Current1 Account. An account not closed, but showing transactions from time to time.

Current Assets. "Shifting and changeable assets" such as cash on deposit and on hand, accounts and bills receivable, marketable securities and inventories. (See also "Quick Assets.")

Current Liabilities. Amounts owed subject to constant change, such as accounts payable, loans payable, bills payable, interest and dividends accrued towards the next payments, pay rolls, etc. Floating indebtedness of all kinds comes under this heading, particularly debts due within twelve months. Current Prices. Present prevailing prices.

Curtailing a Note. If a note falls due and the borrower wishes to extend it for a lesser amount by making a partial payment upon the same, or gives a new note for the reduced sum after making such a payment, the process is called "curtailing." Making partial payments upon a "demand note " from time to time would be to the same effect.

Cutting a Melon. See "Melon."

CV. The "ticker" abbreviation for "convertible."

d. Penny (pence.)

D

The "ticker abbreviation for "debenture" or "" divi

d/a. Stands for "documents for acceptance," to which subject refer.

Daily Balances. Trust companies, as a rule, and sometimes other banking institutions, allow interest to their depositors upon daily balances" of over a certain amount, say $300 or more. This means that at the close of each business day, the total amount which each depósitor has had to his credit unchanged for the last preceding twenty-four hours is ascertained, and if equal to or over the $300, or whatever the agreed sum may be, then interest is allowed for the day upon such amount, but only on sums divisible by $100; that is, no interest would be allowed for the fractional amounts greater than the even hundreds. If, however, the deposit 'This word is from the Latin verb " currere," to run.

T. F. Woodlock.

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This last, however, is subject to some flexibility, To illustrate: if the amount of the daily balance is $625, the institution would figure it as an even $600. On $699 it might figure it as $700. Some minimum amount, as, say, $90, in each $100 may be taken and any over $690 and less than $700, for instance, would be figured as the latter amount. It is also some

is less than the agreed sum, no interest is allowed for that day. By this method, a depositor is encouraged to keep his deposit equal to, or greater than, the sum specified, and, furthermore, a lesser sum is not supposed to be profitable enough to a banking institution to warrant the payment of any interest upon it.

Daly-West. The Daly-West Mining Co. (gold). In 1902 it absorbed the Quincy Mining Co.

Date of Bonds. Care should always be taken to avoid dating an issue of bonds upon Sunday. A New Jersey city issued recently $50,000 worth of bonds dated on Sunday. New ones had to be created to replace them.

Dating (Dating a Bill). A commercial term. A purchaser of goods persuades the seller to date the bill a certain length of time ahead of the actual shipment, say thirty days, and then, if he is accustomed to a certain other definite length of time to pay in, the time does not begin until the expiration of the thirty days. By this plan an extra credit time is obtained.

Day Book. This is one of the account books used in single entry bookkeeping, another name for which is "blotter." (Refer to that subject.)

Days of Grace. Generally three extra days given by the grace " of the payee (see "Payee") in which a note or other paper may be paid after its maturity. Formerly no interest was charged for the three days, later, interest was charged, but now the custom of allowing "days of grace has practically ceased. If the laws of a State provide for days of grace" and the same are demanded, then it is understood that interest may be added for the time. Neither party can make or obtain payment before the expiration of the time except at the pleasure of the other. "Grace" prevails throughout Great Britain, but does not exist upon the Continent.

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Day-to-Day Loan. A loan of money for over night, and, possibly, renewed from day to day.

In New York the following custom prevails:

If a call for payment or a renewal is wished, notice to that effect must be given by one party to the other between the hours of 11 A. M. and 1 P. M. daily. In the event of no such notice being received by either party the loan continues until the next day, the lender notifying the borrower what the rate will be for the succeeding twenty-four hours. It is fully undertimes left to the judgment of the one in charge of that work of the institution, to take into consideration the activity of the account. If it should be inactive and running a balance of, say $650, he might add, at the end of the interest period, a few hundred dollars to the amount on which he figures the interest.

stood that no demand for payment of a "day-to-day loan" will be made after 1 P. M. Loans made on Friday are carried over till Monday.

D. C. 3.65s.

"District of Columbia bonds" bearing

3.65% interest. (See subject in quotations.)

Dead Assets. Valueless or non-income-producing property Dead Luck. A man who has lost all financial means; a non-income-bearing, valueless, or defaulted security.

Deal. A transaction made without general public knowledge; a scheme for profit; a secret financial arrangement for the advantage of those engaged in it, as a "railway deal." "There is deal on in Grand Pacific." By this is meant that those controlling the affairs of that company are making secret arrangements, or plans, the result of which will probably cause its stock to advance in price, or return other profits to those engineering the "deal." A "deal" is sometimes the taking advantage of forthcoming events at the expense of the stockholders.

Dear. Money had a "tendency to be dear; " meaning that there was a tendency towards an advance in interest rates at which money could be borrowed.

Dear Money. High interest rates; money difficult to borrow and then only at a high rental.

Debasement of Currency. A reduction in its quality; an impairment of its worth or purity; a degradation of gold or silver by the use of an alloy.

De Beers. The De Beers Consolidated Mines, Limited. A diamond mine of South Africa, whose securities are largely dealt in upon the London Stock Exchange.

Debenture. "Debenture bond" (which subject see) is the security usually understood by this term. Throughout the Dominion of Canada, however, as well as Great Britain and her colonial possessions in general, the term “debenture” is used in speaking of municipal obligations, such as we refer to as "bonds." Canada being more or less influenced by its dealings with the United States, uses the expression "municipal bond" almost as much as "municipal debenture," although, in speaking on the subject generally, they make a distinction by using the word "debenture" to indicate a municipal issue as against the word "bond " for a corporation security. In Great Britain, the word "debenture" is often used to distinguish "debenture" issues of railroads where there is no trust deed" securing the same.

Debenture Bond. An evidence of indebtedness issued by a corporation having precedence over its preferred and common

stocks. It is commonly nothing more than a note, very likely in coupon form, and not secured by mortgage.

A so-called " debenture bond" does sometimes carry a lien of some sort upon the property of the company, but the writer is of the opinion that "debenture" is not the proper title for a bond so secured, but "mortgage debenture" should be used. Certainly in this country in the earlier days of banking a "debenture bond " was one unsecured by mortgage; not so in England, however.

Provision is often made that no mortgage indebtedness shall be created during the life of a debenture "' issue which shall not equally secure the latter. This is a very desirable feature and enhances its value.

Technically, when a railway or other corporation deposits stocks and mortgage bonds in a trust company and issues another bond against them, a "debenture mortgage" is the result, but by custom such bonds are often called "collateral trust."

There are issues bearing the name of "debenture mortgage bonds" which are actually secured by junior liens directly upon the property, as in the case of the Wabash Railroad Company, which had such an issue, divided into two classes: Series A and B, commonly called "debenture A" and "debenture B" bonds; the former having preference for interest only over series B. Interest on either issue is not payable unless earned, and is non-cumulative.

The desirability of a debenture bond" as an investment depends largely upon the financial status of the corporation by which it is issued, and upon the amount of indebtedness having a prior claim. No foreclosure can be accomplished in case of default; the holder is simply a noteholder and must take what he can get after all prior claims are satisfied.

Debenture Income Bonds. See "Income Bonds." Debenture Mortgage. There was a very general custom some years ago on the part of "farm mortgage companies of issuing what were known as "debentures." The farm mortgage company would deposit, say, $110,000, par value, of mortgages upon real estate, with some trust company, and issue against them $100,000 worth in "debentures bearing a less rate of interest than the mortgages. There was supposed to be less risk to the investor in buying one of these "debentures" than in purchasing any specific mortgage. This class of securities should be called "debenture mortgages." Comparatively few such investments, however, are being dealt in at present.

Debenture Mortgage Bonds. See "Debenture Bond."

Debentures or Debenture Stock. The English equivalent

of the American term "debenture" or "debenture bonds," except that in Great Britain such a security is generally and should be secured by a mortgage or by the hypothecation of specific securities. This, however, is not always the case, and when not so, it assumes more the form of our American debenture." The English "debentures rank ahead of the "preference" and "ordinary shares." Gabbott says that "Debenture stock is the absorption of mortgage debts; it is the first charge on a company. The interest is at a fixed rate, and the claims on a company as binding as a mortgage." ("Irredeemable Debentures" may be read in this connection.)

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Debit. To make a charge against; to charge a person with goods sold. In bookkeeping the debit side of an account is that on which is entered the charge for money or its equivalent delivered; for instance, if A owes B $15 it would stand on the debit (left-hand) side of B's books as a charge against A. Debtee. One to whom a debt is due; a creditor.

Debtor. A person who owes another either money or its equivalent. A person running an account at a grocery store becomes its debtor for the amount owed. An insolvent debtor is one who has not sufficient money or property to pay all debts.

Debtor Bank. See "Clearing-House."

Debt Per Capita. On Jan. 1, 1917, the per capita net debt of the United States was $10.965.

Deed. A document in writing (generally a printed form to be filled out in writing is used) rendered authentic by the seal of the party whose intention it is supposed to declare; in practice, a document used for the purpose of transferring the title of real property from one to another. In law a "deed " is any instrument bearing a seal.

"Deeds" conveying real estate are commonly of two kinds. First, a quit-claim deed," by which the one giving it in no way holds himself responsible for any defects in the title; that is to say, he merely transfers his own rights and interests. therein, whatever they may be, and if the title is imperfect the one accepting the deed can recover nothing. Second, a warranty deed." This differs from the last named by the party giving the deed guaranteeing the property conveyed to be free from any defects of title, and under this the acceptor of the deed is entitled to recover should a defect subsequently be discovered.

Deed of Trust. See "Trust Deed."

Defaced Coin. Metallic money which has been tampered with; cut, stamped, injured, or changed in any way.

"How to Invest Money," E. R. Gabbott.