FINANCE, INDUSTRY, TRANSPORTATION. 



493 



Speculation. Buying commodities not needed for 

 use, or selling commodities not owned, with the hope of 

 making profits by fluctuations in the values of these 

 commodities. A speculator buys wheat because he 

 hopes to sell it at a better price, but not because he needs 

 it for use. He sells sugar stock because he believes he 

 can buy it at a cheaper price later, and make the differ- 

 ence. 



Statutes. The written laws of the kingdom are of 

 two kinds, public or private ; the former applies to all 

 statutes which affect the public generally, and of which 

 the judges take cognizance without being specially 

 pleaded. The latter relates to the private rights of in- 

 dividual bodies, as, for instance, the various acts for the 

 management of railway and other companies are private 

 acts. 



Stoppage in Trill-situ. Goods sold on credit to a 

 person, since becoming insolvent or bankrupt, may be 

 seized by the vendor at any time before their actuafand 

 complete delivery to the vendee. This seizure is called 

 stoppage in transitu ; it is often a nice and difficult 

 question to determine when the transit has ended and 

 the purchaser's possession begun. 



Stipend. Settled pay for services; daily, monthly, or 

 annual salary. 



Stipulation. An agreement or contract. 



Stocks. Shares in joint stock companies, and notes 

 on the government. 



Stock Broker or Jobber. One who speculates in 

 stocks. 



Statute of limitations. An assigned period within 

 which legal action must be commenced to enforce pay- 

 ment. 



Statement. Usually a list of property, or resources 

 and liabilities. 



Statistics. A collection of facts respecting any par- 

 ticular thing. 



Sterling Exchange. A bill of exchange drawn on 

 London. This is the most general current exchange, 

 and is good for the payment of debts anywhere. Our 

 shippers of cotton, grain, flour, and merchandise re- 

 ceive bills of lading with draft attached, which they sell 

 to foreign exchange houses here, who issue their bank- 

 ers' bills against these commercial bills. 



Stock. Certificates issued by a corporation certifying 

 that the person in whose name they are _written and 

 stand registered on the corporation books is entitled to 

 share in the company's profits, to vote, etc. 



Stock, Assessable. That is liable to assessment. 



Stock, Cumulative. One on which a corporation 

 agrees to pay past due dividends before declaring a 

 dividend on stocks coining after it in the distribution 

 of net earnings. 



Stock Exchange. An incorporated body of brokers, 

 who buy and sell stocks, bonds, and other values. 



Stock, Non- Assessable. Stock carrying with it no 

 liabilities. 



Subornation of Perjury. The offense of procuring 

 another to take a false oath. 



Subprena. A writ used for the purpose of compel- 

 ling witnesses to attend and give evidence. 



Sufferance. A tenant at, is a person who acquired 

 the possession of lands by right, and holds over after his 

 right is determined. 



Suit. Proceedings in equity are usually termed sxiits, 

 as distinguished from the proceedings at common law, 

 which are termed actions. 



Summons, \Vrit of. The process used for the com- 

 mencement of all action in the courts of law. 



Supersedeas. A command to stay some ordinary pro- 

 ceedings at law, on good cause shown. 



Sue. To prosecute in law. 



Surety. Security against loss; a person bound for 

 the faithful performance of a contract by another. 



Suspend. To stop payment temporarily. 



Syndicate. A number of capitalists who unite to dis- 

 pose of a loan, or to conduct a great financial enterprise. 



Tacit. That which is understood ; implied. 



Tare. An allowance for weight of box, case, bag, 

 cask, etc., containing merchandise. 



Tariff. A list of prices; duties on imports and ex- 

 ports. 



Tax. A rate or sum of money imposed on persons or 

 property for public use. 



Tenancy. The holding of property under tenure. 



Tenant. One who holds lands of another as a tenant 

 for life, for years, in tail, etc. ; it is a word extensively 

 used in legal phraseology. 



Tender. A legal tender is an unconditional offer to 



pay a debt, which, if refused, may be afterwards pleaded 

 in bar to an action. 



Tenement. Property held by a tenant ; it comprises 

 lands, houses, and every species of real property which 

 may be holden. 



Tenure. The system of holding lands in subordina- 

 tion to some superiors. 



Testamentary Guardian. A person appointed by a 

 father in his will to be the guardian of bis child. 



Testator or Testatrix. The maker of a will. 



Teste. The clause at the bottom of a writ beginning 

 with the word " witness," is so called. 



Tenants in Common. Persons holding lands and 

 tenements by several and distinct titles, and not by a 

 joint title. 



Title. The evidence of the right which a person has 

 to the possession of property. 



Time Draft. A draft maturing at a future specified 

 time. 



Tonnage. "Weight of a ship's load ; capacity of a ves- 

 sel. Also a duty on ships estimated per ton. 



Traverse. A plea which denies the truth of some 

 part of the plaintiff's declaration in an action. 



Treasure Trove. Any money, etc., found hidden 

 under the earth the owner thereof being unknown. 



Trespass. Any wrong or damage which is done by 

 one man to another, whether it relates to his person or 

 property, but it usually signifies a wrongful entry on 

 another's premises. 



Trial. The formal method of examining and adju- 

 dicating upon a question of fact in a court of law. 



Trover. The form of action used to try a disputed 

 question of property in goods or chattels, in which the 

 plaintiff can only recover their estimated value, and not 

 the goods or chattels themselves. 



True Bill. The words indorsed upon an indictment 

 by a grand jury, when satisfied that the charge against 

 the offender is made out. 



Trust. A trust exists where a party, called the 

 cestui que trust, has a right in equity to the beneficial 

 enjoyment of property, the legal ownership of which is 

 vested in another, who is hence called a trustee. 



Transact. To perform any act of business ; to man- 

 age. 



Transfer. To convey; to sell or alienate title. 



Treasury. A place where public money is kept. 



Trustee. One to whom some special trust is as- 

 signed. 



Trade. A company of persons engaged in the same 

 occupation; business of buying and selling. 



Trade Discount. A deduction of a certain rate per 

 cent, from the face of a bill made by wholesale houses 

 and others in trade. 



Trade-Mark. A distinguishiag mark used by a 

 manufacturer on his goods or labels. 



Trunk Lines. Through lines of railroad from the 

 Atlaneic seaboard to Chicago or more western points. 



Trust. A combination of manufacturers or dealers 

 for the purpose of limiting production and advancing 

 prices for their own benefit. 



Umpire. A third person chosen to decide a matter 

 in dispute left to arbitration, in case the arbitrators 

 should not agree. 



Under-I^ease. A lease granted by one who is him- 

 self only a lessee of the premises under-let. 



Under-Lessee. The person to whom an under-leas 

 is granted. 



Unliquidated Damages. Damages not fixed or as- 

 certained, and which require therefore to be estimated 

 by a jury. 



Uncurrent. Not passing in common payment, as 

 pounds, shillings, and pence in the United States. 



Underwriter. An insurer; so called because he un- 

 derwrites his name to the conditions of the policy. 



Use. A right to the beneficial enjoyment of land 

 nominally vested in another. 



Usury. The extortion of unlawful gain ; the taking 

 more for the use of money than is allowed by law ; but 

 the usury laws in this country are now abolished, any 

 rate of interest therefore may now be lawfully taken . 



Usage of Trade. Custom, or the frequent repeti- 

 tion of the same act in business transactions. 



Usance. A fixed time on bills of exchange ; business 

 habit generally acted upon from force of custom. 



Value Received. The words usually, but unneces- 

 sarily, appearing in bills of exchange and promissory 

 notes. 



Valid. Of binding force ; strong ; effectual. 



