Probate Court, or other proper authority, to take charge of the goods and estate of one dying without a will.

Admitted to Quotation. This expression is frequently seen in financial news relating to this or that security, and by it is meant that the security in question is allowed to be dealt in upon the Unlisted Department of the Stock Exchange. To clearly understand this, however, the reader should turn to the two subjects "Listed" and "Unlisted Securities." If a security is admitted into the "listed" department, that is, placed upon the regular list by the Governing Committee, the term listed would be used instead of "admitted to quotation."

Advance. "The market has advanced;" "prices have advanced; " expressions indicating a rise in prices.

An occasional use of the word is to indicate that money has been loaned,' or that a payment has been made. When Jones "advances " Smith $50, it may indicate either of these transactions.

Advance Bill. This is a regular "commercial bill" of exchange, only drawn against goods to be afterwards shipped instead of against a shipment already made. They are usually drawn only when there is a considerable regularity of trading between the drawer and the acceptor of the bill, whereby the latter leaves it largely to the judgment of the drawer as to the character, amount, and date of shipment of the goods.

Adventure. The Adventure Consolidated Copper Co. Also an old term for a shipping venture or speculation.

Advice. If, as an example, you forward a check to some bank for deposit accompanied with a letter containing the words "for the credit and advice of James Taylor," it means that the bank must credit the amount to James Taylor and notify him; i.e. send him "advice," that it has done so. Also "letter of advice," to which refer.

Afloat. A term used by traders in grain indicating the amount loaded in vessels which may be in harbour, or exported, but not yet reached its destination.

After Sight. After presentation for acceptance," to which refer.

Agent. One who represents, acts for, or in behalf of, another, who is called his "principal."

In brief, they are divided into two classes special" and general." The latter is "one who is appointed to do acts of a class, and a special agent . . . appointed to do indi

In the remarks by the Governor of the Bank of England following the Panic of 1866, loans made to assist the business community in tiding over the strained condition of affairs were referred to as "advances."

vidual acts." 1 An illustration would be that a "general agent might be employed to buy pig iron, no restriction being placed upon him as to where or of whom he should buy. He would become a "special agent" if his principal had restricted him to the purchase of a certain lot of iron and his authority ended with the success or failure to purchase the especially described article.

The relationship between agents, their principals and third parties, and the rights and liabilities of the same, are matters worthy of serious consideration, and should be thoroughly understood before one becomes involved as any of the above parties. (The reader wishing to pursue this subject further is referred to the subject of "Agency very clearly set forth in "Essentials of Business Law," by Francis M. Burdick.)

One very important point, however, it may be well to mention here, namely: the signing by an agent of any negotiable instrument or contract under seal. It is a safe rule for him to pursue to sign the name of his principal, by himself as agent; as, for instance, James Jackson, by Thomas Jones, Agent;" not " Thomas Jones, Agent, for James Jackson." This is to avoid personal liability on the part of the agent.

Agent de Change.' The French term for a stock broker.

Agio. (There are various other ways of spelling this word.) The rate of exchange between the moneys of two countries; also the percentage of difference in values between two different moneys in the same country. For instance, a paper currency in some country may not be accepted at its face value in exchange for metallic currency. The percentage by which the latter exceeds the former in value is known as agio." The percentage in value at which the paper currency is accepted below the metallic currency is called "disagio;" agio" representing a premium upon a better currency, and disagio a discount upon a depreciated currency. The wear and tear, or "abrasion" of a metallic currency is also called "disagio."

Agiotage. This is a foreign term having commonly two meanings: First, the rate or price of "exchange; " second, speculation in stocks, bullion, exchange, etc.

'Defined by the Supreme Court of the United States.

2 "The French stock market has since (1795) remained under official supervision, although alongside of the seventy official agents de change, occupying the parquet, has arisen the unofficial board known as the coulisse. Several legal conflicts have occurred between the privileged brokers and the coulisse, which led in 1898 to the reorganization of the stock exchange and the prohibition of dealings on the coulisse, except in certain classes of securities."- The Principles of Money and Banking, Charles A. Conant.

Agricultural Chemical. American Agricultural Chemical Co. (Chemical fertilizers and by-products.)

Aj. The "ticker" abbreviation for "adjustment."

A. J. O. J. April, July, October, and January; interest or dividends payable quarterly, beginning with April.

Albany. Boston & Albany R. R. Co., leased to New York Central & Hudson River R. R. Co.

Allonge. When checks, promissory notes, or similar negotiable instruments have their backs entirely covered with indorsements, a slip of paper, called an "allonge," is often attached to receive any further indorsements.

All or Any Part. The next subject explains this in part, to which it is the opposite, as the condition is that any amount, or even all, of the issue may be sold to the successful bidder.

All or None. This can best be understood by first reading "Sealed Bid." "All or none" is a condition imposed by the bidder for an issue of securities, by which it is understood that in the event of his bid being accepted, he is to take the entire issue, but no lesser amount. Or the seller of the security may stipulate that the successful bidder shall be bound by this same condition.

Allotment Note. Signed by a seaman, giving authority for the payment of a portion of his wages from time to time to some other person.

Allouez. Allouez Mining Co. (Copper.)

Amal. Amalgamated.

Amalgamated. Amalgamated Copper Co.

American Pneumatic. American Pneumatic Service Co. (Pneumatic tube service.)

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

Americans. The general foreign particularly London name for United States securities. As a rule, however, securities that are dealt in upon the New York Stock Exchange are more especially understood.

American Telephone and Telegraph Co. See "Telephone Securities."

Amortise (or Amortize). The payment of a debt by means of a sinking fund. (See "Sinking Fund.")

Anaconda. Anaconda Copper Mining Co.

Ancillary Receiver. A second, or assistant receiver, who manages the property situated in some State other than that in which the receiver" (principal one) gets his authority.

And Interest. See "Accrued Interest."

A. N. F. M. August, November, February, and May; interest or dividends are payable quarterly beginning with August.

Anna. See India Money Table under "Rupee."

Annual Interest. Interest payable once a year. Very few investments have interest payable at such infrequent intervals, and are not considered as desirable as in the cases where interest is payable semi-annually or quarterly.

Annuity. A fixed sum of money payable yearly; or, to put it differently: a fixed sum-granted or bequeathed - payable at certain regular periods.

Anthracite Roads.

See " Hard Coalers."

Anticipation of Taxes. See "Tax Relief Bonds."

Anti-Stock Watering Laws. Laws which require that there shall be a dollar invested for every dollar of stock issued.

Apd. The "ticker" abbreviation for "assessment paid." (See " Assented Stocks.")

Appraised Value. The value set upon a property by an "appraiser."

Appraisement. The placing of a value upon a property; the value set.

Appraiser. One who is named by an individual or appointed by law to estimate values.

Arbitrage. Buying a security in one market and selling it in another at a better price; taking advantage of a difference in current quotations upon the same security in two different markets, by buying in one and selling in the other, at a higher price; the difference, less certain expenses, representing the "arbitrageur's " profit. Sometimes the sale is made in one market before the purchase in the other. "Arbitrage " business is carried on very extensively between London and New York, but chiefly by what is known as "international banking houses," to a much lesser degree between different American markets. Some "arbitrage arbitrage" transactions, however, are conducted between the New York Stock Exchange and the "New York Consolidated Stock and Petroleum Exchange."

Rights" for the privilege of subscribing to a new stock issue may be handled as an "arbitrage dealing in this way: Suppose "rights" in a certain corporation can be purchased at 41. An "arbitrage" dealer buys 100 of these for $450. These give him the privilege of subscribing to 100 shares, we will say, of new stock in the company. Immediately upon making the purchase, he sells 100 shares of the

old stock of the company at 105 per share, borrowing the stock temporarily to make delivery until the new stock shall be issued in accordance with his " rights." By this transaction he makes fifty cents per share, for his " rights" cost him but $4.50 each, carrying the privilege of subscribing to the new stock at $100 per share. The new stock would cost him but 104, whereas he has sold the old stock at 105.

Also, in case of merging of one company into another, where the stock of one company may be exchanged for stock in the other, opportunities for "arbitrage" dealing often

arise.

In the business known as "foreign exchange" (see "Triangular Operation") the triangular plan of using a credit at one place to settle a debit at another, is a transaction known as "arbitrage." (See "Back Spread.")

Arbitrage Houses. Stock exchange houses which make a specialty of dealing in "arbitrage." (See that subject.) Arbitrageur. A dealer in "arbitrage." (See that subject.) Arbitrary. A fixed sum paid by a main line of railway to a branch, or connecting line, for freight originating on the latter, regardless of what is its proportion of the through rate on such freight. This is on the theory that a branch road, delivering freight to a main line, is entitled to more than its mileage proportion of the through rate.

Arbitrated Exchange (or Arbitration of Exchange). Refer to "Triangular Operation," which is what is understood by this subject.

Arcadian. Arcadian Copper Co.

Argentines. The various securities of the Argentine Republic dealt in on the London Stock Exchange.

Arnold. Arnold Mining Co. (Copper.)

Article. This is the English term for our

the reader may refer.

Ash Bed. Ash Bed Mining Co. (Copper.)

item," to which

Asked Price. The price at which a security or commodity is offered for sale. The "asked price" of Western Union Telegraph stock is 95 when that is the price at which it can be bought.

Assaying. A chemical analysis of ores or metals.

Assay Office. A branch of the U. S. Mint next to the SubTreasury on Wall St., in New York City. Its functions are to assay, part, and refine gold or silver when presented in the form of crude bullion, jewelry, or whatever it may be, and the manufacture of gold and silver bars. All such that pass through the assay office" bears the Government stamp certifying to weight and fineness. A charge is made for doing