A Chicago Board of Trade term calling for shipment within ten business days.
¹ A description, generally printed, but sometimes typewritten, setting forth the plan of some enterprise about to be undertaken. It differs from a "circular" in its use among bankers as being more a detailed description of some issue of securities and of the property covered by them, and for distribution among what are known as "underwriters" or the few who are invited to share, to a certain extent, in the profits resulting from the sale of the issue when offered to the public at some later time. The description of the same securities and property, when offered for general sale to the public, would be called a " circular," although perhaps this fine distinction in the meaning of the two words is not always strictly followed. The two words are used to a certain extent interchangeably.
See " Protest."
This is an English term for our "interim certificates."
See " Pit."
All investors or speculators not in the business of buying and selling securities for others, or who do not make speculation a business. "The investing public; "those upon whom the banker and broker depend for their patronage.
The same as an "auditor," to which refer.
See "United States Public Debt."
Interest-bearing Government indebtedness.
Same as last subject.
A railroad may purchase all, or the controlling interest in, one or more other lines of railroad, which roads in themselves, perhaps, were not of very high standing until purchased by the company first mentioned. There may be some reason why the purchasing company cannot issue more bonds of its own for the needs of the purchased line (or lines) and, therefore, may issue a mortgage directly upon the purchased line (or lines) itself, but the mortgage may bear the name of the owning railroad, but, in case of default in the interest or principal the owner could only look to the property actually mortgaged for his protection. Of course, the terms of such mortgages vary greatly, but, as a rule, a "purchased line mortgage " is only a mortgage upon the line actually purchased and not any obligation of the parent company, unless guaranteed by the same.