Time Loan

A form of borrowing where the agreement between the borrower and the lender sets a definite time at which the loan shall be paid, and by which the right does not exist on the part of either for earlier payment than the date specified in the note.

Time Money

Loans for a definite time as opposed to "call" or "demand" loans; loans which neither the lender nor borrower has the right to demand or make payment of before the time specified in the note.

Time Paper

Notes, drafts, etc., payable at certain future dates. See "Time Loan" and "Time Draft."

Tip

Information given in a secretive, or what is supposed to be a secretive, way, purporting to aid one in deciding as to what action to take regarding the purchase or sale of certain securities. " Tips" are sometimes honestly given; sometimes given with the intent to mislead; and, again, are honestly given, but in spite of that fact may not prove to have been based on correct information. (Read " Tipster.") Advice sincerely given, however, by the legitimate banker or stock exchange broker must not be confused with the underhand fatherless advices of the " tipster."

Title Insurance

A plan by which one may obtain insurance against loss arising from an imperfect title to real estate, it falling upon the company to satisfy itself as to the title's soundness. This is often advisable for those ourchasing mortgages.

Title Insurance Company

See " Mortgage." To Account Rendered. Indicating that a bill or statement for the same had been previously furnished the debtor.

To Bearer

See " Payable to Bearer."

To Bill Rendered

See " To Account Rendered."

To Boot

Money or anything given as an extra inducement to effect an exchange (swap) between parties.1

Token Money

Formerly issued by merchants as small change when there was a scarcity of Government coins of small denominations. They had the general appearance of coins, but not equal in value to the face amount. The issuers were expected to redeem them on demand. •

Government issues of minor coins, which in themselves are of less value than their face, but which, by law or custom, are current at their face value, or in excess of their real value, are " token " coins; such as our copper cents and nickel coins.

Tolerance

The legal allowance for abrasion of coins, below which the Treasury will not redeem them at their face value. The allowance varies with the time of circulation. Also called " Mint Remedy."

Ton Mile

The movement of one ton of freight one mile. It is taken as the unit of cost and service in freight transportation. Transportation service consists of two factors, weight and distance. The weight alone is no indication of the amount of a railroad's business; that is to say, a railroad carrying a larger number of tons than another might actually be doing less business, because the number of tons carried was for a less distance.

1 Trenholm states that "money was probably at the very first used only as a make-weight in bartering and trading; the ' boot,' as we call it now. It may be imagined that when bartering and ' trading ' became close, some article of general acceptability was added to the less valuable of the two things under exchange, so as to equalize the values received by the parties to the barter."

The product of tons and miles is used by railroads to compare business done with that of other roads, or with their own business in other years.