A bid bearing the signatures of two or more parties.
Congress in 1916 passed the Federal Farm Loan Act, " to provide capital for agricultural development, to create standard forms of investment, based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, etc." The banks operate under Federal Charter and government supervision and the bonds are " instrumentalities " of the Government.
The Act has been proved to be constitutional and the bonds free from all except inheritance taxes. These banks are privately controlled and the stockholders have a double liability. (See " Federal Farm Loan Banks.")
Used in London to designate the ordinary stock of the Lancashire and Yorkshire Rwy.
(First read "Allotment.") When a banking house brings out an issue of securities, those who have made an unsuccessful application are notified upon a regular form, known as a "letter of regret," that they have not been allotted any of the issue.
Lift a Mortgage. To pay it, off.
See " Borrowing Stock."
A "Lombard" is a note broker, or a bill broker, so termed, in London. This nomenclature arose from the fact that certain Italian merchants, years ago, settled in that city on Lombard Street, and carried on the business of banking. One occasionally may read, in foreign financial news, of the " Lombarding of bills." This indicates that foreign banks, for instance, instead of discounting notes, in the usual course of business, have purchased them through note brokers, or "Lombards." In this connection, the term " Lombarding," as defining the act of purchasing such a security, might very properly be used.
"Lombardeer" and "Lombard" would have synonymous meanings.