See " Net Return upon the Investment."


As defined by the Federal Reserve Act, "a draft or bill of exchange drawn to order, having a definite maturity, and payable in dollars, in the United States, the obligation to pay which has been accepted by an acknowledgment written or stamped and signed across the face of the instrument by the party on whom it is drawn; such agreement to be to the effect that the acceptor will pay at maturity according to the tenor of such draft or bill without qualifying conditions."

Accrued Dividend Certificates

A note or "debenture" issued to preferred stockholders in settlement of arrears of accumulated dividends (see " Cumulative "). A good example is that of the Houston Oil Co., of Texas, which has issued 6% " accrued dividend certificates," representing dividends accrued and unpaid up to January 1, 1912, on its preferred stock. At the same time, new preferred stock certificates, carrying 6% dividends from January 1, 1912, were exchanged for the old preferred stock, par for par. In refinancing of this kind, it is necessary that the holder of the old preferred stock surrender the same upon the acceptance of the plan, as it is to wipe out the claim for back dividends, carried by the old stock, that it is desired to accomplish by the issuing of the new securities.

Accumulated Dividend

See " Accrued Dividend."

Accumulated Interest

See "Accrued Interest."


This is a French term for "shares."


An English term which refers to letters issued to applicants for shares in new companies, stating the amount allotted to each applicant. " Allotment letters " are exchangeable for the certificates or bonds themselves when the latter are ready for delivery, and upon payment of all instalments then due.

Allotment Letter

See "Allotment."

Anglo-A. Used in London to designate the deferred ordinary stock of the Anglo-american Telegraph Co.

Annuity Bonds

The only example in American finance of an issue of this nature, that the writer has been able to discover, is that of the Lehigh Valley R. R. Co., which, in 1873, brought out an issue of " consolidated mortgage bonds," part of which are known as perpetual " annuity bonds," and do not mature unless interest is defaulted. The irredeemable feature explains the use in this connection of the term "Annuity."

Much of the English financing is in the form of irredeemable bonds.

Assay Office Check

(First read "Assay Office.") A check drawn by such an office upon the Treasurer of the United States, and given in payment for gold which has been deposited at and refined by the assay office.