Hammered

dollar. Mexico when released from the rule of Spain retained a large amount of Spanish silver coins. The royal effigy on the silver dollar was officially battered or ham- | mered out of recognition, which served the double purpose of testifying to the emancipation of Mexico and of keeping the coins at home. The silver dollar thus defaced was commonly designated as the hammered dollar.:; Hammond’s time. At 14 minutes after 2 p. m. on each busine day except Saturday the words ‘“Hammond’s time” are printed on the tape by the stock ticker and afterwards the lever of the instrument sounds fifteen beats. When the fifteenth beat is sounded it is 2.15 p. m. and the end of the time for the delivery of securities in settlement of contracts entered into on the New York Stock Exchange which mature on the current day. Failure by a seller to deliver to a purchaser by 2.15 stocks sold on the New York Stock Exchange previously in the day for cash (see For cash) or sold in the regular way (see Regular way) on the preceding day constitutes a default by the seller on the contract. A watchmaker named Hammond supplies the stock exchange with its official time; hence the name Hammond’s time. In speaking of Hammond’s time it is the habit to abbreviate it to simply “time.” The stock exchange time was formerly supplied by a watchmaker named Ladd and it then was known as Ladd’s time. Hand-to-hand money. This term applies to money of small. denominations such as ordinarily pa es between individuals or ordinarily is used in trade.