Morgan Interests

Certain corporations partially controlled by or affiliated with the firm of J. P. Morgan & Co., consisting in part of the Reading, the Central Railway of New Jersey, Atlantic Coast Line, the Louisville & Nashville, Northern Pacific, Great Northern, Chicago, Burlington & Quincy, and the Southern Railway Companies. Also the United States Steel Corporation and General Electric Company.

Mortgage Bond

A promise to pay in the form of a bond and secured by a mortgage on property.

Mortgage Collateral Trust Bonds

See first paragraph of "Collateral Trust Bonds."

Mortgage Debenture

This is explained under " Debenture Bond."


See " Mortgage."


The individual, firm, or corporation, to whom property is mortgaged; the one holding the mortgage; in other words, the lender of money.

Mortgage Sale

The sale of property mortgaged as security for the payment of a debt or the fulfilment of a contract, as explained under " Foreclosure."


(The proper spelling of this should be "mort-gageor," but by custom the "e" has been dropped.) The person, firm, or corporation which signs or gives a mortgage against property; the one who grants the estate as security for debt; in other words, the borrower of the money. The man who mortgages his house and land as security for $10,000 is the "mortgagor."


The "ticker n abbreviation for "mortgage."

Mutual Savings Bank

A savings institution, all the profits of which belong to the depositors; mutual ownership. Most savings banks are of this kind, and are without capital stock. However, there are in Pennsylvania, for example, savings banks of both kinds, those with and those without capital stock.

Savings banks with capital stock are known as "stock savings banks," and the stockholders of such institutions derive their profits after the payment of the interest to the depositors.

The management of savings banks having capital stock is vested in a board of directors and officers, the same as any other corporation, but a "mutual savings bank" is managed by what is known as a board of trustees, formed by its organizers at the time of its creation, and having the power among themselves to fill vacancies.

M. & N. Interest or dividends payable semi-annually, May and November.

M. & S. Interest or dividends payable semi-annually, March and September.


A name for the modern French gold twenty-franc piece, worth approximately $3.86 in United States money. It is a reproduction of a coin minted during the time of Napoleon Bonaparte.

Narrow Market

When there are extremely few transactions upon the stock exchange. This may be used, of course, to express the market in other commodities than stocks. A wool merchant might say that there was a very "narrow market" in his line of business, which would indicate that there was very little wool selling.