International Exchange

See " Exchange."

International Securities

Securities dealt in upon both the London and New York stock exchanges.

Inter-Relation of Interests. At times, the control by a certain group of men of the stock of one or more railway companies, and control on the part of these railways or other companies is so far-reaching, and the operating of such roads so largely dominated or influenced by the group of men mentioned, that competition, which otherwise might exist between such roads, disappears, on account of the "inter-relation of interests "existing. Or two railway companies may either by direct ownership, or through the control of their own large stockholders, own together the controlling interest in a third railway, which, on account of this common ownership, may be operated to the common benefit of the two owning roads. There exists here an "inter-relation of interests."

Intersecting Street Improvement Bonds

If the reader will first read the subject "Street Improvement Bonds" and then read what is given under "Intercepting Sewer Bonds," it will be understood that " intersecting street improvement bonds " are bonds issued by the municipality itself to defray its proportion of the street improvement expense not properly chargeable against the abutting property.

Intestate

Dying without leaving a will.

In the Red. See " Profit and Loss."

In the Street. See " Street."

Into Sight

First read "Visible Supply." "Into Sight" refers to the quantity which has been added to the " visible supply."

Inventory

A schedule of property owned, with the market value of each article or parcel. An inventory of a dry goods business would be a schedule giving goods on hand not sold, store and office fixtures and furniture of all kinds, real estate, if any, delivery wagons, etc.: in fact everything except cash on hand or due. Often applied, as in a balance sheet, to raw materials, stock in process, and finished goods.

Inverted Pyramid

Condition of insecurity. (See " Pyramiding.")

Investment

The purchase of real property, stocks, or some evidence of indebtedness, with the purpose of obtaining an interest return upon the money; any increase in value of the principal being but a secondary consideration, but the safety of the principal a first consideration. Refer to " Speculation," from which investment differs. As one writer expresses it, " Planting good seed in fertile soil, is investment; betting on how many potatoes the seed will produce to a hill, is speculation."

In its exact sense "investment" is concisely defined by Sprague:1 "Investment implies divesting one's self of the possession and control of one's assets and granting such possession and control to another." Also: "The essence of strict investment is ... a share of the gain not dependent on the fortunes of the handler."