One who sells "exchange" to banks and other dealers in "foreign exchange," who resell to their own clients. The "jobber " might be termed the wholesaler of " exchange," and those with whom he deals, the retailers.
A London Stock Exchange term. (See "Jobber.") The "turn" is the profit which the "jobber" makes on a transaction with a "broker," but it is understood that one party to the transaction is the "broker" and the other party another "jobber." When trading between brokers, that is, buying from one broker, for instance, and selling to another, he really makes two "turns."
See " Fourpence."
Two or more persons having mutual or "joint" interest in a venture or enterprise. A simple example: Two bankers buy $100,000 bonds at 98 " on joint account." These bonds are sold at 100. There is, therefore, $2,000 to divide between the two bankers, each being first allowed to charge up all his expenses incurred in the transaction. The conditions of each " joint account " may vary greatly. One banker may " carry " all the bonds and be allowed a special profit for so doing; or, each may be allowed a commission for all bonds which he sells; or other conditions depending upon the details of each individual transaction.
A "joint account "in "exchange" has reference to a division between the banker drawing the "exchange" and the one expected to honour it, of the profits arising from loaning the proceeds in the latter's market at the prevailing (high) rates of interest. (See "Sterling Loan.")
In a note of this kind any one of the signers can be held responsible for the entire amount of the note in case of inability to pay on the part of the other, or they can all be held equally if each is financially able to meet his proportion. In other words, they are liable for its payment all together, and liable for its payment individually. (See "Joint Note.")
An ordinary promissory note beginning "I promise to pay," and then signed by each of the parties, or by a firm, as "Good & Company," is a "joint and several note;" also one reading, "We jointly and severally promise to pay," signed as above.
Some States make all obligations of two or more persons "joint and several" unless the instrument expressly provides that the obligation shall be "joint" only.
There are not many such bonds in existence. The best example is the "joint bond" issued by the Northern Pacific and Great Northern Railroad Companies. The majority of the stock of the Chicago, Burlington & Quincy Railroad Co. was purchased in the interests of both the Great Northern and Northern Pacific Railroads, and a "joint bond," so-called, issued, being the direct obligation of both the companies in question, secured by a deposit of the Chicago, Burlington & Quincy Railroad Co. stock, and guaranteed by the two first named railroads above. The Chicago, Burlington & Quincy Railroad Co. already has its own bonded debt. This security is in reality a "collateral trust " issue and is so called on the bond; a "joint collateral trust."