Futures

(Explained under " Grain.") There was a United States Supreme Court decision in the Chicago Board of Trade case, in which Judge Oliver Wendell Holmes concluded with the statement that transactions in "future" differ from mere gambling contracts. He said in part:

"People will endeavour to forecast the future and make agreements according to their prophecy. Speculation of this kind by competent men is the self-adjustment of society to the probability."

F. & A. Interest or dividends payable semi-annually, February and August.

G g

Gold.

Garnishment (Garnishee)

A method of attaching property or credits belonging to a debtor, but held for or owed to him by another. For example, suppose Robinson owes Brown $40, which the latter has not been able to collect. By a legal process, he attaches Robinson's bank account to the amount of the debt, or, as it is called, " garnishees " the account. In Massachusetts this process is called " trusteeing."

Gen

(or Gen'l). General - general mortgage.

General And First Mortgage Bonds

See "General First Mortgage Bonds."

General Contango Day

See "Fortnightly Settling-days."

General First Mortgage Bonds

It is difficult to understand why the word "first " should appear in such a title as the above, as it is used. In practice, such an issue is either not secured by a "first mortgage" at all, but is just a plain ugeneral mortgage " (see "General Mortgage Bond ") or is, at the best, a "first mortgage" on but an insignificant part of the property, in which case, "general and first mortgage " would be the proper title. To be sure, a " general first mortgage " may become a first lien after the earlier lien issues have been paid.

General Fund

Money not appropriated for some particular purpose, but which may be used for general and miscellaneous expenses.

General Indorsement

The same as "Indorsement in Blank."

Give Up

To disclose the name of one's customer. Gm. The " ticker " abbreviation for " general mortgage." Gnt. The " ticker " abbreviation for " land grant," as "land grant bonds."

Gold Bars

1 Bars of pure gold. (Refer to "Assay Office Bar.")

Gold Basis

A country is on a "gold basis" when values are measured in gold; gold is the monetary standard. (See " Standard of Value.")

Gold Bonds

In America bonds payable in United States gold coin of the present standard of weight and fineness.

Gold Brick

Any unsound dishonest scheme or investment made to have all the appearances of honesty and soundness.

Gold Corner

Described under " Black Friday."

Gold Exchange

The " Gold Exchange " grew out of speculation in gold during the Civil War, and was organized in 1864. It was here, i. e. the "Gold Room," as it was called, that the bull movement in gold was manipulated which resulted in the memorable collapse known as ." Black Friday," to which refer.