takes place later than the regular morning "clearing." It includes items due that day and received in the morning mail, which are made payable at the banks, and saves the necessity of the "runner's" going from bank to bank, which, in Philadelphia, is a laborious task, owing to the widely distributed territory which they cover.

Inasmuch as the regular" clearing" for the day takes place at an early hour in the morning, covering only items for the previous day, the "runner's exchange" enables the banks to ascertain before closing, whether or no items received that day are good.1

Running Account. See

same thing.

See "Open Account," which is the

Rupee. Although the "sovereign" (pound sterling) is the standard coin of India, the silver "rupee " is the "money of "is account; that is, the actual money in current use, and is current at the rate of fifteen to the sovereign. A“ rupee is equivalent to $.32443 United States money. An American dollar is roughly reckoned as the equivalent of three " rupees." "" Rs is the sign of the rupee." A lac is used to designate 100,000" rupees." The method of writing and pointing off sums of Indian money in excess of a "lac" is thus: Rs 80,35,000, indicating 80 "lacs" and 35,000 “rupees over; equivalent to 8,035,000 "rupees." A "crore, as a "crore of rupees," is 10,000,000 " rupees" or 100" lacs."

INDIA MONEY TABLE

Rupee Paper. The Government securities in India being payable, both principal and interest, in "rupees" (a silver coin equal to $.32443 United States money), are termed rupee paper." When, however, payment is demanded in England, bills of exchange on Calcutta are given.

Rutland. Rutland Railroad Company.

1 This exchange ceased to exist Feb. 1, 1907, as the Philadelphia Clearing-House Association decided to abolish it and consolidate the two " exchanges" into one daily "exchange" at 10 o'clock.

2 Treasury Department Circular, October 1, 1905.

S

s. The sign for the English "shilling." The modern way of indicating shillings, however, is by an oblique line between the sums for shillings and pence; as, for instance, 5s. 4d. is written 5/4.

Sack. A sack of export flour contains 140 pounds. A sack of Rio coffee is estimated at 200 pounds and Java at 133 pounds.

Saddle. To force an undesirable security upon any one would be to "saddle" him with it.

Safe Deposit Companies. Companies incorporated for the purpose of receiving upon deposit, for storage and safekeeping, stocks, bonds, and other valuable papers, money, bullion, jewelry, household gold and silverware, and such other valuables as it is considered wise, not only to store beyond the risk of fire, but also of burglars. Such companies are supposed to have very extensively built vaults, furnishing sufficient protection for these purposes. In addition to storage room for valuables of a more or less bulky nature, these companies have what are known as safe deposit boxes, the rental of which really constitutes their principal business. In these boxes, which are of various sizes, the rental varying proportionately, may be kept investment securities and valuable papers. The access to such a box is obtained by the lessee possessing a key, which will only unlock the box after a previous unlocking of the same by an employee of the safe deposit company, who has what is known as a "master key," neither one being able to effect an entrance without the other. The necessity for this safeguard is self-evident. It is very customary, also, for the customer to be given a password, which, in case of doubt upon the part of the employee as to the customer's identity and right to seek entrance to the box corresponding in number with his key, he may give the password, which must be found to correspond with the records of the company before doubt may be removed.

Advice to all investors and owners of securities cannot be too strenuously urged in regard to the renting of safe deposit boxes, and to further impress this advice upon such persons, reference is here made to another part of this book: viz., "Care of Securities."

Sag. "The market is sagging." A small but general decline in prices. "The market did not break, it sagged." Think of a telegraph wire suspended from two poles, covered with a

frozen mass of ice and sleet; sagging is one thing, breaking is more serious.

Saint Paul. Chicago, Milwaukee, and St. Paul Ry. Co. Sale to Arrive. A sale dependent upon the safe arrival of goods in transit.

4

Salt. A mine is "salted" when good ore is placed there artificially for the purpose of deceiving.

Sanitary District Bonds. Separate municipalities, not territorially the same as the cities which they embrace, but, usually, greater in extent, have at times been formed for the purpose of securing pure water supplies, removal of sewage, etc. The Sanitary District of Chicago is the most notable example. It has its own officials and creates its own indebtedness, for which all the taxable property therein is held for payment. It is 358 square miles in extent; embraces all of Chicago and considerable adjacent territory, and is legally permitted an indebtedness of not exceeding 5% of the assessed valuation. The well-known" Chicago Drainage Canal" is the effort of this district.

Santa Fé. The Atchison, Topeka & Santa Fé Railway Co. Also Santa Fé Gold & Copper Mining Co.

Satisfied. When an indebtedness or obligation is paid, it is said to be "satisfied."

Savings Bank (or Institution). A bank organized under the State laws, or under Federal laws if in the District of Columbia, for the purpose of receiving deposits, the intent being that such deposits shall largely be the savings of the small earners, such as labourers, wage earners, and small salaried persons in general, who are not expected to be in a position to intelligently invest money for themselves, and whose savings are so small that no adequate form of investment can easily be found. The aggregate of these savings in any one bank is supposed to be invested by an intelligent board of men elected for that purpose, usually called the "Board of Investment

or

Finance Committee." The legal restrictions placed upon the investment of "savings bank" funds vary greatly in different States, some being very strict and conservative and properly safeguarding the interest of the depositors; others woefully lax and unsafe. At present the States with the best regulations, beginning with the most conservative, are New York, Massachusetts, Connecticut, and then perhaps Vermont, Maine, and New Hampshire.

In selecting a savings bank for the purpose of making a deposit, one of the essential things to consider is the class of securities in which the funds of the institution are invested. A list of a bank's investments may be generally obtained from the officials of the bank under consideration. Failing to

obtain one there, application may be made to the Board of Savings Bank Commissioners at the State Capitol, for the last Annual State Savings Bank Report. It is customary, in most States, for these reports to list, separately, the security holdings of each institution.

One able financial writer makes a very good point that institutions of this kind do not conduct strictly a banking business; that is, they take deposits not for their own use, but for the safe-keeping and benefit of the depositors, making safety a consideration before profit.

Although there are thousands upon thousands depositing in the savings institutions of this country, yet there are countless others who ought either to place their funds therein or a greater proportion than they now do. Small as may seem the interest returned to the depositors by these institutions, yet it is a fact that they furnish by far the safest and, in the long run, the most profitable employment for the savings of a great majority of people of limited means. The larger bulk of the loss which the uninitiated incur by speculating in State and Wall Streets could be avoided if temptation could be resisted, and their earnings turned into the savings institutions rather than squandered upon the gambling wheel of speculation.

An idea of the growth of a savings bank account may be gathered from these figures: 25 cents saved weekly and compounded twice a year at 4% per annum will amount to $403 in twenty years; 50 cents will amount to $806; and $5.00 to $8,070.

Interest ranging from 3 to 5%, according to the bank, is paid on money deposited.

The laws of different States, or the regulations of different banks, vary more or less as to the amount which any one depositor may have standing to his credit on the books in any one bank. Unfortunately, this rule is easily avoided by a depositor making use of the name of his wife, mother, sister, etc., and opening up accounts under their names.

The savings deposits in the savings banks of the United States as of June 30, 1925, were $7,152,258,000. In 1820 there were but ten banks, $1,138,576 deposits and 8,635 depositors.

It may interest some to know that we are indebted to Daniel Defoe of "Robinson Crusoe " fame, as the originator of the modern "savings bank" idea. One was founded in Hamburg in 1778 and at Berne in 1787, the idea having been suggested by Defoe in 1697. The Rev. H. Duncan, of Ruthwell, Dumfriesshire, is, however, known as the "father of savings banks," as he established one in 1810, which at the end of four years had accumulated $5,800. Acts to encourage

"savings banks" were passed in 1817 in England. (See also Mutual Savings Bank.").

Savings Bank Account, How to Open. See "How to Open a Savings Bank Account."

Savings Bank Bonds. As this term is used among financiers, bonds which certain Eastern States that have passed the most conservative legislation in relation to bonds in which the savings banks therein may invest, as New York and Massachusetts, are commonly understood. The term may, however, be used to refer to bonds which the savings banks of any State may buy provided that State has passed any restrictive legislation whatsoever in relation thereto.

Savings Banks with Capital Stock. "Mutual Savings Bank."

Explained under

Savings Institution. See "Savings Bank."

SB. The" ticker" abbreviation for "small bonds."
SC. The "ticker" abbreviation for "scrip."

Scaled. When a corporation or municipality is unable to meet the principal of, or interest on, a debt, and is able to arrange a continuation of the debt at a lesser rate of interest, or an extension of the debt for a lesser principal sum, or both of the above, then the interest has been "scaled," or "the debt scaled," or both, as the case may be.

Scaled Buying or Selling. Transactions of a security made in equal amounts upon a scale of prices; for instance, a "scaled buying" of Union Pacific may be buying lots of 100 shares each as the stock advances every two points.

Scalping. "Scalping points off the deal." This expression has reference to those taking advantage of what seems some hidden scheme in process of consummation, causing an advance in prices of certain securities. Although, not knowing just what the "deal" is, such persons take advantage of the rise in prices and buy and sell accordingly, making small profits. By this method, they are said to have been "scalping profits. Making a quick and small profit is "scalping."

Scandinavian Union. Norway, Sweden, and Denmark have adopted the same monetary unit, viz.: a single gold standard with the krone, or crown, as the unit, which equals about 26.80 cents United States money.

School District Bonds. See "Board of Education."

School Savings Banks. A system adopted by many schools throughout the country to encourage saving among the pupils. The money saved by them during the week is collected by the teachers once a week at the opening of the school

1 Oct. 1, 1905, circular of the United States Mint.