Real Money

Financiers use this term to designate metallic money - gold or silver, according to the " standard " of the particular country - from, usually, paper money, which is called "representative money." The latter has no real value, but only represents money which has, and which it promises to give in exchange when demanded.

Real Property

Land and buildings, including everything, such as minerals, etc., below the surface, and the air or space above; also, all crops, as grass, trees, etc., which are not considered as of annual planting. The right to use other land, as by a right of way, also comes under this head.

Real Valuation

See " Assessed Valuation."

Rebate

Paying back. Example: If one borrows money and pays interest for six months in advance, and then at the end of three months - by the consent of the lender - pays the debt and receives back the interest for the remaining three months, the lender "rebates"; the interest.

A "rebate" on the part of a "common carrier" is a return of money to the shipper, or the granting to him of some privilege, so that he may receive, in effect, a more favourable shipping rate than the regular tariff.

Recede

"A receding market;" slow but steady shrinkage in prices.

Receiver

One appointed by a court to take the custody, management, or disposal of property in controversy, pending litigation. One appointed to close up the affairs of an insolvent concern, by dividing the assets among those entitled to receive same.

Receivers' Certificates

A form of indebtedness issued by authority of the court against property under the management of a receiver, for the purpose of borrowing money. These certificates take precedence over all other indebtedness of the company, even over a first mortgage, - except money due for wages and other necessary operating expenses, - and' must be first paid. "Receivers' certificates" are usually sanctioned by the court only to defray necessary expenses for the continued operation of a corporation, the ceasing of which would be a public calamity; such as a railroad, lighting plant, etc.

Receiving Teller

See "Teller." Also called the "Second Teller."

Reconstruction

This term is used in Great Britain as the equivalent of our "reorganization."

Recourse

Literally: running back; a return. To have "recourse" is to have legal right to demand payment. The holder of a check which is not paid when presented at the bank would have "recourse" against the indorsers; that is, could demand payment from any of them.

Recovery

An advance, after a decline in prices.