PRIME EXCHANGE

Is exchange issued by houses of known solidity, whose bills are everywhere accepted.

PRINCIPAL

Capital. The sum on which interest is computed and paid.

PROCURATION.

Power or authority to act for another.

PRO FORMA

For form's sake. A fictitious transaction used to illustrate a business dealing.

PROMPT

The period of time within which payment must be made for goods purchased.

PROTEST OF NOTES

The notarial certificate required by law of the due presentation to and refusal of, a maker to pay a note.

QUARANTINE

The time which a ship must remain at a given point, called “Quarantine," before entry into port. (Leg.) The right of a widow to remain in the homestead of her husband for the period of forty days after his death, without being liable for rent.

An allowance. A repayment by a lender to a borrower of interest from the time on which an obligation is paid to that on which it is due

RECEIPTS

Acknowledgments of delivery, payment, or satisfaction.

RECONCILE

To agree upon and correct differences in the details of an account current. To cause the balance in each to correspond.

REGISTER

An official document relating to a vessel, stating its nationality, place of building, measurement, etc.

RETIRE

To take up or pay before maturity a loan or note discounted.

A right to possession of property at the termination of a precedent

estate.

S

SALVAGE

SCRIP

A compensation for rescuing or preserving a vessel, its cargo, or any part thereof from entire or partial loss. The amount of such compensation.

Dividends payable in stock issued upon the capital of a company. STOCK, PREFERRED

(See Stocks, page 212.)

STOCK, SECOND PREFERRED

(See Stocks, page 212.)

STOCK SHORT

(See Brokers, page 190.)

SUPERCARGO

An owner's agent aboard ship to superintend the sale of cargo, to procure freight, etc.

SURPLUS

A fund over and above the capital required to conduct a given enterprise. In banks, a fund in excess of the capital and legal reserve, and out of which dividends are paid.

SUSPENSE ACCOUNT

An account of unpaid notes, disputed claims, and moneys in litigation.
An account of claims of dubious value.

T

TELLER

(See page 118.)

TIME BARGAIN

A contract to be performed at a future specified time, usually applied to the purchase or sale of goods or securities.

TONNAGE

The carrying capacity of a vessel expressed in tons; also the quantity of freight a vessel is permitted to carry.

One who underwrites or guarantees the payment of a policy of insurance; an insurer.

USANCE

The time fixed by custom in which a bill of exchange may be paid after the due date; grace; grace as applied to foreign bills of exchange.

USURY

An interest charge above the rate of interest prescribed by law, and applicable only to interest on debts and obligations on which the law prescribes the maximum interest charge.

VALUE

(See page 4.)

VALUE, FACE

The value expressed on the face of an instrument.

VALUE, MARKET

The exchangeable value of a thing in open market, as distinguished from face or par value, or price.

VALUE, PAR

The full face value.

VOUCHER

A paper or document acknowledging that some payment has been made or other business transaction effected. A receipted bill.

WAREHOUSE RECEIPTS

W

Receipts for merchandise issued by the warehouses in which such merchandise is stored.

WARRANT

A draft drawn by its officers upon the treasury of a corporation, national, State, or municipal treasury.

Dictionaries :

Web......Webster.

Wor......Worcester.

INDEX.