This term was formerly used to distinguish shares of a par value of $100 from shares of a lesser par value, say $25, which, for example, were called " quarter stock." Now, all shares on the New York Stock Exchange are quoted in dollars and not in percentages.

Fully Paid (Full Paid). No more due; no further payment may legally be demanded. A stock is "fully paid" when it has been issued in exchange for its face value in cash, or its equivalent; issued in exchange for its value in property. In many States it is unlawful to issue stock in all, or at least in certain classes of, corporations except as "fully paid." This law is sometimes circumvented by property, which is desired by a certain corporation, being purchased in the name of some disinterested person, and by him sold to the corporation at a great advance in price, the corporation paying him in stock, equivalent in its face value to the price at which the property is taken by the corporation. This stock is afterwards distributed in accordance with the previous arrangement made. This is a questionable proceeding, but is a practice which has been largely entered into, particularly in recent years. (See " Non-assessable.")

1 Statistics of Railways in the United States, 1904. Interstate Commerce Commission.