A security is "good delivery " when the rules and regulations of the stock exchanges regarding its physical condition and the signing of certificates have been complied with.

Good until Cancelled. An order to buy or sell, and which remains good until countermanded by the one giving the same. It is frequently abbreviated by the letters "G. T. C," i.e., "good till cancelled." It is the same thing as an " open order," so called.

Good-will. Good-will is the material value of a business as a profit-producing enterprise, either realized or prospective.

Some writers define this subject as the bonded debt of a plant less its valuation at forced sale. Others, as the advantage or benefit which is, acquired by an establishment, beyond the mere value of the capital, funds, or property employed therein.

1 Since 1885 the estimates are by the U. S. Mint.

The writer's definition is, earning power which may be capitalized, but good-will in a balance sheet should seldom exceed 50% of the total invested capital.

Buildings, machinery, etc., may be almost valueless for any other purpose than for the particular product they are turning out, and, consequently, the indebtedness against such a property is, to quite an extent, dependent upon its success. "Good-will" varies much in different industries. In a case where there is more or less of a monopoly it may be very valuable, or where the character of the goods manufactured enjoys such an established reputation and demand that there is little danger of competition. But long consideration should be taken of this item in the assets of a corporation in determining the amount of indebtedness which may be placed upon the same. It is better financing to value the " good-will " only in reference to the issue of stock, and then conservatively.