Stock Bills

Bills of exchange (see "Exchange") drawn against a shipment of investment securities; stocks.

Stock Certificate

The ownership of "stock" (read last paragraph) is represented by a printed, lithographed, or engraved 1 form, properly filled in, sealed and signed by the proper officers, giving the owner's name and number of shares of the stock it represents. This is a "stock certificate " and is the rightful possessor's evidence of ownership in the property of the corporation. (Read "Transfer of Stock.")

Stock Company

A corporation, the ownership of which is represented by shares of stock. (See "Corporation.")

Stock Exchange Collateral

(Read "Collateral.") Collateral security which is dealt in upon the particular stock exchange to which reference is had, as, for instance, any New York Stock Exchange collateral would mean securities dealt in upon the stock exchange of that city.

Stockholder

The owner of one or more shares of stock in an incorporated company. In the eyes of the law, the legal stockholder is the one whose name appears upon the records of a corporation as the owner of one or more shares of its capital stock, regardless of whether, or no, such a person may have parted with his stock by signing the same in blank, without taking the necessary precaution of having his original certificate of stock cancelled, and a new one issued in its place to the purchasing party.

Stock Interest Certificates

See "Stock Trust Certificates," for all practical purposes the same.

Stock-jobber. A speculator; one who cares not for the disasters he may cause others, so long as he forces the prices of securities up or down for his own gain; one who issues securities upon a corporation far in excess of the actual value of the property of the corporation; watered stock, so-called. London has a different meaning for this term, as given under "Jobber."

Stock-Jobbing

The use of this term in London will be understood by reading the subject " Jobber." With us "stock-jobbing " has reference to the use of unsavoury methods for varying the prices of stocks.

Stock Kiting

See "Kiting."

Stock Savings Banks

Explained under "Mutual Savings Banks."

Stock Transfer

See " Transfer of Stock."

Stock Transfer Tax

See " Taxes on Stock Transfers."

Stock Trust Certificates

In August, 1902, the St. Louis and San Francisco R. R. Co. secured control of the stock of the Chicago and Eastern Illinois R. R. Co., by exchanging, on the basis of equal par value, certificates calling for fixed dividends, with other conditions. These certificates bore the name of the St. Louis and San Francisco Co., but as they represented its ownership in another company whose shares were held in trust, as it were, they were called " stock trust certificates." Certificates of this nature, sometimes known simply as " trust certificates," are occasionally issued representing the stock certificates of numerous stockholders in a corporation who wish to "pool" their ownings for the purpose of control. A trustee is appointed to hold the stock and generally to exercise certain rights vested in him by what is known as the " trust agreement."

1 This has been increased to $2.50.