Interchangeable Bonds

After understanding the difference between a "registered" and a "coupon bond" by referring to those subjects, it will be clear that" interchangeable bonds " are those which are changeable from "coupon" to "registered," and back again from "registered" to "coupon," at the request of the holder. Many issues, the bonds of which have once been converted into a registered form, may not again be issued as "coupon bonds."

Interest Accrued

See "Accrued Interest."

Interest Added

See "Accrued Interest."


Securities which bear interest.

Interest On Daily Balances

See "Daily Balances."

Interest Payable Annually

See " Annual Interest."

Interest Payable Quarterly

See " Quarterly Interest."

Interest Payable Semi-annually. See "Semi-Annual Interest."

Interest to Follow. Payable at maturity. A most common use of this term is in connection with money borrowed for a comparatively short time, generally not exceeding six months. Suppose, for example, that A borrows $100 from B at 5%, "interest to follow," the note payable six months from its date. It would mean that B would not receive interest on the loan until the expiration of the six months. (See "Discount.")

Interest Warrant

See next to last paragraph of "Warrant."

Interim Certificate

A temporary certificate issued to the purchaser of a given security until the properly engraved, lithographed or printed security can be issued to take its place. They are often issued by the corporation itself but more frequently by some trust company.

Interior Banks

Probably a correct definition of "interior banks" is: all banks of this country located without the City of New York. That there is some hesitation on the part of those best posted on such matters, is evidenced by this quota-tation from a letter bearing upon the subject from Mr. F. A. Vanderlip: "The term is, of course, very evidently not a well-considered one, and it may seem a little incongruous to suggest that a bank located on the New England seaboard should be called an 'interior bank.' It seems to me the term is understood in financial circles to mean those banks which treat New York as a 'reserve centre,' and that necessarily includes all other banks of the country. The banks of the other two ' central reserve cities ' are really ' interior banks ? in this sense also."

Interior Cotton Receipts

The weekly gross receipts of cotton at the principal interior cities, such as Houston, Tex., Memphis, Tenn., Augusta, Ga., St. Louis, Mo., Cincinnati, O., etc.

Internal Loan

An issue of bonds placed among investors in the country by which issued.

International Checks

These are for the convenience of travellers who desire something more in the nature of actual bank notes than "letters of credit." They are issued in sums of 5, 10 and 20; identify the holder by his signature; are accepted by the agents of the issuing banker without regard to the rate of exchange, the check stating on its face its value in the currencies of the important countries of Europe. In case of loss the check is of no value to other than the person in whose name issued. The charge made for these is about 1/2 % of the face value.