Settlement-Day

See " Account-day."

Settling Price

This amounts to the same thing as the "delivery price" as described under "Stock Exchange Clearing-house."

Seven Day Bills

In the "Bank of England Statement" (to which subject refer) there appears this item: "7-day and other bills." The Bank Statement appears weekly upon Thursdays. " even-day bills" are "bills of exchange "maturing between the dates of such statements. For example: All bills falling due for payment between the 18th and 25th of the month will appear in the statement of the 18th as " seven-day bills," or "short bills."

To be more explicit, the term" seven-day bills "signifies the amount of seven-day "sight drafts" which the bank has issued to customers who wish to make a payment in what is practically a Bank of England note. To all intents and purposes, they are checks, with the one exception that they are not payable "on demand."

Seven Thirties

Bonds bearing interest at the rate of 7.3% per annum. The writer knows of no such bonds being issued at the present time, but they were more or less frequently met with in the past, and some issues are still outstanding. The peculiar rate was based on its being equivalent to 2c. per day interest for each $100 invested. During the years of the Civil War, the United States Government borrowed large amounts by the issuance of "seven thirties." Among municipalities, Newport, Kentucky, has given us an example.

Sf

The " ticker " abbreviation for " sinking fund."

Shade

To "shade" the price: to make a slight concession in the price.

Shaded Off

This expression is commonly used in reference to a slight decline in market quotations.

Shaking Out

When, by a process of manipulation, the owners of stocks have been forced to sell, the stock exchange broker refers to this as a "shaking out" of stocks. It is used in reference to most anything speculated in.

Shareholder

See " Stockholder."

Shares

When this word is used in relation to investments it has the same meaning as the word "stock," but is more commonly used in England, Canada, etc., than in this country, where "stock" or "shares of stock" are the usual expressions. Still, in England they distinguish between "shares" and "stock," as will be seen by referring to the latter subject.

Shaving a Note. Discounting a promissory note at a rate in excess of the " legal interest." Imagine the legal interest rate 6%. $30 would be the greatest amount legally collectable on a six months' note for $1,000, drawn with interest payable at maturity. To get around this, a note may be drawn for $1,000 without any mention whatsoever of the rate of interest, but such sum as may be agreed upon deducted at the time the note is purchased or negotiated. In other words, the note would be "discounted" for $75 or $100, or whatever the agreed amount. (See "Discount.")