manager," whose duty it is to see that the terms of the "syndicate agreement are fulfilled by all parties to it. Before signing a "syndicate agreement," it is desirable to note carefully its provisions, it being especially important that it should not become operative until a sufficient amount of the issue in question has been subscribed to ensure its success. Syndicate Agreement. See "Syndicate." S. & M. September and March; interest or dividend payments semi-annually, beginning with September. T T. The "ticker" abbreviation for "terminal." Tael. The "tael" is a weight as used in the Chinese money system. It is in no sense a monetary unit.1 A new monetary system, however, was introduced in China February 10, 1914; this will be found explained under the subject "Cash." Tailer (or Tailer On). One who has but little capital or selfconfidence, and who follows some one else's lead. Take Up. A very common term used to denote that the purchaser of bonds, stocks, or whatever it may be, has paid for and obtained delivery of the same; i. e. "taken up;" got rightful possession of. Tale. "By tale;" i. e. by count. In transactions regarding metallic money, "by tale" is used to distinguish from "by weight." The former would have reference to the sum total of a given amount of gold coin, for instance, without any regard to the abrasion; whereas "by weight" would mean its actual value, abrasion deducted, and would naturally give a less total sum than as if reckoned "by tale." Talent. "Talent bought the stock." Those very close in touch with financial affairs; members, for instance, of a stock exchange; bankers and brokers or "professional traders." (See "Traders.") The ordinary investor or speculator would not be included among the "talent." Talon. In the case of a coupon bond, particularly one having no definite date of maturity, but issued in perpetuity, the supply of coupons attached to the same may become exhausted. Under such circumstances, there remains attached to the bond what is termed a "talon" which enables the holder to demand a fresh supply of coupons. This is an English term and custom. Tangible Assets. Property which one may touch physically, such as real estate, machinery, cash, etc. Good-will would not be considered a "tangible asset." 1 "If an article costs so many taels, it should be paid for theoretically by weighing out so much silver bullion of a given fineness. This is actually done in native transactions in the interior, but in the larger cities to-day such a transaction is generally settled by the paying over of some coin or negotiable paper at the current rate of exchange. Every locality and many separate trades have their individual tael standard, and the total number is said to reach nearly 70. The best known, the Haikwan or customs tael, in which customs duties are reckoned, weighs 583.3 grains avoirdupois, and few of the others vary more than 10 per cent from this. The cash is a copper coin used by the mass of the people for daily transactions. For rough calculations it is usually reckoned at one-tenth of a cent Mexican (money); but there are many kinds of cash and all of them fluctuate from day to day independent of the silver currency." From the U. S. Govt. Commerce Reports of Oct. 23, 1916. Tape. See "Ticker." Tape Price. The price of a security as indicated by the "tape." (See "Tape.") Tare. Tare is the weight of the vehicle, cask, or package in which a commodity is shipped; as in the case of a load of hay, the difference in weight between the total weight, including the cart, and the weight of the hay itself is the tare, and must be deducted from the total weight to ascertain the true weight of the hay. Tax Certificates. See "Delinquent Tax Certificates." Taxes on Stock Transfers. Sec. 3524. 4. Capital stock, sales or transfers: On all sales, or agreements to sell, or memoranda of sales or deliveries of, or transfers of legal title to shares or certificates of stock or of profits or of interest in property or accumulations in any corporation, or to rights to subscribe for or to receive such shares or certificates, whether made upon or shown by the books of the corporation, or by any assignment in blank, or by any delivery, or by any paper or agreement or memorandum or other evidence of transfer or sale, whether entitling the holder in any manner to the benefit of such stock, interest, or rights, or not, on each $100 of face value or fraction thereof, 2 cents, and where such shares are without par or face value, the tax shall be 2 cents on the transfer or sale or agreement to sell on each share, unless the actual value thereof is in excess of $100 per share, in which case the tax shall be 2 cents on each $100 of actual value or fraction thereof: Sec. 3525. Provided, That it is not intended by this title to impose a tax upon an agreement evidencing a deposit of certificates as collateral security for money loaned thereon, which certificates are not actually sold, nor upon the delivery or transfer for such purpose of certificates so deposited: Sec. 3526. Provided further, That the tax shall not be imposed upon deliveries or transfers to a broker for sale, nor upon deliveries or transfers by broker to a customer for whom and upon whose order he has purchased same, but such deliveries or transfer shall be accompanied by a certificate setting forth the facts. Since June 2, 1905, the State of New York has enforced a stamp tax law on stock transfers, which, in part, is as follows: "A tax is imposed upon all sales or agreements to sell and upon all deliveries or transfers of shares or certificates of stock of any and all associations, companies and corporations, whether domestic or foreign at the rate of two cents on each hundred dollars of face value or fraction thereof, except where shares or certificates of stock are issued without designated monetary value, in which case the tax shall be two cents for each and every share of such stock. "The statute does not apply to the original issue of stock; but all sales or transfers made subsequent thereto, whether intermediate or final, are taxable. "It is the duty of the person making or effectuating the sale or transfer to pay the required tax by procuring, affixing and canceling the stamps, except that where a sale or transfer is shown only by the books of the corporation, the person making the sale must secure, and the corporation affix and cancel the stamps to its books."1 Tax Exempt. See "Non-taxable Investments." Tax Free Investments. See "Non-taxable Investments." Tax Refund. Used in relation to an issue of securities where an agreement exists that certain taxes, which the holder may be compelled to pay, will be refunded. To illustrate: In the issue of convertible notes put out by the United Gas & Electric Corporation, it was provided that annual taxes paid in Massachusetts would be refunded through the First National Bank, of Boston, in accordance with and subject to the terms and provisions of an agreement executed between the corporation and the bank. Tax Relief Bond. Bonds issued in anticipation of payment of taxes; that is, a municipality needs money for some purpose immediately, the expenses of which would ordinarily be taken care of by taxation, the taxes, however, are being paid slowly and not coming in fast enough to furnish funds for the purpose needed. Consequently, bonds having a short time to run are issued, but more frequently short time notes are sold for this purpose. Technical. This is used in reference to an artificial condition of the market, which has been brought about usually by "manipulating" or over-speculation; an unnatural level of prices, which cannot last. Telegraphic Transfers. See next subject. Telegraphic Transfers of Money. A method of obtaining immediate use of money at a distant point in the same country, and effected in the same general way as "cable transfers.' The telegraph company charges a certain fee according to the sum transferred, plus the charge for the telegram. Telephone Securities. The general reference is to bonds, notes and stock of the American Telephone & Telegraph Company and its associated companies. The American Telephone Co. controls (through nearly 90% of stock ownership) over 20 of the largest telephone systems in the country. These companies cover practically the entire United States. Unlike a purely holding company the American Telephone Company itself operates and owns the inter-company toll system between the various districts covered individually by its subsidiaries. 1 The foregoing are extracts from the rulings of the State Comptroller of New York. The enormity of the system leads to a prevalent belief that excessive amounts of securities are issued from time to time by the parent company, but it must be realized that this extensive system is controlled through stock ownership and the capital of the American Telephone Company largely represents this investment as well as the actual construction costs of a continually expanding system. The demands for increased service throughout the country have consistently increased each year and as long as the system continues to expand there will be a healthy demand for new capital to meet the increased property expenditure. Many independent telephone systems operate in this country at the present time, but a large part of them are but local in scope and since the creation of so many Public Service Commissions it is no longer thought necessary to hold the American Co. in check by means of competition; in fact the nature of the business makes it a natural monopoly due to the necessity of a unified system to give satisfactory service. The earnings of the company have been very consistent over a long period of years. Profits have apparently increased to a greater extent in years of generally poor business. This is no doubt partly due to the more extended use of the telephone by business concerns as a saving over the customary procedure of approaching customers through personal representatives. The stock and bonds of the Bell operating companies as investments depend to some extent upon their locality, but they have proved satisfactory so far and there seems to be no reason why as a class they will not continue to remain so. Teller. The one who receives the money at a bank, when taken for deposit, is called the "receiving teller." The one who pays out money, as demanded by the depositors, is called the "paying teller." Temporary Receipts. Corporations issuing bonds or other securities may wish to obtain money from the sale of the same before the actual securities are ready for delivery. "Temporary receipts," so called, are frequently issued at such times to the purchasers, to be exchanged later for the securities themselves. Tender. See "Bid.' Ten-Twenties. Bonds due in twenty years, but subject to redemption after ten years from date of issue, at the pleasure of the issuer. Term Deposit. Same as "Time Deposit." Terminal Company Bonds. Proper terminals that is, passenger and freight stations, yard room and trackage especially in the larger cities, has become a matter of vast importance railway companies. In many instances the o |