Well known securities, of established reputation, in which confidence is felt as to the future payment of interest or dividends, and of the principal, if redeemable; stocks which are sought as conservative investments.
Formerly "State banks" issued bank notes, but in 1865 Congress passed a law taxing these notes 10%, which speedily resulted in their retirement. Since that time, in other respects, they have performed about the same functions as national banks. As a class they have very largely disappeared in the East, but are more frequent in other sections of the country. Fiske writing in 1903 said that these institutions outnumbered the national banks in the country. State banks are under the regulation of the State in which they are located.
United States Steel Corporation.
"Exchange" (to which refer) on Great Britain.
"Sterling at Paris 25.21." This means that twenty-five francs and twenty-one centimes, French money, was the equivalent in value, at the time of quotation, in English money, to the "pound sterling," and that a purchaser in Paris of a "bill of exchange " on London would pay for it at the rate of twenty-five francs and twenty-one centimes for each" pound sterling." Similar quotations in other financial centres, as "Berlin, 20.49 1/2 " would mean the value in German money of the English " pound sterling " for exchange purposes.
"Sterling" is very generally used in reference to English money, as, for instance, 3 1/2 million sterling, meaning 3,500,000 "pounds sterling." The English say "pounds" or "sterling" when referring to their money, whereas we say "dollars" in speaking of our own.
"Exchange" payable in English money, (See last subject.)
See next subject.
Advanced; prices "stiffen " when they rise.
The property of any corporation is divided into various parts or shares called "stock." (See also "Shares.")
There is a peculiar feature attached to what is referred to as a "stock" in Great Britain; namely, that it can be dealt in and transferred in multiples of one pound, and sometimes even less, and, in this way, it differs from what they term "shares," as they are dealt in according to their specific denominations. It may be taken as a general rule that most British railway issues are in the form of "stocks," not "shares."
The English have a way of referring to their municipal bond issues as "corporation stock," using "stock" as the equivalent of our "bond" at such times. What we call a "corporation" they call a "company."