Transmission Company Securities

See " Power Company Bonds."

Transmission Of Money

See " Shipment of Money."

Traveller's Checks

See " International Checks."

Traveller's Letter of Credit. See " Letter of Credit/'

Treasurer

A custodian of funds; the receiver and distributer of funds. The treasurer of any incorporated company, municipality, or banking institution is the one directly responsible for the care of its financial resources. The treasurer of a savings bank corresponds to the cashier of a national bank. It is customary for treasurers to either sign or countersign all evidences of indebtedness, checks, contracts, etc. The bookkeeping department comes under his supervision.

Treasury Stock

Stock which a corporation has the right, under certain conditions, to sell, but which, pending the fulfilling of the conditions or the desire on the part of a corporation to sell the same in compliance with conditions, is held in the treasury of the company as "treasury stock"; stock authorized and issued, but not yet sold.

Trial Balance

Taking a "trial balance" of a ledger is the method used to prove the mathematical correctness of the " posting " in the ledger.

Trial of the Pyx. The English coinage laws provide for the setting apart, from time to time, of specimen coins in order to ascertain whether or not the laws regulating the weight and fineness of the coins are being complied with. Once a year the coins so collected are tested by weight and assay before a jury summoned from the "mystery of goldsmiths of the City of London or other competent persons." As the coins are chosen so as to represent fairly all the coinage of the period since the last test, the trial amounts to a public attestation of the coin as to its standard of purity.1 The box or chest in which the specimen coins are placed awaiting the trial is the " pyx."

Triangular Operation

A method, to use an example, by which London pays its debts to Paris through the medium of New York. Really being a shifting of London to our shoulders of the duty of meeting the demands of Paris.

Trimountain

Trimountain Mining Co. (Copper.)

Trinity

Trinity Copper Co.

Trolley

A nickname for Brooklyn Rapid Transit Co.

Trolley Securities

See " Electric Railway Securities."

True Discount

"True discount" differs from "bank discount," the former being the sum of money, which, if invested at the same rate at which the note or obligation is discounted, would amount to the " bank discount " rate at the time the obligation matures; in other words, allowance is made for the investment of the interest, deducted or paid in advance, for the time of the obligation. Example: The "bank discount" on a note of $10,000 for six months at 5% is, say, $250. The "true discount" would be the sum of money which added to the interest on itself for six months at 5%, would equal $250.

The rule for figuring "true discount" is to multiply the face sum of the note by the discount rate per annum and divide the result by 100 plus the rate. This result is for a year, by the aid of which any lesser time may be ascertained.