Legality Of Securities

See "Attorney's Opinion."

Legal Name of a Woman. See "Woman's Signature."

Legal Opinion

See "Attorney's Opinion."


Meaning the same as " Legal Tenders." In some sections of the country, the securities which are legalized investments for the savings banks to buy are referred to by the dealer as " legals." (See " Legal Investments for Savings Banks.")

Legal Tender Bonds

Bonds payable in any "legal tender" (see that subject) money of the United States.

Legal Tender Certificate

A Government receipt formerly issued in exchange for " legal tender notes " deposited in a "sub-treasury," and only negotiable among members of the "clearing-house association " in the city where issued. It was necessary that it bear the indorsements both of the bank to which issued and the bank presenting it for redemption. Also called " currency certificate." They are no longer used.

Legal Tender Note

(Read "Legal Tender.") Paper money, which, by law, is "legal tender." It must be borne in mind, however, that, whereas, silver and gold are receivable in every section of the world at their known intrinsic value, a " legal tender note " of the United States, for instance, would not be accepted in sections of the world where the inhabitants were ignorant of the ability to pay on the part of the issuer.

Legal Trust

See " Trust."


The monetary unit of Roumania; being the same as the French "franc" or $.193 United States money.

Lending Stocks

See " Borrowing Stocks."

Letter Of Advice

This is a written notice used in " exchange" (to which refer) transactions, and sent from the one drawing the " bill " to the one expected to pay it.

Letters Testamentary

An instrument issued by a court authorizing the executor under a will to perform the duties of his office.

Levee Bonds

Particularly issued in the South by Levee Districts; that is, municipal subdivisions, the taxable property therein being assessed for the principal and interest of the debts. These bonds are issued to defray the expenses of building and maintaining levees for the reclamation or protection of land which would otherwise be submerged by water all or part of the time. Investors should look into one of these issues very carefully before purchasing. The wealth of the taxable property in the district, the necessity of the levee and the probable permanency of the work, are deserving of thoughtful consideration. A levee which is so situated and constructed that it is apt to be easily washed away is by no means a good foundation for investment. Some of these issues have proven quite satisfactory; as a class they yield a high return upon the investment.