Associated

banks (of New York). The banks in New York that are a ociated in making daily exchanges or clearings at the clearing house; in other words, the banks that belong to the clearing house; or, in still other words, the banks that are members of the Clearing House A ociation.: For an explanation of the method employed in making clearings see Clearing house of the a ociated banks of New York. “A” stock. This is the English designation for deferred ordinary (common) stock. When for dividend purposes the id ——. ordinary stock of a company has been divided into two parts q called preferred or “B” stock and deferred or “A” stock the ~ dividend on the A stock is deferred until a fixed amount has been paid on the B stock. This B or preferred stock is not the same as preferred stock in the United States. What in the United States is called preferred stock is in Great Britain called preference stock and preference stock in Great Britain may be divided into two or more cla es called first preference, second preference, etc., just as preferred stock in the United States may be divided into. two or more cla es called first preferred, second preferred, etc. When, however, there is but one cla of preference stock ahead of an ordinary stock in Great Britain the B or preferred stock is equivalent to second preferred stock in the United States. The term A stock is also occasionally used merely as a distinction and not with the connotation of “deferred.” For instance, it is sometimes, though rarely, used to distinguish. one i ue of a company’s or government’s debt from another. Costa Rica A bonds and Mexican National Railroad A bonds are examples of this use.; At a discount. At le than the face value; below par. A stock or bond is at a discount when it is selling below its par (face) value. For additional information see Par. At a premium. Above the face value; above par. A stock or bond is at a premium when it is selling above — its par (face) value. For additional information see Par. ' At call. The English term which means the same as the American term on call. Money at call (on call) is money loaned the return of which may be demanded by the lender at any time. Also, at call is an English term for money deposited with a bank or banker which may be withdrawn at any time. A lower rate of interest is allowed on money at call than on money at notice (money, notice of the intention to withdraw which must be given). At even. On the London Stock Exchange at even means that both bull (buyer) and bear (seller) are able to continue to the next ‘settlement a bargain (contract) in a stock so quoted without charge for the accommodation. SMITIVS FINANCIAL DICTIONARY. 35 Examples: Even to 1-16 contango means that the bull pays 1-16 per cent while the bear carries over even. 1-16 back (backwardation) to even means that the bull carries over even while the bear has to pay 1-16 per cent. 39