Three Pence

A silver coin of Great Britain, equal in value to about six cents United States money.

Three Sixty-fives. Bonds bearing interest at the rate of 3.65% per annum. This peculiar rate results from the fact that it is the equivalent of one cent per day on each $100 invested. A good illustration is the District of Columbia, which has borrowed quite largely by the issuing of bonds bearing this rate.


A humourous name for one who has a craze for watching the quotations as they come in on the " tape," and who may be found during stock-exchange hours hanging over the " ticker."


A book in which all debts due to a banking institution (or any one) are entered, together with dates of maturity, so that failure to present for payment at the proper time may not occur. It is a reminder.

Tied Up

See " Locked Up."


In speculating in lard this term represents 340 pounds.

Tight Money

Difficult to borrow money, except at high interest rates, and, sometimes, impossible regardless of rate.

Till Money

An English term for money which a banker must keep close at hand ready to meet payment of checks as presented over the counter.

Time Bills

Bills of exchange (see "Exchange") payable at some fixed date as distinguished from " sight " or "demand bills." If the holder of a " time bill " wishes to realize money upon the same, he takes it to some dealer in " foreign exchange," who buys it at the prevailing rate of exchange, less the interest for the unexpired time, reckoned on the basis of the rate prevailing in the country against which the bill is drawn.

Time Certificate

See " Certificate of Deposit."

Time Collateral Paper

See " Collateral."

Time Deposit

A deposit of money in a banking institution to remain for a specified time. Upon money deposited in this way the institution is supposed to pay interest, and a greater rate of interest (if any) than allowed on deposits " subject to check." (See also Addenda.)

For all practical purposes, savings bank deposits are " time." To withdraw them before the expiration of a given time, a greater or less sacrifice of interest accrues to the depositor. Most savings banks reserve the right, and it is so specified in their deposit books, to require a certain notice, thirty, sixty days, or some such time, in which to pay depositors. This privilege is very rarely exercised and only in case of financial troubles.

Time Discount

Any money gain accruing to the purchaser of merchandise on account of anticipating the payment of the bill for the same.

Time Draft

(First read "Draft.") A draft payable on a certain named day or at expiration of a stated length of time after it has been presented for " acceptance " (see that subject); that is, after "sight." A draft payable ten days after "sight " becomes payable ten days after it has been presented for "acceptance." The presenting of the same, however, often depends upon the receipt of goods against which the draft may have been drawn for payment, and, in such a case as above, would not be presented for " acceptance " until the arrival of the goods themselves.