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maker and previous indorsers, if any. Had the note been given to John Smith in the course of business, and John. Smith, having received a direct benefit on account thereof, resold the note, the purchaser would then wish John Smith to incur all the liability of an indorser, and would not usually permit him to avoid recourse.

Wolverine. Wolverine Copper Mining Co.

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Woman's Signature. Women puzzle bankers, and business men in general, by the way they often sign their names. may not occur to them that the banker does not necessarily know that the wife of Henry E. Fisher is Jane W. Fisher. The banker may have been doing business with the husband, who may be taken ill; possibly his wife will write some communication regarding his business and will refer to "Mr. Fisher," and sign it as Jane W. Fisher. Good luck attends the banker in his efforts if he always pairs such people off in the way they belong. The best way for a woman to sign her business letters is, to continue above illustration, Jane W. Fisher, and then directly below (Mrs. Henry E. Fisher); or the words "wife of " may be inserted between the two signatures. Of course, in all legal documents and in checks, etc., she must use her legal signature, which, in this instance, would be Jane W. Fisher. The writer has seen four different consecutive letters received from the same woman, all within a period of less than two weeks, the first one signed, we will say, Jane W. Fisher, the second one J. W. Fisher (thus being mistaken for a man), the third, Mrs. Jane W. Fisher, and the fourth, Mrs. Henry E. Fisher. This was confusing, indeed. A system of letter filing in an office may be much upset by this method, and letters incorrectly filed by some clerk and never afterwards located. Countless women sign their business communications in a way that makes it impossible to tell whether or not they are married. In all business communications the "Miss" or "Mrs." should be made apparent.

The query is often raised as to how a married woman shall legally sign:

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There is no law fixing other than the surname of a woman who is married. When Mary Jane Doe becomes Mrs. Brown the law provides no rule which she must follow. It would seem more logical to use the form " Mary Jane Brown," but as a matter of convenience to indicate whom the person is or was before marriage-"Mary Doe Brown" is better. Either method of signing is accepted. It is customary, however, when a woman, after marrying, executes papers transferring title to something which she acquired under her maiden name, to put a recital in the instrument she signs setting out the fact. For instance, in discharging a mort

gage, the discharge would contain a clause substantially like this: "I, Mary Jane Brown, the holder of a certain mortgage given by Richard Rowe to me under my maiden name of Mary Jane Doe, dated January 1, 1907, and recorded, etc." This, or something equivalent to it, is inserted in the papers for the purpose of identification.

Woolen.

American Woolen Co.

Wore Off. Prices gradually declined.

Worked for Export. Indicates that a quantity of grain has been sold for export purposes. It is not necessarily understood, however, that the grain is being actually delivered by the elevators or warehouses.

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Worked Off. Prices gradually declined. "The market worked off fractionally; prices declined an eighth or a quarter per cent., for example. The fall in prices was by fractions and not whole points.

Working. See "Manipulation."

Working Capital. The money which is actually needed and used in the conduct of a business. Sometimes loosely used to describe net working capital which is the excess of quick assets over current liabilities.

Working Expenses. This is another term for "Operating Expenses."

World's Shipments. A Chicago Board of Trade term indicating weekly shipments of grain from exporting to importing countries.

Write Down. Has the same meaning as "charge down." Write Off. This has the same meaning as "charge off."

X

X. The "ticker" abbreviation for "ex-coupon," "exdividend," or "ex-interest."

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Yankee Rails. The general foreign particularly London name for United States railway shares. As a rule, however, railway shares traded in upon the New York Stock Exchange are those referred to.

Yankees. The general foreign- especially London name for United States securities; meaning particularly those dealt in upon the New York Stock Exchange.

Year Money. Same as "Year Note."

Year Note. A note or written agreement to pay money at the expiration of one year from its date.

Yellow Money. Gold coin.

Yen. The monetary unit of Japan, equalling $.498 United States money.

Yield. See "Net Return upon the Investment."

MISCELLANEOUS

I. The "ticker" abbreviation for "first." It is used in connection with such securities as "first mortgage bond," "first preferred stock," etc.

II. The "ticker" abbreviation for "second." It is used in connection with such securities as "second mortgage bond," "second preferred stock," etc.

III. The "ticker" abbreviation for "third." It is used in connection with such securities as "third mortgage bond," etc.

P. The sign for " Peso," the monetary unit of the Philippine Islands, as $ is for our dollar.

Ist. First mortgage.

2d. Second mortgage.

3d. Third mortgage.

$. The sign for the United States "Dollar." Since the new coinage law went into operation in Mexico, in 1905, our $ sign has been adopted as a sign for the standard Mexican peso.

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£. Sign for the English "pound sterling" as $ is for our "dollar."

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£ E. "Pounds Egyptian; " the sign of the Egyptian pound," which slightly exceeds in value the English "pound sterling," being equal to $4.943 United States money.

ADDENDA

Acceptance. 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."
Actions. This is a French term for "shares.'

Allotment. An English term which refers to letters issued to applicants for shares in new companies, stating the amount allotted to each applicant. "Allotment letters "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,

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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.

Attach. When property is taken or held by process of law in order to satisfy a claim, it is said to have been "attached." Attest. To sign as a witness.

Average Maturity. See last part of "Net Return upon the Investment."

Ayrshires. Used in London to designate the ordinary stock of the Glasgow & South Western Rwy.

Balance Sheet. A statement showing in condensed form the assets and liabilities, intelligently grouped, as well as the profits (excess of assets over liabilities) or losses (excess of liabilities over assets) of an undertaking, business or corporation; a condensed statement that should show the true financial condition.

To put it in more exact language, the assets are shown on one side of the account; the liabilities, capital invested, i. e. proprietorship, are shown on the other side of the account. The two sides should balance-equal each other by including a profit and loss account which is usually called surplus or deficit.

Basis. As used in connection with the income yield of securities it indicates the average annual percentage return upon the money invested. (See "Net Return upon the Investment.")

Bays. Used in London to designate the ordinary shares of the Hudson Bay Co.

Bear Account. (First read "Bear.") All those who are interested on the bear side of a particular security, or of the market in general.

Bearer. Anything is "payable to bearer" when ownership of it may pass from hand to hand without endorsement, such as a ten-dollar bill.

Bearer Certificates. A "bearer certificate" represents the ownership in a corporation the same as the ordinary "stock certificate" (to which subject refer), but is not made out in any specific name. It is negotiable; that is, may pass from hand to hand without endorsement, the same as a dollar bill or a

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