keep on deposit, at all times, in the Treasury of the United States, in lawful money of the United States, a sum equal to five per cent, of the bank's circulation (see "National Bank Notes"), to be held and used for the redemption of such circulation. There are further provisions as to the cancelling of national bank notes when presented for payment, notifying the banks as to the depletion of the fund on account thereof and other necessary requirements.

This fund provides for the immediate redemption of the notes of a failed bank, but when so depleted must be repaid out of the assets of the bank when realized upon.

Five Ports

New York, Boston, Philadelphia, Baltimore, and New Orleans.

Five Twenties

Bonds due in twenty years, but subject to redemption after five years from date of issue.


Established; settled; unchanged. " Fixed earnings"; earnings which have continued for a sufficiently long time to warrant the belief that they will remain permanent.


Without interest. (See " Accrued Interest.")


This is dealt in upon the Chicago Board of Trade the same as grain and other commodities. The common trading unit is 1,000 bushels. The rate of commission charged for the purchase or sale or for the purchase and sale in 1,000 or 5,000 bushel lots, or multiples thereof, is 1/4 of a cent per bushel. The usual " margin " required is 10 cents per bushel.


This expression arises from the use of the word "lamb." To "fleece" one, means to take advantage of his ignorance, resulting in his financial loss and the gain of the one doing the "fleecing." When a lot of unsuspicious investors, or, more properly speaking, speculators, rush into the market and buy a certain stock at high prices, and afterwards find that large stockholders in that corporation, well posted upon its financial condition, had sold the stock at what they knew to be very high prices and far above its actual worth, these speculators are said to have been "fleeced," although, probably, no actually unlawful act had been done by the ones selling out. The losers by such a transaction as this are called " lambs." A lamb is a symbol of innocence, and the unwary one caught napping is such.