or not depends upon such things as management, location, permanency of supply, amount of business, etc. The franchise should mature at a later date than the bonds; the net earnings should be, roughly, twice the interest charges; there should be a sinking fund large enough to retire, say, at the rate of one-half of the issue in forty years this is a very movable quantity, though. And, lastly, a satisfactory contract with the municipality during the life of the bond issue itself, for supplying water for hydrant and other purposes, should exist. This contract should not be at rates so high as to be likely to encourage dissatisfaction and a desire to install other and competing plants, or to buy out the one already doing the business.

Where charters have included conditions which stipulate that the water supply shall be pure, trouble has sometimes resulted. This has occurred in cases where the municipalities have desired to purchase the water company property, a fight being waged upon the agreement for the supplying of pure water not being complied with.

Greene says, in his "Corporation Finance: "Water and gas are modern necessaries of life, and the supplying of these necessaries, when done by private companies under a conservative plan, is a proper and safe business for the investment of money."

Watered Stock. When the face value of the stock issued is greater than the property value represented by it at the time of its issue. To illustrate: A certain amount of water may be put into a quart of pure milk, and a greater bulk of what appears to be milk will result, but the amount of food matter has not been increased by the process. No more will it increase the property value of a corporation to increase its stock, unless the same is exchanged for real value.

The exception to this may be when a corporation has accumulated a surplus over and above all debts and the face value of outstanding stock; then an additional stock issue is sometimes properly made not greater than the cash value of the surplus. Strictly speaking, this latter should be termed "stock dividend," and is in no sense (( watered stock." Water-Power Company Bonds. See "Power Company Bonds."

a

Weak. The stock market is, or prices are, said to be "weak" when declining; a tendency to a fall rather than to a rise in prices.

Weather-Crop Bulletin (or Report). See "National Weather Bulletin."

Welcher. A debtor who takes advantage of the law to

evade the payment of a debt, which, though not enforcible in a legal way, is considered an honourable obligation.

Co.

Westinghouse. Westinghouse Electric and Manufacturing

Westralians. Securities of West Australia, particularly mining, which are dealt in upon the London Stock Exchange. Wheat. The trading unit is 1,000 or 5,000 bushel lots, or multiples thereof. The commission charged for the purchase or sale, or the purchase and sale, is one-eighth cent per bushel. The usual "margin" required is 5 cents per bushel. (See "Grain.")

Wheat Pit. See "Pit."

When and as Issued. Sales of securities made prior to their being issued especially when some doubt exists as to when and how they will be issued

are traded in with the condi

tion attached "when and as issued."

When, as, and if Issued. The same as the preceding, with the additional condition of "if issued."

The first trading in this country in securities at the time unissued occurred in connection with a sale of United States 4% bonds in 1895.

When Issued. A sale made of a new security conditional upon an uncertain date as to its issuance. (See last two subjects.)

Whipsawed. Two losses, occasioned by making a purchase at the highest price and selling out at the lowest; or the re

verse.

White Knob. White Knob Copper Co., Limited.

W. I. When issued.

Wide. "Wide from the market: a price one or two per cent. above, or below, the prevailing price. "Wide" means far apart, or away from. A bid of 75 and a simultaneous offer of the same security at 79 would be a "wide" quotation.

Widener-Elkins Interests. Corporations in which the families of (in Philadelphia, Pa.) Peter A. B. Widener and the former Wm. L. Elkins have a partial or controlling interest; such as the United Gas Improvement Co., Metropolitan Street Railway Co. of New York, Public Service Corporation of New Jersey, Rhode Island Securities Co., and the Philadelphia Rapid Transit Co., and many street railway companies in various sections of the United States, including the States of Illinois, Ohio, Pennsylvania, New Jersey, Rhode Island, etc.

Wildcat Money. Money worth less than its face value, or worth nothing at all. Many of the notes formerly issued by our State banks were so termed. Wildcat is used to

denote anything deceptive or unreliable, and is thus often applied otherwise than as a qualifying adjective to "money." Will. The law usually permits every one of legal age and of sound mind to provide for the distribution of their property after death, by will, and in most of our States this applies to married women, although not formerly. Personal property may be willed away by those not of age, the laws of some States providing that male children as young as eighteen and female children as young as sixteen may draw wills for the disposition of personal property.

Witnesses are necessary to the validity of almost all wills, the number varying in different States.

The drawing of a will is a matter of great importance, and calls for exceeding care, and should always be entrusted not only to a lawyer, but to an exceedingly good lawyer.

Window Dressing. Fixing the accounts of a corporation so that they will look well in a public statement. In New York, the trust companies are compelled to make exhibits to the State authorities at stated times. A calling of loans and the selling of securities in anticipation of such a report so that the amount of cash on hand would show favourably would come under this heading.

Wind Up. Liquidate; go out of business.

Winona. Winona Copper Co.

Wiped Out. Used to denote a total loss of one's possessions, or the loss of a "margin."

Wire. The expression "to wire" has more particular reference to a message by telegraph rather than by telephone. With Exchange. See "Payable with Exchange."

With Interest. See "Accrued Interest."

Without Interest. See "Flat," meaning the same.

Without Offset. See "Offset."

Without Recourse. Without responsibility or liability. Every one who indorses a note or check is responsible for its payment, if its original signer does not pay it. This responsibility can be avoided by the indorser prefixing the words "without recourse to his signature.

It does not follow, however, that the instrument would always be accepted in this form. In fact, there are only certain conditions under which this may be done. To illustrate, a note broker would not wish to assume liability in case of a note made payable to him by indorsing the same, and, in such an instance, he could resort to the words "without recourse," which would be usually acceptable to the purchaser of the note, he buying upon the strength alone of the

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.

Woman's Signature. Women puzzle bankers, and business men in general, by the way they often sign their names. It 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:

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.

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.

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.

World's Stock of Money. The Director of the Mint, at the close of 1905, estimated the monetary stock in the principal countries of the world, as follows:

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All kinds $12,215,400,000; classified as follows: Gold $6,483,500,000; silver-$3,176,400,000; uncovered paper currency $3,555,900,000.

Ignoring certain South American countries, which it is hardly fair to include, the greatest per capita stock is held in France, followed next by the United States, then Australasia, The Netherlands, Belgium, Germany, Canada, and Greece, in the order named.

Write Off. This has the same meaning as "charge off." Wyandot. Wyandot Copper Co.

X

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