Trade Dollars

Authorized by the Act of February 12, 1873, containing 420 grains troy; intended for circulation in oriental countries as a substitute for the Mexican dollar; slightly exceeding the same in weight; formerly legal tender in the United States in sums not exceeding $5. This latter quality was withdrawn in 1876 and the coinage was limited to such amounts as the Secretary of the Treasury should consider sufficient to meet the export demand. In 1887 the retirement of trade dollars and their recoinage into standard silver dollars or subsidiary silver was provided for by law. The total number of trade dollars coined was 35,965,924. The number redeemed under the Act of 1887 was 7,689,036. For six months after the passing of the Act of 1887 trade dollars could be exchanged, dollar for dollar, for standard silver dollars or subsidiary coin. Since the expiration of that redemption period Trade Dollars have been purchased as bullion when presented at the mints.

Trade Paper

See " Business Paper."

Trading

Buying and selling securities for personal gain, the dealings being with bankers or brokers and not with the investment public. A reading of the subject under the heading " Traders " will give a fair idea of what is known as "trading."

Traffic Density

May be either "freight density," or "passenger density." (See those subjects.)

Traffic Pools

See footnote to the subject " Pool."

Train Mile

The movement of a train one mile. It is taken as the unit of movement of trains between terminals.

Transcontinentals

As commonly understood, the lines of railway connecting the Central West and the Pacific Coast.

Transfer

See " Transfer of Stock."

Transfer Agent

A person, banking house, bank, or trust company - generally the latter - which has in its possession the books of unissued stock certificates, and, probably, a seal of the corporation, for which it acts as transfer agent, and which is authorized to issue new certificates for old ones when presented, properly assigned and witnessed, and to keep a record of all such transfers.

A "transfer agent" is one through whom a change in ownership of a corporation is made; corresponds to a register of deeds in a transfer of real estate.

Transfer Book

A book in which is recorded transfers of shares of stock, showing a change of ownership.

Transfer Office

See " Transfer Agent."

Transfers

Meaning telegraphic transfers or cable transfers, as the case may be. (See " Cable Transfers " and " Telegraphic Transfers of Money.")

Transit Stocks And Bonds

Very much the same as " traction securities " (see " Traction Stocks "), but in common use being applied more to the large street railway corporations of greater New York, such as the Brooklyn Rapid Transit Co., etc.