Securities Companies

These are " holding companies" (to which refer), corporations formed to hold the snares of other companies. The shareholders of the " securities com-panies " own through this medium interests in other corpora-tions.

Security Bills

"Bills of exchange" (which should be understood first) drawn against shipments of stock, bonds, or other securities. (See " Documentary Commercial Bill.")

Security Exchanges

Sometimes "stock exchanges" are referred to as "security exchanges."

Security Insurance

A method of guaranteeing the interest or principal, or both, of a security - bonds, mortgages, etc. If the company is satisfied with the risk, and the insured with the premium asked, it will guarantee the latter against loss from non-payment of the security in question.

Sellers

" Sellers 71: " offered at 71.

Selling Order

An order given to a broker to sell a certain security, with or without limit as to price, as the case may be. (See " Sell at the Market.") An order to sell is good for the day for which it is given unless otherwise specified. Sometimes an order is given " good until countermanded," or "good until cancelled," by which the broker understands there is no definite limit as to time, but brokers, as a rule, remind their customers at frequent intervals regarding such an order, to be sure that the customer wishes it still to remain in force.

Sell Out

An understanding of buying on a "margin" is first necessary. If a customer is unable to furnish " margin " when called for by his broker, and the latter closes out the account, he is said to have sold out his customer.

Semi-Annual Interest. Interest payable twice a year. If interest on a bond is payable January 1st, the next corresponding half yearly period would be July 1st. The interest, or dividends, upon most investments are payable semiannually.

Semi-Tontine Insurance. See " Tontine Insurance."

Senior Mortgage (Or Lien)

First, or prior mortgage; having precedence over some other mortgage or lien. " Senior mortgages," when used in reference to some particular mortgage, would indicate all mortgages having prior claim (senior to) that one.

Set Of Exchange

(See "Exchange.") When a commercial house in one country draws a bill of exchange against one in another, it sometimes writes these in duplicate, possibly triplicate, each being addressed in a separate envelope, and sent by different routes to avoid inconvenience in case of delay in the mails. Of course only the first one of these presented is paid. These are called "Set of Exchange," collectively, and "First of Exchange," "Second of Exchange," or "Third of Exchange," individually.