Lafayette Dollar

United States silver dollars, of special design, minted during 1900 in recognition of the unveiling of the statue of Lafayette, at Washington, D. C. Total amount coined $50,026; weight, 412 grains; fineness, .900.

Lake Copper

Copper mined in the vicinity of Lake Superior. It is found pure in the rock. Ordinarily the best qualities are tougher and stronger than any copper made from ore and give an electrical conductivity of about 100% of that attributed to chemically pure copper.

Lake Shore

Lake Shore & Michigan Southern Ry. Co. Controlled by the New York Central & Hudson River R. R. Co.

Lakh

See " Lac."

Lamb

See " Fleece."

Lame Duck

A person, usually a speculator, temporarily financially embarrassed. A corporation which is embarrassed.

Land Grant Bonds

These are not very common to-day, but were formerly issued by railway companies which pledged, as security for same, lands granted them by the Government, and usually redeemed from the proceeds of their sale.

Land Grant Certificates

See "Land Grant Bonds," which do not differ materially in the form of security pledged for their payment.

Lapse

A life insurance policy "lapses" when the holder fails to pay a premium due, by which he loses his rights under the original contract. But he is generally given a "paid-up" policy or " extended insurance " policy at his option.

Lard

The trading unit is 50,000 pounds. The commission charged for the purchase or sale, or for the purchase and sale of lard is 25 cents per 1000 pounds. The usual "margin" required is 1/2 cent per pound.

Latin Union

This consists of France, Belgium, Italy, Greece, and Switzerland, which have adopted a common monetary unit, viz., the "franc;" the gold "frane" being equal to 19.3 cents United States money. In Italy the unit is called " lira," but has the same value as the " franc; " and in Greece the "drachma."

Lawful Money Bonds

Bond payable in "lawful money" (see that subject) of the United States.

L. C. L. Less than car-load lots.

Ld

Gt. Land Grant.

Lead

National Lead Co.

Ledger

Among the books kept by firms, corporations, etc., transacting business with others, is an account book termed a "ledger," in which is entered a record of all transactions, either money or otherwise, so that upon one side shall be everything to the credit of a certain account, and, upon the other, everything against it. This is accomplished by " posting "- carrying from one book of accounts to another-from the "journal" and " ash book" in double entry bookkeeping, and from the " day book" and "cash book," if such books are used, in single entry bookkeeping.