Trunk Lines

As commonly understood, the lines of railway connecting the Atlantic Seaboard and the Central West.

1 See " The Coinage Act, 1870," 33 Victoria, Chapter 10.

Trust Certificates

See " Stock Trust Certificates."

Trust Company Account

See " Bank Account."

Trust Company Receipts

When a corporation is undergoing re-organization, or when, for any purpose, the deposit of outstanding securities is asked for, a trust company may act as custodian for the same, and issue its receipts which may be traded in upon the stock exchange or used in the form of any other negotiable instrument, as, for all practical purposes, they represent the original securities.

Trust Deed

The written or printed instrument which conveys the title of property to some party to be held in trust for others; the instrument which provides for the duties of a trustee of a mortgage, and sets forth the rights of the borrower and the lender.

The law finds other uses for " trust deed " than the above, but in investment matters the definition here is what is understood.

Trust Estate

An estate whose legal possession and benefits are vested in one or more persons, the actual possession and management of it, however, being intrusted to another party or parties - sometimes called " trustee," or " trustees."

Trust Funds

Money which, under specific conditions, is placed in the hands of an individual, several individuals, trust company, etc., to be cared for and managed accordingly.

Investments by a trustee should be made with great care. It may be said that securities legal for investment by both New York and Massachusetts Savings Banks are suitable for trust funds.

Trust Receipt

A receipt given by an importing house to a banking house on account of goods imported but against which the "bill of exchange" has not matured and so has not been paid. This gives the importing house the possession, but not the title to the goods. Some receipts provide for a storage of the goods in a warehouse, under a " warehouse receipt."


"A profitable turn;" a profitable and finished transaction. A "turn" is the selling of a security (or anything) after its purchase, or a purchase to make good a contract to deliver. (See " Short Covering.")

Turned Down

Declined to buy; declined to avail oneself of the privilege. Suppose a banking house buys an issue of bonds subject to the usual conditions of investigation, and, upon making its investigation, finds facts not as represented, it ends negotiations, and declines to purchase the issue. In bankers' parlance they are said to have " turned down the issue."