(See "Certified Check,") Certifying a check to an amount greater than the deposit standing to the credit of the party drawing the check. This is prohibited by law, but very largely done, nevertheless.
See " Overdraw."
See " Overdraw."
A loan of money to be repaid the following day.
1 The New York Courts have recently decided that a bank is not liable for a clerk's blunder for damages to a depositor. In the particular case upon which the decision was rendered, the plaintiff had a check returned, indorsed "not sufficient funds." Owing to a bookkeeper's mistake money belonging to the plaintiff had been credited to another account. The plaintiff claimed that the action of the bank injured him in a business way. The jury brought in a verdict for the defendant.
The market is "oversold" when more securities have been contracted for delivery than the sellers are able to purchase at advantageous prices, resulting in a rising market; too many people have " gone short." (See " Selling Short.")
The Pacific Coast Co. Successor to The Oregon Improvement Co.
Pacific Mail Steamship Co.
Used in two senses. First, the railroad companies with Pacific as part of their names; i. e. Union Pacific, Southern Pacific, Northern Pacific, Canadian Pacific, Western Pacific, and Central Pacific. Second, the roads reaching across the country to the Pacific Ocean; i. e. the first four mentioned, and the Chicago, Milwaukee & St. Paul, the Great Northern, and the Atchison, Topeka & Santa Fe.
Paid-Up Value. A life insurance term describing the sum of insurance, which, without further payment of premiums, should be given the insured in case of cessation on the part of the latter in payment of premiums after a fixed time. In other words, it is the value which a policy would have after a given time, as set forth in the policy, should the insured, from inability or otherwise, discontinue payment of premiums previous to the time originally contemplated in the policy. Many modern policies state therein the sums which would be the " paid-up value" of the same at different intervals.