Offered Down. Offered (an offer to sell) at less than the last quotation of the same security.

Offered Firm. There is a distinction between" offered firm " and "subject to sale" (the meaning of the latter is set forth under the subject of that heading), but in the case of " offered firm" one offers to sell another certain securities, or anything else for that matter, giving definite time for the acceptance of the offer. Or, one may make an offer, that is, a bid, that in turn will be good for a definite time; in which event it is known as a firm bid." Anything may be "offered firm for three days," by which the intending purchaser has that length of time to decide in; or a bid may be made "firm " for that length of time, and is known as "firm bid for three days." Official List. The London term which is the equivalent to our List," to which refer.

Official Minimum. The discount rate of some of the large foreign banks, such as the Bank of England, is known as the "official minimum." (See "Bank of England Discount Rate."

Official Time. See "Hammond's Time."

Offset. Sometimes notes bear the words "without offset," meaning that if the person holding the note meets with financial disaster he cannot use the note as an "offset" against any sum which he may happen to owe the person who signed the note.

Dictionary meaning: To set one account against another; to make the account of one party pay the demand of another; a sum, account, or value set off against another sum or account as an equivalent.

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

O. K. (or O. Ked). When marked upon a paper it signifies that it is correct to the satisfaction of the person who placed the letters thereon. He is said to have " O. Ked " it.

Old Dominion. Old Dominion Mining Co. (Copper.) Old Lady of Threadneedle Street. Bank of England. Old Line Insurance. Life insurance upon which the premium is fixed (see" Level Premium "); not changing from year to year, but determined once for all by the age of the insured when he makes his first payment, and which maintains a yearly increasing reserve, something like a sinking fund, to meet the claims at a given time.

Old Reserve. This is explained under "New Reserve." On Account. A partial payment of an amount due is a payment on account."

On a Scale. See "Buying on a Scale" and "Selling on a Scale."

(

On Call. This will be understood by reading "Demand Note." It has reference to money or anything "subject to call;" subject to demand for immediate delivery or pay

ment.

On 'Change. On the stock exchange, or on any other kind of an exchange.

One-Name Bill. A bill of exchange (see "Exchange") which has only one signature and is without indorsements, and has not been "accepted."

One-Name Paper. Same as " Single-Name Paper."

On or Before. This expression is used in reference to a form of borrowing where an agreement exists between the lender and the borrower that the note shall run for a definite period, and that the lender shall not have the right to ask for a previous payment, but the borrower may have the right, if he so elects, to pay the note off" on or before" the maturity date mentioned in the note.

On Passage. Grain, or any commodity, en route upon the ocean between any two ports.

On the Canal (on Canal). Grain which is at the time in transit on the Erie Canal.

On the Lake (on Lake). Grain, or any commodity, en route upon the Great Lakes.

On the Track (on Track). Grain, or any commodity, in railroad cars.

Open Account. The credit which one banker enjoys with another and against which he draws in "exchange.'

Open Credit. See "Open Account."

Opening Prices. The quotation of the day's first sale of each security.

Open Market. Where any or all may buy and sell. A stock exchange limited to the trading of its members is not an open market."

Open Mortgage. A mortgage under which more indebtedness can be incurred; the amount of indebtedness authorized under the terms of the mortgage has not been reached. The opposite of "Closed Mortgage.'

Open Order. Meaning the same as "Good Until Can

celled."

Operating Companies. Broadly speaking, any company which is actually in possession of, and operating its own business, but in investment matters it has a more restricted sense. It refers to a company which is owned or controlled by another, but which latter, i. e. the "controlling company," only

indirectly conducts the management of the former, which, by its own officials, under general instructions from the controlling company, actually manages its operation.

Operating Expenses. The cost of every kind of operating any corporation or business industry for any given period of time. It is sometimes not customary to include taxes, insurance, etc., as an operating charge, but unless a distinct separation is made of these items, so that the information shall not be kept from the investor, it is proper that they should be included either in "operating expenses or "fixed charges." Woodlock says that taxes properly belong under the latter.

The Interstate Commerce Commission has prescribed for railroad companies the following classification for "operating expenses: (1) Maintenance of Way and Structures, (2) Maintenance of Equipment, (3) Conducting Transportation, (4) General Expenses, all of which will be found explained under the several headings.

Operating Surplus. This is the profit remaining after taking into consideration all costs of every nature of operating any corporation or business industry for a given period of time. Whether or no taxes and insurance should be deducted before arriving at the amount of the "operating surplus" depends upon the system of bookkeeping; but unless they are deducted a distinct separation should be made so that those interested should not be misled. Interest on capital, indebtedness, etc., should not be deducted before determining the "operating surplus."

Operators. Those who trade very heavily in the stock exchange or who are large buyers and sellers of securities on their own account, and whose actions more or less influence the trend of prices, are referred to as operators." One who makes a profession of speculating may be considered under this heading.

O. P. Money. Money belonging to other people.

Optional After (or Optional Bonds). See "Net Return Upon the Investment."

Optional Bonds (or Other Securities). Bonds in which the right is reserved by the issuer to pay off at an earlier date than the actual date of maturity. A bond due in twenty years, but subject to redemption after ten years, is of this class, and would be termed a 10/20.

Option Day. The day on which options, that is, "puts," "calls," etc., must be declared, in accordance with London Stock Exchange rules, and which coincides with "contango day." (See that subject.)

Option Money. A payment to secure an option. See next subject.

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Options. By "options" is understood either a "call," a "put," a spread," or a put-and-call." Options," in reference to dealings in securities, mean the privilege of buying or selling, or a combination of buying and selling, a certain amount of securities at the expiration of, or within a given period, at prices determined at the time of the execution of the contract. In order to possess any of these rights, one must pay some other party a sum of money sufficient to induce him to take the risk of signing such a contract. The price paid for an "option" is termed the " premium.” Orders. County, city, State, etc. (See " Warrant.") Any written instructions to pay money, "bills of as checks," exchange," etc.

An "order" to buy or sell is given a broker. (See also the following subjects: Stop Loss Orders," " Buying Order," "Selling Order," "Postal Money-Orders" and "Express Money-Orders.")

Ordinary Shares (or Stock). The term used in England as the equivalent of the American "common stock, but which the English often divide into two classes known as preferred shares" and " deferred shares." (See those subjects.)

Osceola. Osceola Consolidated Mining Co. (Copper.)
O. T. On track. (See "On the Track.")

Out-Clearer. This is explained under "In-Clearer."
Outer Belt. See " Belt Lines."

Outlawed. An obligation, which, on account of the time elapsed since it was incurred, or since any payment of either principal or interest has been made thereon, cannot legally be collected, is said to be "outlawed." That is to say, the statutes of limitations provide in each State the length of time during which legal action may be taken to collect a claim; neglecting so to do within the time fixed deprives one of his right to collect. A recent court decision of interest to the holders of national bank stocks is given under the last paragraph of the subject " Double Liability."

Out-of-Town Checks. A check drawn on a bank situated without the city in which a certain clearing-house is located, is an "out-of-town check" to that clearing-house. That is to say, it is a check that cannot be collected through the ordinary machinery of that clearing-house, but must be sent away for collection.

Out-of-Town Clearings. In England, each country bank has a running account with some London bank, and all the

city banks daily settle transactions with each other through the clearing-house. Therefore, the payment from any part of the country to any other part can be accomplished through London. By this, supposing the reader to be familiar with the subjectClearing-House," "out-of-town clearings" may be understood.

The "out-of-town clearing" system is also explained under "Foreign Department Boston Clearing-House Association." Out-of-Town Item. This will be found explained under "City Item."

Outside Bank. A bank not belonging to any "clearinghouse," and which does not "clear" through any other bank which is. (See "Clearing-House Agent.")

Outside Broker. One not belonging to an exchange, as, for illustration, a "curb broker," to which refer.

Outside Market. This refers to dealings outside of the regular exchange.

Outsider. Used in contradistinction to "insider," to which subject refer. The "outsider" is the occasional speculator or investor; one who does not make a profession of the same, and also who is not in a position to be in possession of "inside information," as it is called, regarding the affairs of the corporation in which he may happen to be investing.

Outside Stocks and Bonds (Securities). Those not dealt in upon the regular exchanges.

Outstanding Issue. The total amount of stock, bonds, or whatever the security may be, which a company has already placed upon the market. A company, for example, may be legally authorized to issue $5,000,000 in first mortgage bonds; suppose it should have issued but $2,000,000 of these, leaving $3,000,000 yet to be issued. $2,000,000 would be the amount outstanding."

Over. This is a term used in Great Britain, and means 1-32 of 1% more, or above, a price. To illustrate, "over }," would equal 5-32.

Overbought Market. When so many have been buying securities that the amount which they have on hand is so great that it is not easy to sell, the demand for the time being having greatly lessened, the market is said to have been "overbought," and it is natural to expect a fall in prices.

Overcapitalized. A company with more securities outstanding than it is able to return interest or dividends upon. (See "Capitalization.") Meade' defines overcapitalization

"Money and the Mechanism of Exchange," W. Stanley Jevons.
2 "Trust Finance," E. S. Meade.