Inland Bills

Drafts drawn against other points in the same State.

Installment Bonds

See last paragraph of "Serial Bonds." Interim Dividend. A dividend paid in anticipation of the final dividend of the year.

Interlocking Director

One who serves on the board of two different corporations in much the same line of business, and the competition between which may be partially or entirely destroyed on account thereof.

J. B. "Joint Bonds." See that subject.

Joint Bid

A bid bearing the signatures of two or more parties.

Joint Stock Land Bank

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.")

Leeds

Used in London to designate the ordinary stock of the Lancashire and Yorkshire Rwy.

Letter Of Regret

(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.

Letter Of Renunciation

(First read "Allotment.") This is a form attached to an "allotment letter" by which the rights of the one to whom shares have been allotted are renounced in favor of another.

Liberty Bonds

Four issues of U. S. Government bonds made to raise funds to cany on the World War (1917-1918). See " Government Bonds."

Lift a Mortgage. To pay it, off.

Limited Order

This will be understood by reading "Limit."

Lloyds' Bonds

An English term for an obligation which may be given for an existing debt even although the borrowing power is exhausted. It does not have any mortgage claim upon the property.

Loaning at a Premium. See " Borrowing Stock."

Loaning Flat

See " Borrowing Stock."

Lombard

See "Lombarding."

Lombard Obs

(See "Lombards.") The preference shares or obligations of that company.

Lombarding

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.