such roads, disappears, on account of the "inter-relation of interests" existing. Or two railway companies may either by direct ownership, or through the control of their own large stockholders, own together the controlling interest in a third railway, which, on account of this common ownership, may be operated to the common benefit of the two owning roads. There exists here an "inter-relation of interests."

Intersecting Street Improvement Bonds. If the reader will first read the subject "Street Improvement Bonds" and then read what is given under " Intercepting Sewer Bonds," it will be understood that "intersecting street improvement bonds" are bonds issued by the municipality itself to defray its proportion of the street improvement expense not properly chargeable against the abutting property.

Intestate. Dying without leaving a will.

In the Red. See "Profit and Loss."

In the Street. See "Street."

Into Sight. First read "Visible Supply." "Into Sight " refers to the quantity which has been added to the "visible supply."

Inventory. A schedule of property owned, with the market value of each article or parcel. An inventory of a dry goods business would be a schedule giving goods on hand not sold, store and office fixtures and furniture of all kinds, real estate, if any, delivery wagons, etc.; in fact everything except cash on hand or due.

Inverted Pyramid. Condition of insecurity. (See "Pyramiding.")

Investment. The purchase of real property, stocks, or some evidence of indebtedness, with the purpose of obtaining an interest return upon the money; any increase in value of the principal being but a secondary consideration, but the safety of the principal a first consideration. Refer to "Speculation,' from which investment differs. As one writer expresses it, "Planting good seed in fertile soil, is investment; betting on how many potatoes the seed will produce to a hill, is speculation."

1

In its exact sense "investment" is concisely defined by Sprague: "Investment implies divesting one's self of the possession and control of one's assets and granting such possession and control to another." Also: "The essence of strict investment is . . . a share of the gain not dependent on the fortunes of the handler."

Investment Banker (or Broker). A dealer in investment securities. He buys for his own account in large amounts, 1 "The Accountancy of Investment," Charles E. Sprague.

and then resells (retails) to his customers, the difference between the buying and selling prices being his principal profit. He also gains or loses on the interest which the investments pay him while under his ownership in accordance with the prevailing rates for money, for he customarily is a large borrower, using his securities as "collateral."

Investment Board. See "Savings Bank."

Invisible Supply. The amount of grain, or other product, in the possession of the farmers, etc., and which has not yet reached the elevators or large centres, as is explained under "Visible Supply."

Invoice. An account, descriptive of goods sold, with prices, etc., furnished the buyer by the seller.

Involuntary Bankruptcy. See "Bankrupt."

I. O. U. These letters stand for "I owe you," and, as generally used, are merely an acknowledgment of debt in the form of a memorandum, as: "I. O. U. $10," followed by the signature of the person giving it. When it contains a formal promise to pay upon a specified time it becomes a "promissory note."

Iowa Central. Iowa Central Railway Co.

Irish Dividend. An assessment; the stockholder is called upon to make a payment instead of receiving one; a humourous term for an assessment.

Iron Production. The Wall Street Journal gives the following statistics which are a value in showing the tremendous strides which this country has made in the production of iron:

Irredeemable Debentures. In Great Britain, for example, there have been issued many railroad company" debentures (see "Debenture Bond ") which have no fixed dates of maturity, as in the case of our bond issues, but which are irredeemable; perpetual; more like a stock.

The English railroads labour under this disadvantage: many of these “irredeemable debentures" bear a high rate of interest, which is a perpetual charge upon the companies.

or

It would be of great advantage to them if, in times when low interest rates were prevailing, these issues might be converted refunded," as we say, into lower interest-bearing securities, and thus an interest saving for all time to come be accomplished. The irredeemable feature prevents this, however. Irredeemable Paper Money. See "Inconvertible Paper Money."

Irregular. Many variations in prices; some securities advancing, others declining.

Irrevocable. Something which must remain in force; cannot be recalled. An irrevocable " power of aty" (see the subject in quotations), for illustration, is one which is not subject to recall or cancellation.

Irrigation Bonds. In many sections of the West, in order to successfully carry on agriculture, artificial irrigation must be maintained. Companies are sometimes formed which undertake this work, and which issue bonds for the purpose of raising money towards defraying the cost. Again, sections of a State may be set aside in the form of a district, called an "irrigation district," which may be authorized to issue bonds for irrigation purposes, and which are payable from taxes levied upon all the taxable property in this district. This is a form of municipal bond, and, likewise, is somewhat of the nature of a "special assessment bond."

Matters to be considered before investing money in bonds of this kind, whether issued by company or district, are: First, the general character of the section benefited; whether by the artificial application of water a fertile and productive agricultural section is produced. Next, the water supply; its permanency, sufficiency, and the legal right to use the required amount. Again, the class of settlers or farmers dwelling in the irrigated section. Of course the near location of a market and transportation facilities are also important.

I. S. C. Interstate Commerce.

Isle Royale. The Isle Royale Copper Co.

Issue House. See "House of Issue."

Issue Par. The price at which a security is first sold, or issued, regardless of its actual face value.

Issue Price. The price at which an issue of securities is offered to the public. In the case where an issue had been previously underwritten, "issue price" is used in contrast to "underwriting price," the difference in the two prices representing the underwriter's profit, from which certain commissions or other expenses may be deducted.

Item. Each check or draft, etc., which a bank presents at

the clearing-house" is referred to as an "item." "item." Cannon states, The word is frequently employed in combination with a qualifying term, as, for example, collection items,' out-of-town items,'' city items,' etc."

J

Jacking Up. See "Jackscrewing."

kscrew

ately an uncommon term. It is a the financial writers of newspapers cannot find more fitting words to express their meaning. "Jackscrewing" means putting great power, as it were, beneath the market and forcing prices up to unnatural levels. The comparison to the great power of the builders' " jack," by the use of which enormous buildings can be lifted, or forced upwards, explains the application.

Jail Bonds. A form of municipal indebtedness created for the purpose of building or enlarging a jail and, usually, a county obligation.

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

J. and D. Interest or dividends payable semi-annually, June and December.

J. and J. Interest or dividends payable semi-annually, January and July.

Jeweller's Bar. For use in the manufacture of jewelry, etc., fine gold is cast in the form of small ingots or bars, valued at about $100 and upwards.

Jobber. An English term referring to a London Stock Exchange member, who deals only between other members of the Exchange, and is distinguished from the broker, who, although also a member of the Exchange, executes orders for the general public. The broker, however, deals directly with the "jobber" (it being contrary to custom for the brokers to negotiate with each other), who, at request, submits a buying and selling price on each security, the broker having the privilege of making a transaction either way in accordance to the desire of his customer. The "jobber," of course, buys for his own account and may properly be termed a "middleman."

The use of word "stock-jobber" in London dates back to 1688.

Jobber of Exchange. One who sells "exchange" to banks and other dealers in "foreign exchange," who resell to their own clients. The "jobber " might be termed the wholesaler

of "exchange," and those with whom he deals, the retailers.

Jobber's Turn. A London Stock Exchange term. (See "Jobber.") The "turn" is the profit which the "jobber makes on a transaction with a " broker," but it is understood that one party to the transaction is the "broker" and the other party another "jobber." When trading between brokers, that is, buying from one broker, for instance, and selling to another, he really makes two "turns."

Joint Account. Two or more persons having mutual or joint" interest in a venture or enterprise. A simple example: Two bankers buy $100,000 bonds at 98 "on joint account." These bonds are sold at 100. There is, therefore, $2,000 to divide between the two bankers, each being first allowed to charge up all his expenses incurred in the transaction. The conditions of each " joint account may vary greatly. One banker may carry" all the bonds and be allowed a special profit for so doing; or, each may be allowed a commission for all bonds which he sells; or other conditions depending upon the details of each individual transaction. A "joint account" in exchange " has reference to a division between the banker drawing the "exchange" and the one expected to honour it, of the profits arising from loaning the proceeds in the latter's market at the prevailing (high) rates of interest. (See "Sterling Loan.")

Joint and Several Note. In a note of this kind any one of the signers can be held responsible for the entire amount of the note in case of inability to pay on the part of the other, or they can all be held equally if each is financially able to meet his proportion. In other words, they are liable for its payment all together, and liable for its payment individually. (See "Joint Note.")

An ordinary promissory note beginning " I promise to pay," and then signed by each of the parties, or by a firm, as "Good & Company," is a "joint and several note; " also one reading, We jointly and severally promise to pay," signed as above. Some States make all obligations of two or more persons "joint and several " unless the instrument expressly provides that the obligation shall be "joint " only.

Joint Bonds. There are not many such bonds in existence. The best example is the " joint bond" issued by the Northern Pacific and Great Northern Railroad Companies. The majority of the stock of the Chicago, Burlington & Quincy Railroad Co. was purchased in the interests of both the Great Northern and Northern Pacific Railroads, and a "joint bond," so-called, issued, being the direct obligation of both