affirmative. In most States this is not the law at the present time, it being well settled to-day that the words are not necessary, for "value" is implied in every bill, note, acceptance, and indorsement. There is an exception in the case of Missouri, however, where the words "value received" essential to the negotiability of a promissory note. In Pennsylvania, it has long been customary to use the words "without defalcation" in the place of "value received," but the words are non-essential.

are

Every

The statutes of the State of Michigan declare that: negotiable instrument is deemed prima facie to have been issued for valuable consideration; and every person whose signature appears thereon to have become a party thereto for value." i

Vanderbilt Interests. Those railway companies in which the well-known Vanderbilt family in New York, and other persons associated with them, own either direct control, or control through other companies; and those railway companies in which their direct or indirect ownership is great enough to influence its management, and lines leased to any of the foregoing. Such railway companies, for instance, as the New York Central & Hudson River, Michigan Central, the Cleveland, Cincinnati, Chicago & St. Louis, the Lake Shore & Michigan Southern, the Canada Southern, the Lake Erie & Western, the New York, Chicago & St. Louis, the Boston & Albany, the Rutland, the Cincinnati Northern, the Peoria & Eastern, the Pittsburg & Lake Erie, etc., a list too long to give here.

Velvet. Profit; a "bonus." bonus." If a man buys 100 shares of stock for $10,000, and later sells 75 shares at such an advance in price that his original $10,000, plus commission, etc., is returned to him; the 25 shares left standing him nothing, these shares may be called velvet."

Vendor's Shares (of Stock). Shares issued to one who sells property to a company, and in entire or part payment for the same. An English term and custom.

Victoria. Victoria Copper Mining Co.

Virginia Debt Certificates. See " Brown Brothers' Virginia Deferred Certificates."

Visible Supply. This term is generally used in reference to grain, cotton, or agricultural products, meaning the amount on storage in the large centres and what is in transit.

Voluntary Association. An example of the use of such an association as the above is that of the Massachusetts Electric Companies, a❝ voluntary association "managed by a board of

1 Act 265, P. A. 1905.

trustees, who hold the title to its assets, consisting of the majority and, in most cases, practically all of the stock of certain street railway and lighting companies. These companies were already in existence and their capitalization fixed, so far as the property owned was concerned, when this association was formed. By the "voluntary association" plan, shares and notes may be issued at the pleasure of the association, they being secured by the stock of the constituent companies bought and deposited with the board of trustees. This amounts to a virtual consolidation of the several properties, and allows of a greater capital stock and indebtedness than permissible to the companies direct. The "voluntary association" is unknown to the law, but the subsidiary companies are not, and their integrity is preserved. Each company is amenable to the law and recognized as if the "voluntary association" did not exist.

To make this clearer, suppose a railway company is limited by law to an issue of $100,000 worth of stock. John Jones buys all, or substantially all, of this, and puts it up as collateral for a loan of some greater sum, say $200,000, than the par value of the stock. There is no legal obstacle in the way of his doing this provided he can find somebody to lend him the $200,000. Voluntary Bankruptcy. See "Bankrupt."

Voting Trust. It is often desirable to place the voting control of the stock of a corporation in the hands of certain persons for a definite time. A" voting trust" is formed, the stockholders agreeing to delegate the voting power of their stock to certain named persons, called voting trustees."

"These forms of control as vested in a board of trustees represent, not ownership of stock, but merely a unified voting power during a specified term of years."

Any dividends declared in the meantime go to the owners of the stock, or, more particularly, to the owners of the " Voting Trust Certificates." (See next subject.)

Voting Trust Certificates. (See "Voting Trust.") When a " voting trust" is formed it may be so arranged that each stockholder deposits his stock certificate with the "voting trustees," they issuing a negotiable receipt for the same called a " voting trust certificate."

Voting Trustees. See "Voting Trust."

Voucher. A receipted bill or any written evidence of money expended.

W

W. The" ticker" abbreviation for " West" or "Western." Wabash. The Wabash Railroad Co.

Waive Protest. See "Protest."

Wall Street.1 Financial New York; meaning not only all that section where matters of finance are transacted (not literally Wall Street itself), but also the men engaged in the management of such matters. As one financial writer well puts it, "the business pulse of the nation."

Wall Street Crowd. The bankers, brokers, and moneyed men of financial New York (not literally of Wall Street itself) who mould or influence matters relating to finance and investments.

Walsh Roads. The Southern Indiana Railway Co. (successor to the Evansville & Richmond R. R. Co.), the Illinois Southern Railway Co. (part of this system was formerly the Centralia & Chester R. R. Co.), and the Chicago Southern Railway Co.

Warehouse Receipt. A written evidence issued by a warehouse company showing that certain commodities have been stored with it. Suppose that a merchant imports a quantity of wool. He is allowed to keep the same in what is called a "bonded warehouse" for a certain length of time, without paying duty; or the distiller of whiskey may store therein goods subject to internal revenue taxes for a limited time, pending the payment of the taxes upon same.

All transactions upon the Chicago Board of Trade for future delivery are based on the delivery of " warehouse (sometimes called elevator') receipts," covering the property stored in a regular elevator or warehouse, licensed by the State and under control of the State Railroad and Warehouse Commission.

All" elevator receipts" for grain must be registered by the State Grain Registrar, and all "warehouse receipts for provisions, i. e. pork, lard, and ribs, must be registered by the Board of Trade Provision Registrar.

All regular grain elevators and provision warehouses are bonded to the Chicago Board of Trade for the faithful performance of their duties as prescribed by the laws of the State and rules of the Exchange.

In distinguishing between the terms "warehouse" and elevator receipts," the former is the proper term, although the latter is often used by the trade to designate receipts covering grain on storage. Deliveries on provision contracts, however, are always designated as "warehouse receipts."

'The name Wall Street arose from the fact that in the 17th century, when New York was settled by the Hollanders and known as New Amsterdam, there was a stockade, or wall, built across Manhattan Island near what is now Wall Street. This was to protect the inhabitants from Indian

attacks.

In speaking of receipts covering grain delivered on contracts, warehouse receipts the terms or elevator receipts" are understood to mean the same thing in the Chicago market. Warrant. State, county, city, or town. An order given by some authorized official of a municipality upon its treasurer, for payment to some person for services rendered, and which this person presents to the treasurer, who, for lack of funds on hand, is unable to meet it. The process is to take the order, or "warrant," as it is very familiarly called, and stamp on the back of it: "Presented, but not paid from lack of funds. This warrant bears interest from this date until paid at the rate of -%." Below this is affixed the treasurer's signature. He enters the description of this "warrant" in a book, and the stamping upon the back of the "warrant " is called the "date of registration." This "warrant," if made payable "if "to bearer," is negotiable, the same as any piece of money; if it is made payable " to order," it becomes negotiable only by indorsement, the same as a check. If the owner of the "warrant," after it has been stamped by the treasurer, prefers not to hold it as an investment, he will probably sell it to some local bank at some price less than its full value, and the bank, in turn, will hold it, or sell it to some investor, to be held until called for redemption. It is customary for a municipality which has "warrants" outstanding to call them for payment, from time to time, as money accumulates for that purpose, and a "call" is inserted in some local paper for warrants of certain numbers to be presented for payment, and a certain date is named upon which interest will cease. An investor in " warrants" must provide for some way to be notified of a "call" covering his "warrants," otherwise he may lose interest.

Also used at times in the same sense as 66 interim certificates," to which refer.

"Dividend warrants" are orders for the payment of dividends to shareholders. In England, however, a check for the payment of dividend is termed a "dividend warrant." "interest warrant An "" is a similar order for the payment of interest on a bond or like security, and thus a check for payment of the interest on a "registered bond" registered bond" may be termed an "interest warrant."

In general, a "warrant," in a financial sense, is an instrument authorizing a person to receive money or its equivalent, or some security or negotiable paper. (See "Copper Warrants.")

Warranty Deed. See "Deed."

Washington. Among the Boston quotations, Washington Copper Mining Co. is understood.

Wash Sales. One broker orders another to sell a certain quantity of stock at a fixed price, and when it is sold on the stock exchange, the first broker buys it back again. The stock does not actually change hands, but the "ticker " reports the sale and gives a false impression as to the activity of the stock, and no commission is received by the broker making the purchase. An example of a " wash" transaction would be between two stock exchange houses; the first, Smart & Co., orders Clement Bros. to sell a thousand shares of Union Pacific stock at a certain price, for which, of course, they will receive a regular commission. Smart & Co., however, buy this stock in at the time the sale is made, but as this stock had belonged to them, they receive no commission on the purchase. This sort of business is against the rules of the stock exchanges, and when discovered, the perpetrators are penalized. Had John Astor, not owning a seat on the exchange, given Smart & Co. an order to sell this stock through Clement Bros., and then again had ordered Smart & Co. to make the purchase, so that an actual commission had been paid a broker for both the buying and the selling, the transaction would have been legal, so far as the rules of the stock exchange are concerned. But for John Astor it would have been a "wash sale," as he was endeavouring to establish an apparent activity in the stock which really did not exist. Such a transaction would come under the head of "manipulation," rather than a "wash sale," because, from a stock exchange point, it would not be technically the latter.

As early as 1820 a rule was passed prohibiting such transactions upon the New York Stock Exchange.

Dos Passos' Law of Stock-brokers defines "wash sales," on the basis of judicial decisions, as "not real sales, but made by persons interested in each other, for the purpose of giving a fictitious value to the stock."

Water. See "Watered Stock."

Water Bonds. Of all the different purposes for which a municipality may borrow money, it is conceded that bonds issued for supplying the inhabitants with water are the most desirable for investment purposes. No public improvement is more necessary, besides which, the water plant is not only usually self-sustaining, but frequently earns enough to pay the interest on the "water bonds," and often something in addition.

Water Company Bonds. These must not be confused with municipal" water bonds," which are the obligation of the town or city issuing them. "Water company bonds" are the obligation of an incorporated company and secured by a mortgage on its property. Whether these are desirable