Scrip Dividend

Sometimes corporations wish to declare a dividend in some other form than cash, or declare what is known as a "stock dividend," and, to that end, may issue what substantially amount to "due-bills," carrying no voting power, but generally at some later date convertible into stock or cash; but no dividends would be declared upon the same until conversion had taken place, although they might bear interest in the meantime.

S. D. M. J. September, December, March, and June; interest or dividends payable quarterly beginning with September.

Seat

One who possesses membership in an "exchange" would be said to possess a "seat" therein.

Seat on the Stock Exchange. See " Stock Exchange Seat."

Second Consolidated Mortgage Bonds

An issue secured by a mortgage subsequent to one " consolidated mortgage" (refer to "Consolidated Mortgage Bond ") already covering the property, and to all other prior mortgages. It bears, roughly speaking, the same relation to all the earlier mortgages as the "consolidated mortgage " issue does to all issues prior to that one. A bondholder of this class must consider the sum total of all prior indebtedness secured by the "first consolidated" and earlier mortgages, in order to determine what value, if any, there is left in the property to secure his investment. It must certainly rate along somewhere with a "third mortgage" and perhaps a "fourth." Yet the rapid increase in the value of the property due to good business and large improvements may warrant the debt.

Second Mortgage Bond

A bond secured by a mortgage upon a property which already has one other mortgage existing upon it and which mortgage would have prior claim upon the property and its earnings. (See "Second Mortgage.")

Second Of Exchange

See " Set of Exchange."

Second Preference Shares

The English equivalent of our "second preferred stock."

Second Preferred Stock

See " Preferred Stock."

Seconds

Second mortgage bonds.

Quotations in the newspapers regarding money rates appear something like this: " The first commercial paper sells at 5%, good names sell as high as 5 1/4%, the names that are termed ' seconds ' sell as high as 5 1/2 %." " Good names," of course, refers to the makers of notes, who, in this case, are rated at a high standard of credit. "Seconds," therefore, would refer to the next class of borrowers with not so good a standing.

Second Teller

The "receiving teller" of a banking institution.

Secured Creditor

One who has certain property as security for the entire or partial satisfaction of his debt.

Securities

All forms of investments; stocks, bonds, mortgages, etc., of every kind; the written or printed papers that represent the ownership of corporations, or the lender's evidence of the borrower's indebtedness.