the United States, and the stocks so taken in exchange have been ordered distributed among whom the Court, in its decision, conceives to be the proper owners. (See foot-note to "Merger.")

A "holding company" may or may not result in good. In general, the principle is wrong, as it naturally results in stock watering, and concentrates control. It brings about unhealthful stock gambling and stifles competition. Efforts have been made in at least one State Legislature to limit to a comparatively small sum the amount of the capital stock of one company which may be held by another, thus preventing the obtaining of control in this way.

Holding the Market. This is done by buying, as offered, enough of the security in question to prevent its decline in price.

Home Rails. Used in Great Britain to denote securities of railways in the British Isles, but, in general, would indicate the railway securities of the country wherein the term is used.

Honour. To pay. A draft is "honoured" when it is paid upon presentation, if it is a " sight draft," and "honoured" when accepted" if a "time draft."

House of Issue. A banking house which has the selling of a given issue of securities.

How to Keep a Bank (or Trust Company) Account. See "Bank Account."

How to Open a Savings Bank Account. Although requirements of banks in the various sections of the country differ somewhat as to receiving deposits, yet the mode of procedure as stipulated by one of the large metropolitan institutions is complete enough to cover, in a general way, all cases.

On entering the bank, the intending depositor will be asked by an employee whether a new deposit is contemplated, as upon the latter depends the colour of the printed blank which he will take and make entry of the amount thereon. This slip, together with your money, you will take to the "receiving teller's" window, being careful not to fold either the slip or the bank bills, if any. The latter should be laid out flat, all facing one way. If you deposit checks, write your name on the back of each, regarding which see Indorse and "Indorse for Deposit." Remember that the bank does not agree to accept checks, and accepts them only for collection for the account of the depositor. It is better for the depositor to have his checks converted into cash before entering the bank.

The "receiving teller" will ask you to sign your name in

what is known as a "signature book," and will ask certain questions, such as your address, name of father and mother, and date of birth. He will also hand you a card, upon which you will also sign your name, this card containing blanks to be filled out with similar information to that which was entered in the "signature book." Some banks require other information than the above, such as place of residence, postoffice address, occupation, name of husband or wife, if married,

etc.

The teller will then enter the amount of your deposit in what is called a "pass-book" or "deposit-book," and hand the same to you. See that his entry agrees with the amount of your deposit, and the matter is closed so far as making a new deposit is concerned.

In making additional deposits, and stating your intent so to do to the employee above referred to, he will take a different blank (ticket), and enter thereon the number of your passbook, your name as it appears on such book, your present address, and the amount of your deposit. Again, you should be careful not to fold the bills or ticket, laying the former out straight and all facing one way. The ticket, your money, and your pass-book, you will take to the receiving teller, who will make the entry in your book and return the same to you. Again, and at all times, verify the amount of his entry. If you are to deposit checks, the same instructions as already given in relation to them applies.

In case deposits are to be made by mail, write a letter giving the same information as provided in the deposit ticket, enclose with your "pass-book "and deposit, and send, preferably, by registered mail.

At all times sign your name exactly as appears on the "signature book " in the bank. If it is given there as "Maria Jones," do not sign your letter otherwise, as, for instance, "Mrs. James T. Jones." Be explicit in giving the proper address for the return of the "pass-book."

As to withdrawals: You will present your "pass-book" at the "paying teller's " window, who will identify you by your signature, which he will verify with the one upon the signature card. If the amount exceeds $100, he will ask you questions, and your replies must agree with the information entered on the card as regards your father's name, mother's name, etc. You will sign a receipt for the money, the withdrawal of which will be entered upon your "pass-book" and then you will depart.

If it is desirable to withdraw money by mail, you will find at the back of most "pass-books " a form of order which you may copy and fill out and forward to the bank, accom

panied by your "pass-book," at all times following instructions regarding signature and precise address, as suggested above.

Whether making deposits or withdrawals, one should acquaint himself with the rule of the particular bank with which he is doing business in relation to when deposits begin to draw interest or when interest may be sacrificed by a too early withdrawal. In some savings banks deposits begin to draw interest only from some stated day each three months; in others, every month, and so on. Therefore, any money deposited on the 25th day of January might not begin to draw interest until the first day of April. In making withdrawals, interest may be sacrificed. That is to say, any money withdrawn previous to a certain date - in accordance with the above illustration we will suppose it to be withdrawn sometime previous to the first of April interest would be lost on that amount of money from the first of January up to the date of withdrawal.

Most institutions require that the money shall have been on deposit a certain length of time, say three months, in order to be entitled to any interest whatsoever.

Parents occasionally wish to make a deposit in the name of a young child. The best way to do this so that the money can be withdrawn without trouble is to have the deposit made in the names of both the child and one of the parents, as follows: "John Black or Clara Black;" this will permit John, the father, withdrawing the money at any time.1

1 In many of our cities there is a mixed foreign population, and savings banks so located have to consider this fact, which is best set forth by a letter from W. S. Tibbets, of Somersworth, N. H.:

"I am afraid the present custom of this bank in regard to deposits and withdrawals will not be representative of the State banks, as we have so mixed a population. I try to make the act as simple as is consistent with safety. After talking pigeon English with John Jones of Russia, Sweden, Turkey, Armenia, Italy, Greece, or Canada, and coming to the conclusion that he has some money that he wishes to place in the bank, I take what we call a signature book headed I hereby agree to the by-laws of the Somersworth Savings Bank.' I enter in this the number of the deposit book I intend to issue; then pass him the book and request him to sign his name after the number, and then to write the town or city where he lives on the same line; then select a card and enter his name and town; then pass him the card and request him to write in the answers to the questions. While he is doing that I make out a ledger card and deposit book numbered the same; pass him the deposit book; place the ledger card and identification or index card in a drawer to be checked back and accounted for after business hours.

"When we receive the deposit by mail, which is a frequent occurrence now, I enter the name and address by W. S. Tibbets, Treas.,' on the signature book, and after the name I write 'by mail.' Then enclose the card with the deposit book by registered mail, requesting him to sign his name and fill out the questions and return card by mail to bank. Until the card is returned we keep a blank card with name and number.

How to Open a Trust Company Account. See "Trust Company Account.”

Humbolt. Humbolt Copper Mining Co.

Hung Up. To own anything undesirable; something which either cannot be disposed of at all, or without loss.

Hypothecate. To place on deposit collateral security; stocks, bonds, etc., as a pledge for a loan.

Ice. American Ice Co.

I

Illinois Central. Illinois Central R. R. Co.

Immediate Shipment. A Chicago Board of Trade term, calling for shipment within three business days.

IMP. The "ticker" abbreviation for "improvement." Imperial Bank of Germany. See " Bank of Germany." Import Point of Gold. See "Gold Import Point." Improvement. See "Betterment."

Improvement Bond. See next subject.

Improvement Mortgage Bonds. A "junior mortgage "' is usually understood. An "improvement mortgage secures an issue of bonds necessitated in order to provide funds for improvements, additions, betterments, etc., to a property. As in the case of a "general mortgage bond," it is customary to make the authorized issue large enough to also provide for future improvements when needed, and to replace earlier mortgage bonds as they mature or can be paid off. Their investment value depends not only upon the credit standing of the company, but upon the amount of bonds whose claims must be satisfied first, the character of the improvements for which issued, etc. Consider them from the standpoint of at least a "second" and probably a "third mortgage bond."

An issue of this class is that of the Denver and Rio Grande R. R. Co. Gold 5's, brought out to provide means for laying a third rail to broaden the narrow-gauge road to standard gauge and for other improvements.

"Street improvement," and " public improvement " bonds, among the municipal issues, are often referred to as "improvement bonds."

"In case the person cannot write his name I write it for him 'by W. S. Tibbets, Treas.,' and let him make a cross over it.

"In case of deposits by an executor, administrator, guardian, or one person for another, after he enters the name in the signature book he writes by' and affixes his signature, and then fills out the card for the other person."

IN. The "ticker" abbreviation for "income."

Inactive Account. A bank account against which very few checks are drawn and at infrequent intervals, and to the credit of which deposits are not often made; or an account with a broker which shows infrequent purchases and sales on the part of the customer.

Inactive Market. When sales are growing less in volume and transactions are few and for small amounts.

Inactive Stocks or Bonds. Securities which are bought and sold only at infrequent intervals; seldom quoted; difficult for the public at large to ascertain the market value of. There are brokers, or bankers, in nearly every important city who make a business of dealing in inactive securities in general, or are specialists in regard to certain ones. "Active Stocks or Bonds.")

(See

In and Out. A speculation of short duration, as a purchase of a certain stock followed by a quick sale of the same.

In-Clearer. The English term for a bank clerk who enters in the bank's clearing books at the "clearing-house" the items against his bank as received, and who determines the clearing-house balance" for his bank. This term distinguishes him from the "out-clearer," who is the clerk at the bank making similar records of items against other banks for collection. (See subjects in quotations.)

Income. The income of an individual is generally supposed to be the money returned to him yearly from his investments; the interest return from his stocks, bonds, mortgages, real estate, etc. Of course, the meaning can be extended to include profits from a business, or gains of all kinds, and such is the usual dictionary meaning; but in finance there has been a general tendency to mean only the return from money invested outside of one's direct business, if he has any. The income from a stock arises from profits of the corporation, and is divided among the stockholders in the form of dividends, and may vary from time to time.

The income from bonds and mortgages is generally a fixed amount and is called interest.1

1Edwin A. Howes, Jr., raises this point, which is well to bear in mind: "Income of property consists of the proceeds of what the property produces, the profit which comes from its use in business, or what is paid for its use by another than its owner. Principal, or capital, is the property itself. The absolute owner of the property is likely to treat as income, not only the earnings of the principal property, but all increase which comes from an increase in the value of the property itself, treating as principal what he paid for the property, and as income all excess over the original investment. A person entitled to the use or income of property, or a trustee whose duty it is to pay income to one person or set of persons, hold