Two Pence

A silver coin of Great Britain, equal in value to about four cents United States money.

Tx

Taxes.

U. G. I

The United Gas Improvement Co.

U. K

The United Kingdom, i. e. Great Britain and Ireland

Un

The " ticker " abbreviation for " unified."

Unassented

"Unassented" securities are those the owners of which have not agreed to some change in their status.

Uncovered Money (Or Paper)

Paper money behind which there is no stock of metallic money or anything to redeem or secure it.

Under

This is a term used in Great Britain and means 1-32 of 1% less or below a price. To illustrate, " under 1/8 " would equal 3-32.

Underlie

" Underlying mortgage." This is almost selfexplained by the literal dictionary definition of the word "underlie." An "underlying mortgage" takes precedence over some other mortgage covering the same property. It may be a first mortgage, and is usually so considered, but all mortgages on a property which have precedence over any other mortgage "underlie " the latter.

1 The commission has been increased to S2.50.

Undertone

"The undertone of the market was weak," meaning that there was an underlying weakness prevailing; a tendency towards a decline in prices.

Underwriter

See " Underwriting."

Underwriters, Agreement. An agreement by which members of an "underwriting syndicate" are bound. (See Underwriting" and "Syndicate.")

Underwriting Syndicate

See " Underwriting."

Undesignated City

Cities in which " country banks " (to which refer) are located. Cities not designated as " central reserve " or " reserve " cities.

Undigested Securities

Securities that have been issued and sold to bankers, underwriters (see " Underwriters"), etc., who had expected to again sell them to investors, or the "public," so-called. The public, owing to unfavourable market conditions unforeseen, or for other reasons, not having taken these securities, has not absorbed or " digested " them, and they remain in the hands of the bankers and underwriters " undigested," where they are likely to remain until market conditions improve sufficiently to permit of their absorption.1

Undivided Profits

Earnings or profits which have not been divided among the partners in a firm or the stockholders in a corporation. The difference between "surplus" and "undivided profits " is merely a bookkeeping one; the latter account on the books of any business, if it does not seem probable that these profits will in the near future be divided, may all, or in part, be transferred to a "surplus account." (See "Dividend.")

Uneven Market

Many variations in prices; first up and then down; such variations at times may be large.