portation company, which originates or collects, freight, passengers, etc., and "feeds" its business into a larger company. Branch lines of a railroad are called its "feed

Fee Simple. A landed estate belonging to the owner and his heirs and assigns for ever.

Feverish. When prices are very changeable, up and down; conditions unsettled; worriment discernible on the faces of those transacting the business; a general uncertainty as to what will happen next.

Fiat Money. Money which a government declares shall be accepted as legal tender at its face value; money issued by a government which is supposed to have the power to enforce its acceptance, within its own dominions, in payment of debts. As generally understood "fiat money " has no real value, or at least lesser value than its face. In the latter case, the difference between the real and face value is "fiat money." "Fiduciary institutions: " trust companies, banks, etc. "Fiduciary capacity" has relation to some financial trust.

Fiduciary.

Finance. To" finance" an enterprise is to raise the necessary money for its needs.

Finance Bills. Bills of exchange (which must first be understood) on foreign countries issued by American bankers. against credits or loans granted them by bankers in other countries, and not against shipments of goods. The terms on which the credits are granted, and whether or not it is necessary to pledge bonds, stocks, or other collateral, as security, is a matter for arrangement between the different parties.

Finance Committee. See "Savings Bank."

Finance Company. In the United States, the "holding company" "(to which refer) is commonly known as a "finance company," but the meaning in England is totally different. There the term has reference to companies dealing in corporation securities.

Financial Bill. On the 14th of March, 1900, there was approved an Act of Congress to define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to refund the public debt, and for other purposes, which is commonly known as the "Financial Bill." It is also referred to as the "Gold Standard Act" and Currency Act." The essence of this bill, in addition to what the reader will find under "Gold Reserve," was to define and fix the standard of value as follows:

"That the dollar consisting of twenty-five and eight

tenths grains of gold nine-tenths fine, as established by section thirty-five hundred and eleven of the Revised Statutes of the United States, shall be the standard unit of value, and all forms of money issued or coined by the United States shall be maintained at a parity of value with this standard, and it shall be the duty of the Secretary of the Treasury to maintain such parity."

Financial Year. Sometimes used in the place of "fiscal year," to which refer.

Fine Bars. Gold or silver bars containing 99% of pure metal are generally so considered.

Fine Gold. Gold which is free from impurities; pure. The mint value in England of an ounce of "fine gold" is 84s. 11.45d, which equals our own mint price of $20.672.

Fineness. See "Standard of Weight and Fineness."

Fire Insurance. Any explanation or definition covering the subject of fire insurance is unnecessary here, but a few suggestions to those taking out insurance of this class may be pertinent.

Familiarize yourself with the laws of the State under which you are insuring, so that you may have some reasonable idea as to your rights. In New Hampshire and a few other States, for instance, the "valued policy," so called, is in effect, which amounts to this: that you are entitled to collect the amount of the loss on buildings in event of total destruction by fire, no matter what amount of insurance is placed thereon; that is, it is incumbent upon the company not to insure buildings for more than they are worth. In most States the insured cannot collect, in case of loss, greater than the actual damage, no matter how much in excess of the value of the property the insurance had been placed.

Do not keep your insurance policy in the same building that is covered by such a policy.

In insuring furniture or personal property in general, take an accurate list of the same with the probable value of each article, and keep this list in some place safe from fire. Some persons are so particular that all articles of furniture or property which would be covered by a policy of this kind, are invariably purchased accompanied by bills showing their cost, such bills being properly filed away to be produced in case of any dispute arising over the adjustment of a claim.

There are cases of insurance upon buildings where the insured would not care to include insurance upon the foundation; that is, in case of destruction of the building, the foundation might be left intact or slightly damaged, which would give the right to the insurance company to deduct the value of the same at the time of adjustment. The character

of the foundation may be such that it would be practically impervious to fire, or the character of the building may be such that if once destroyed there would be no desire to rebuild, and, therefore, the foundation would be of no value to the insured. In such cases, the item of foundation may be specifically omitted from the policy.

Read your policy and carefully carry out the conditions. enumerated therein. Note date of expiration, for it is conceivable that your agent may not advise you when the policy does expire, and, therefore, your property may be unprotected. Always pay premiums promptly. Do not try to mislead the agent by concealing information or misstating facts. Be sure that your policy contains the clause that other insurance is permitted.

In an insurance policy covering furniture or movable goods, if any change in the location of the articles insured is to be made, notification must be sent to the insurance agent.

Any premises intended for occupancy should not be allowed to remain vacant longer than provided for in the policy, without obtaining permission from the agent.

Ascertain that your policy contains a clause granting protection in case loss or damage results from lightning.

In case of loss, notify the agent at once.

In case your property is mortgaged, the policy should bear an indorsement somewhat as follows:

Payable in case of loss to terest may appear."

-, mortgagee, as his in

Insurance for a short period, such as a year, is more expensive in the long run than for some term like three years. Fireworks. Tremendous speculation; rapid advance in prices.

Firm. Strong; tending upwards; not declining. The stock market is said to be "firm " when there is no tendency towards a decline in prices; a condition of stability existing. Money is "firm" when interest rates for loans are higher than the average. Prices are firm when inclined to rise, or at least, remaining stationary. (See "Offered Firm.")

A partnership of two or more persons for the carrying on of any business, as distinguished from an incorporated company. An agreement, generally to exist for a specified time, is drawn up and signed by the several partners, setting forth the rights of each. This is called a " partnership agreement.” (See also "Special Partner.")

Firm Bid. See "Offered Firm."

First and Consolidated Mortgage. See "First Consolidated Mortgage."

First and General Mortgage Bonds. This indicates an issue

secured by a "general mortgage" (to which refer) on all the property and by a "first mortgage" on a part of it.

First and Refunding Mortgage Bond. It might be well to read the matter under "First Refunding Mortgage Bond," by an understanding of which a "first and refunding issue" may be readily comprehended. An issue such as the last mentioned should be one which has extended a genuine first mortgage upon the whole property which it covers, but it may be such an issue as described in the case of the Old Colony Street Railway bonds under the subject of "First Refunding Mortgage Bond." The and therefore, inserted between "first" and "refunding" leaves a very uncertain meaning as to what such an issue really is, and it is essential that an investor should ascertain exactly the terms of the mortgage itself.

First Consolidated Mortgage. Read "Consolidated Mortgage Bond." A "first consolidated mortgage" issue would generally indicate what would be literally understood by such combination of words; viz.: a consolidated mortgage issue and the first one of such placed upon the property. But a "first and consolidated mortgage "would be quite a different thing. It would indicate not only a "consolidated mortgage "issue upon the property, but a "first mortgage " upon some parts; that is, upon such parts as have not been previously mortgaged.

First General Mortgage Bonds. (Read "General Mortgage Bonds.") This is not only an issue secured by a "general mortgage," but the first one of that nature placed upon the property.

First Lien. See "First Mortgage," meaning the same in reference to bonds.

First Lien and General Mortgage. This is taken as an example of an issue of bonds bearing, apparently, two names. It is impossible to take the amount of room necessary to describe every possible combination of names of this kind which may be used in the designation of a mortgage. The Norfolk and Western Railway Co. has an issue of 4% bonds bearing the above title. It is a "first lien; " that is, a first mortgage," on approximately 200 miles of road, but upon 1,592 miles of the railroad there are other mortgages which would come ahead of this particular mortgage, and, therefore, upon that portion of the road it is a "general mortgage," so-called. It will be seen that the part of the road upon which the issue is a "first mortgage" is comparatively small.

First Mortgage. (Read "Mortgage.") There are sometimes several mortgages placed upon the same property. The one

having the prior claim to or preference over the others is known as the "first mortgage.' This will be better understood by reading the next subject and also the matter under "Second Mortgage."

First Mortgage Bond. A promise to pay in the form of a bond and secured by a first mortgage. (See "Mortgage.") It has first claim on the property of the corporation, as well as upon the earnings. A bond of this kind is so well understood, that little more need be said of it here. A word of warning, however, may be wise: do not think that a "first mortgage bond" is always secured by a first mortgage on all the property of the corporation. A company, at the time of the issuing of such a bond, may be a comparatively small affair, but later grow into much prominence by the absorbing of other properties. On most, and possibly all, of the absorbed properties there may have already been mortgages existing, and, therefore, the "first mortgage bond" of the original company may be but one of several such on the combined companies, although enjoying the credit attached to bearing the name of the parent company.

One note of caution may be sounded here; namely, not to lay too much stress upon the fact that a bond is a first mortgage, because if it is a first mortgage it does not imply that it is a good mortgage; in other words, good security for the debt. A first mortgage on some property may be far inferior to a second or third mortgage on another. The first mortgage part merely indicates that it is better secured than any other indebtedness upon the same property.

First Mortgage Trust Bond. This is a form of a "collateral trust bond" (to which subject the reader is referred), and by which it will be seen that under certain conditions a bond of this nature may be indirectly a first mortgage. A "first mortgage trust bond" is, therefore, one secured by a deposit of other bonds which are in themselves secured by a first mortgage. An issue of this nature is that of the Louisville & Nashville Railroad Co., which is secured by a deposit of the first mortgage 5% bonds of the Birmingham Mineral R. R. Co., and the first mortgage 6% bonds of the Owensboro & Nashville Ry. Co.

First of Exchange. See "Set of Exchange."

First Preference Shares. The English term equivalent to our "first preferred stock."

First Preferred Stock. See "Preferred Stock."

First Refunding Mortgage Bond. Do not confuse this with a" refunding first mortgage bond." Note that there is quite a difference whether the word first qualifies "refunding" or

ERSITY