Old Lady Of Threadneedle Street

Bank of England.

Old Line Insurance

Life insurance upon which the premium is fixed (see " Level Premium "); not changing from year to year, but determined once for all by the age of the insured when he makes his first payment, and which maintains a yearly increasing reserve, something like a sinking fund, to meet the claims at a given time.

Old Reserve

This is explained under " New Reserve."

On Account

A partial payment of an amount due is a payment "on account."

On a Scale. See " Ruvine on a Scale " and "Selling on a Scale."

On Call

This will be understood by reading "Demand Note." It has reference to money or anything "subject to call;" subject to demand for immediate delivery or payment.

On Change

On the stock exchange, or on any other kind of an exchange.

One-Name Bill. A bill of exchange (see "Exchange") which has only one signature and is without indorsements, and has not been " accepted."

One-Name Paper. Same as " Single-name Paper."

On Or Before

This expression is used in reference to a form of borrowing where an agreement exists between the lender and the borrower that the note shall run for a definite period, and that the lender shall not have the right to ask for a previous payment, but the borrower may have the right, if he so elects, to pay the note off "on or before" the maturity date mentioned in the note.

On Passage

Grain, or any commodity, en route upon the ocean between any two ports.

On Sale

Offered for sale.

On the Canal (on Canal). Grain which is at the time in transit on the Erie Canal.

On the Lake (on Lake). Grain, or any commodity, en route upon the Great Lakes.

On the Track (on Track). Grain, or any commodity, in railroad cars.

Open Account

The credit which one banker enjoys with another and against which he draws in " exchange."

Open Credit

See " Open Account."

Opening Prices

The quotation of the day's first sale of each security.

Open Market

Where any or all may buy and sell. A stock exchange limited to the trading of its members is not an "open market."

Open Mortgage

A mortgage under which more indebtedness can be incurred; the amount of indebtedness authorized under the terms of the mortgage has not been reached. The opposite of "Closed Mortgage."

Open Order

Meaning the same as "Good Until Cancelled."

Operating Companies

Broadly speaking, any company which is actually in possession of, and operating its own business, but in investment matters it has a more restricted sense. It refers to a company which is owned or controlled by another, but which latter, i. e. the "controlling company," only indirectly conducts the management of the former, which, by its own officials, under general instructions from the controlling company, actually manages its operation.