(First read "Rights.") The small stockholder is often faced with the problem of not owning a sufficient number of shares to entitle him to a full share of new stock. His position was definitely settled some years ago, when the Chicago, Milwaukee & St. Paul Rwy. Co. offered its stockholders the right to subscribe to a new issue. The company, at that time, declined to issue "fractional warrants," as they were called, so that holders of a smaller number of shares than four (the number required to subscribe to one share of common stock, for instance) could not subaddenda scribe. The company was compelled, through the courts, to issue these "fractional warrants," thus giving the smallest shareholder the same proportionate privilege as that accruing to the larger. These fractional "rights" can be sold in the open market the same as full "rights," but the purchaser must secure enough more fractional "rights" so that he shall have the correct number to entitle him to subscribe to a share of stock. Most corporations have followed the practice of issuing fractional warrants since the court decision above referred to.

G. M. B. A term used only by dealers in copper, meaning "good merchantable bar (or brand)," i. e. standard salable copper. (See "Standard Copper.")