Ton Mile Cost

The cost of carrying one ton of freight one mile. This cost cannot be accurately ascertained. It is merely a rough approximation used by railroads for comparative statistical purposes.


The amount of freight carried by rail or boat.


Tonopah Mining Co. of Nevada. (Gold and silver.)

Tontine Insurance

A life insurance contract which provides that all payments made by the insured and all accrued profits shall be forfeited and the contract terminated upon the non-payment of any premium when due. Sometimes used incorrectly to designate deferred dividend policies which have both cash surrender and paid-up values. These policies are semi or free "tontine," being "tontine" only as to their dividends, which are lost to the insured in case of death or lapse.

To Order

See " Payable to Order."


A market is, or prices are, "top-heavy" when too high for the times, and ought, judging from existing conditions, to tip over, react, or decline.


Prices getting dangerously high and ready to topple over; top-heavy.


The Torrington Co. (Needles, etc.)

Total Surplus

Surplus for year added to previous " Surplus."


"General Electric touched 180;" meaning that the stock of that company reached the price of $180 per share.


The "ticker" abbreviation for "trust receipts." It is also otherwise used to mean "transit" or "trust."

Traction Shares

In general, the stock of any or all street railway companies; but, as used in the New York newspapers, stocks of the local companies.

Traction Stocks (Or Bonds)

Issues of securities by street railway companies of all kinds, whether operating elevated roads, surface lines, or subways. It is to distinguish these securities from railroad companies, as commonly understood, that the word "traction" is used. (See "Electric Railway Securities.")

Trade Balance

Same as " Balance of Trade."

Trade Bills

An English term for "inland (exchange) commercial bills." (See " Exchange.")


A member of the stock exchange who buys and sells on his own account.

Trade Discount

The discount allowed by the manufacturer or wholesaler to some one else in the trade, generally the retailer, on goods purchased; the goods themselves to be billed at the retail price, and the discount, therefore, being so much off the retail price. Dealers of certain commodities, the prices of which have a wide range of fluctuation, such as paper, glass, etc., have fixed charges for their goods, and issue discount sheets, from time to time, stating what discounts from these prices will be allowed.