Business Hints for Men and Women

A >> Alfred Rochefort Calhoun >> Business Hints for Men and Women

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On the farm, children unconsciously learn much through occasional
work and constant observation, but away from the farm, boys and
girls are apt to know little or nothing of the work in which the
father, the bread winner, is engaged.

Where it is possible, the children should be made familiar by
actual contact with the father's work.

This knowledge may never be used, still it will have value as a
factor in the child's training, for in our modern life all
business is inter-related.

Let the youngsters know something about banks by entrusting them
there when old enough.

Teach them to keep accounts of their own little money affairs,
their earnings, their expenditures, and their balances.

If they should borrow, even a cent, see that they return it at the
time agreed on. Impress on them the fact that debt is a burden
which it is well to get rid of as soon as possible, if one would
stand erect and be entirely free.

All this can be quietly inculcated into the mind of the child
without making him old-fashioned or miserly. The more he knows of
the world the more he can enjoy it in a wholesome way.

CHAPTER XXV

WORTH KNOWING

If things are said in this chapter that seem like a repetition of
things already told, it is that their importance warrants a
repetition in another form.

OVER-GENEROSITY

"There are no pockets in a shroud," it is said. True it is that we
cannot take material things with us to the other side of the
grave, and so before the end comes it is well to make preparations
for their disposition.

There are three ways of getting possession of property:

1. To have it given.
2. To earn it.
3. To steal it.

We shall not consider the last method; that is the business of the
law, but let us look at the first.

Property is given in two ways:

1. By direct gift from one to another.
2. By will, when the amount is payable on the death of the donor.

Of course, the widow and children, if there be any, are first to
be considered in either of the cases named.

Many people, when the end is nearing, think that it is better to
make sure that their wealth will reach the right hands by giving
it direct and at once.

Now, no matter the nobility of the motive that prompts such an
act, it is one which, on the whole, cannot be commended.

It is all very well to spend available means in order to set a son
or daughter up in business, but such sums, if there are other
heirs, should be charged against the share of the probable donee,
with interest, and a record made of the same.

Under no circumstances should old people, who, after raising a
family and living honorable lives, have saved enough to own their
home and secure an income for their declining years, deed or give
this property to their children, or to any one else, in
consideration of their having all their subsequent wants met.

The better way for the farmer, the merchant, or the manufacturer,
when he feels the years pressing heavily and that he can no longer
attend properly to the old demands on him, is to shift by a
properly drawn contract the business management of the enterprise
to his children, or to those whom he wishes to place in charge.

In this way the ownership is not changed, and if the new
management should prove to be inefficient, it can be placed in
more efficient hands.

CARE OF WILLS

As has been said, every person having property of any kind to
dispose of should make a will.

Already ways have been given as to how wills should be made and
estates administered, but to these it may be well to add another
point.

Do not imagine that the making of a will shortens life.

Too often, after the demise of a testator who it is known has made
a will, the heirs cannot find the document, and the lawyer who
drew it knows nothing more about it.

Many men leave their wills with their lawyers. If this should not
be done, then it would be well to keep it in the safe of the bank
in which the testator has his account.

But whether in these places or another, there should be no doubt
as to the existence of a will, or the place in which it may be
found.

Only the last will should be kept; all preceding wills should be
destroyed.

CARE OF PAPERS

While writing about the care of wills, we are struck with the
recollection that wills are not the only papers of value that are
apt to be mislaid or lost.

Never pay out money without taking a receipt, and never receive
money without giving one.

You are not responsible for the care of the receipts you give, but
you certainly are for the receipts you receive.

The trained business man has a place for everything, but there is
no reason why the man not so well trained should have to turn his
shop or his home upside down every time he wants a paper that
proves he has paid a bill, which he must pay again if that receipt
is lost.

Everything may be regarded as "lost" that cannot be found, even if
you are sure "it is about somewhere."

No valuable paper should be "about." The only place for it is just
where you can lay your hand on it when wanted.

In addition to keeping your papers where they can be found the
instant they are wanted, see to it that every paper is self-
explanatory and clear of meaning on the face of it.

CHECKS AND STUBS

It has been advised that the stub be always filled out before the
check, and that the check be then copied from the stub. This
course will greatly lessen the chances of disagreement between the
two.

When the last check in the book has been filled and torn out, do
not throw away the stubs. They contain important data and may be
of use in proving payment should a question arise.

In like manner, never destroy the cancelled checks handed you by
the cashier when your bank account has been balanced. Each of
these checks, if drawn to order as it should be, is a receipt, a
voucher, for some payment that may possibly be demanded again.

Be on the safe side.

SENDING AWAY MONEY

It may be well to repeat again, in more condensed form, just how
money may be safely sent to a distance.

1. By bank draft, payable to your order and endorsed over to the
person whom you wish to pay. The party receiving the draft must
endorse it before he can collect, and this endorsement is a
receipt for the money, as the cancelled draft must eventually come
into your possession.
2. You can buy an express order up to fifty dollars, but you may
send money in a package to any amount. Only banks or large dealers
in money do this. Like the bank draft, the express order must be
endorsed by the receiver, and the express company returns it to
you, when it becomes a receipt.
3. By post office orders, up to one hundred dollars.
4. By postal notes, in small amounts.
5. By telegraph.
6. By transmitting a personal check.
7. By a trusted messenger authorized to get a receipt.

The bank draft is the very best way of transmitting money.

As has been said, drafts can be bought at any bank, and they
should always be made payable to your order.

You want to pay a bill of goods to Lloyd, Smith and Company, New
York, so you sign on the back of your draft for the amount:

Pay to the order of
Lloyd, Smith and Company,
Henry C. Robbins.

Lloyd, Smith and Company must endorse the draft before it can be
cashed. The draft, after payment, is returned to you, and it
becomes the best form of receipt.

LOST IN MAILS

Were you ever at the Dead Letter Office in Washington? If you have
never paid such a visit, you can form no conception of the tons,
the hundreds of thousands of letters and parcels that are lost
every year in the mails.

Unaccounted for drafts, checks, postal orders, books, jewelry,
medicine, everything, indeed, that the mails will agree to carry,
may be found piled in that cemetery of lost communications, the
Dead Letter Office.

Have you added to the mortuary list?

All these deaths, like many of living creatures, are due to
carelessness.

As a rule, the sender is to blame. He has misdirected. He has
placed papers not properly folded in the envelope and then
neglected to seal it. He has neglected to write any address at
all, and dropped the letter into the box. Again he has addressed
the parcel, but neither men nor angels can decipher the writing.

MORE ABOUT NOTES

The note, as has been said, is one of the most usual forms of
obligation, yet misunderstandings often arise as to its
settlement.

Here are the points that must be attended to, nor shall we offer
any excuse for repeating them collectively:

1. The date and amount must be so plainly written as to leave no
doubt as to either.
2. The rate of interest, if any, must be clearly expressed.
3. The post office address of the signer or signees must be
written opposite the name.
4. The note should be made payable at a definite place and on a
definite date.
5. In taking a note or other obligation from a person who cannot
write, be sure to have his "x" mark witnessed.

Should you receipt certificates of stock as security for the
payment of a note, or the payment of any other debt, be sure to
notify the company issuing them.

In giving this notice, which should be done at once, state clearly
the number of shares you hold, the number of the certificates and
to whom issued.

The enforcement of this rule will depend altogether on the
character of the person with whom you are dealing.

Never, if you can help it, buy a past due note, especially if it
is not secured by a mortgage.

If a note, which a third party has endorsed, becomes due, never
agree to an extension of time without getting the written consent
of the endorser.

Many men have lost through their ignorance of this essential
transaction.

CHAPTER XXVI

LOOK BEFORE YOU LEAP

We are not quite through with the note.

When making a payment of principal or interest on a note, be sure
to take a receipt for the amount, stating specifically what the
payment is to be credited to. In addition, if it be possible, see
that the sum paid be endorsed on the back of the note itself.

The endorsement of the sum paid on the back of the note bars its
being negotiated for more than the amount actually due.

Sometimes the owner and the maker of a note live at points some
distance apart. If you were the maker of the note, and wanted to
make a payment, but wished to avoid the expense and annoyance of a
trip, what should be done?

In this case a good plan would be to write to the owner of the
note, asking him to send it by a certain bank in your neighborhood
where you can pay. The bank will receive the cash, make the
endorsement in your presence, and then send its check for the
amount with the note to the owner.

You must pay the cost of this transaction.

Or you may send the amount to be credited on your note, through a
bank draft, as already indicated.

Never destroy a cancelled note.

NOTES IN BANK

If you have money at a bank your note will form the chief evidence
of indebtedness and be the paper for which the security is
pledged.

Keep careful track of the date of payment and the amount. There
must be no neglect or carelessness.

Never permit your note to go to protest.

If for any reason payment cannot be made at the time fixed, then
the better way is to go, as soon as this is learned, to the bank
or other holder of the note, and frankly explain the situation.

Bankers are not shylocks. They realize that good and responsible
men are often disappointed in their collections, or in the payment
of a sum on which they depended for the settlement of their
account with the bank, and in such a case they are usually willing
to grant an extension.

Private individuals, as note holders, should be treated in just
the same way.

WELL TO KNOW

When calling at a bank for your note, always give the exact date
on which the note falls due.

If the note belongs to another party, and is held by the bank for
collection, then mention the name of the person to whom it was
originally given.

If the bank has sent you a written notice about the note, take the
notice with you. It will be found to contain all the desired
facts.

Banks keep their own notes in one place and those of their
customers in another.

Banks keep each date by itself, and can so find required notes
more readily if the owner's names and the dates are given.

DISCHARGING LIENS

Remember a mortgage is a lien or security given for the payment of
a note.

If you get a mortgage, have it recorded at once.

If you pay off a mortgage, take it at once to the office of record
and have the discharge of the instrument properly entered on the
folio in which the mortgage is recorded.

Many lawsuits have resulted from the temporary neglect of this
important duty.

BE PROMPT, BUT NOT TOO PROMPT

Sometimes a man will give a number of notes and secure them by one
mortgage.

The notes may pass into the hands of a number of people.

Let us suppose that you hold one note and the mortgage, and that
the mortgagee comes to you and tenders the amount of your note,
should you then surrender the mortgage to him?

By no means, until the last note is paid that mortgage remains as
security, and the holder of it is responsible for its safety to
the holders of the other notes.

In such a case it is better to have the mortgage held by one party
for the protection of all.

BE IN NO HASTE TO INVEST

When a person not accustomed to managing money comes into the
possession of a sum that it is not safe to carry about in the
pocket, what should he do with it?

Obviously the first answer to this question must be "He should put
it in the bank."

We have already given hints as to investments, and to these it is
not necessary to refer again, we are now considering another and
not an unusual phase of such a case.

Young men and women of all ages are very apt to be inexperienced
in these matters. As soon as it becomes known that such people
have come into the possession of a goodly amount of cash, which
they are not considered competent to manage, it is surprising how
past acquaintances suddenly pose as old and unselfish friends,
each with a scheme for doubling the money while the owner is
looking at it.

Now, there may be good, honest friends who are eager to advise and
help in a case of this kind, but they are sure to be outnumbered
by advisers who have their own little axes to grind.

Our advice is "Don't be in a hurry to invest. Your cash is quite
safe while in bank."

But no matter how promising, do not invest your money in a
business you know nothing about, even if it does carry with it a
position and a salary.

Find a good honest lawyer, despite sneers to the contrary, we
believe most men in the profession are of this character, and ask
his advice, and pay for his help if papers are to be drawn.

Buying rentable real estate is usually a good investment, provided
always that the price is reasonable, the title clear, and the
chances of its advancement pretty certain.

MEET YOUR DUES PROMPTLY

It is estimated that every man and woman in the United States
belongs to one or more societies of some character, and this is
not an overstatement.

Every member of such an organization is such by reason of election
and the payment of dues.

If you are a member of, or a pledged contributor to, a church,
lodge, grange, or other society, you should regard the prompt
payment of your dues as sacred as any other form of obligation.

The expenses of a properly conducted church are always
considerable, even in small communities. It is a disgrace to the
Christian organization that, after forcing down the pastor's
compensation to the barest cost of life's necessities, then force
him to run into debt if he and his family would live, or to be
forced continually to remind the trustees that his salary is far
in arrears.

If you belong to a lodge or other society, leave it if you
honestly feel that you cannot afford the dues. Neglect to do this
and your name will be dropped from the rolls on which it never
should have been placed.

COUNTING MONEY

Never receive money from any one without counting it. Count it at
once and in the presence of the giver.

Let it make no difference, banker, merchant, kinsman or friend, do
not fear to give offence, but right then and there, count the
money he gave you.

Of course, these people are honest, but did it ever occur to you
that honest people often make mistakes?

Whenever you pay another money, if he does not do so himself, you
should insist that he count it in your presence.

If you do this you won't lose a friend, but if you do not do it
you may make an enemy, should the man come back to say you made a
mistake and underpaid him, and you very properly refuse to honor
his claim.

READY MONEY

Do not, if you can possibly avoid it, keep money around your
house, in your place of business, or on your person.

The professional thief is ever on the watch for chances to take
unto himself all the money in sight.

Pickpockets reap their harvest from money carriers.

The burglar may steal or fire may destroy money left in the house.

A bank, if not near one then a safe, is the best place for money,
though safes have been broken into and robbed.

Do not make a display of money at any time, but particularly in a
public place.

If you are drawing money from a bank, count it quickly and
quietly, then secure it in an inside pocket that cannot be reached
without unbuttoning.

Never cash a check for a man whom you do not know to be square.

The same applies to the endorsement of checks.

IN TRAVELLING

Always be courteous in travelling, but never take the chance
acquaintance of the steamboat or car into your confidence.

Keep an eye on the man who "fortunately is going just your way."

Watch out for the fellow who knows the leading men of your town
and is a cousin of Judge Smith.

Do not respond if such men ask you to cash a small check or make a
slight advance till his draft arrives.

Do not accept the invitation of strangers to visit any place.

Avoid the confidence of the over-dressed, but slightly intoxicated
young fellow who "has been out with college chums." He is not a
college man, nor has he been drinking.

CHAPTER XXVII

CONTRACTIONS AND SIGNS USED IN BUSINESS

" Italian ditto--The same as above.
° Degrees.
' Primes, Minutes, Test.
" Seconds, Inches. Thus, 7° 20' 10" in circular measure,
or 7' 20" 10''' in duodecimal long measure.
I1 One and one-fourth.
I2 One and one-half.
I3 One and three-fourths.
+ Latin plus, more--Addition.
- Latin minus, less--Subtraction.
X By, or into. Multiplication. Also area, as 20 X 5, read
20 by 5, means 20 long and 5 wide.
÷ Divided by--Division. The : above is also a sign of
division as used in ratio, thus, 4:7; and the — alone
is a sign of division as used in writing fractions,
thus, 4/7.
= Equals. The double ::, as used in proportion, is also a
sign of equality, thus, 4:7::12:21.
% Per centum. By the hundred. Rate of interest.
P Per, by or through.
$ Dollars; said to be a contraction of U. S. for United
States money.
# Means Number, if before a figure, as #90, but pounds if
written after, as 90#.
@ Latin ad., meaning to or at.
A1. First Class, the best.
A. or Ans. Answer.
Acc., Acct. or a/c, Account.
Adv. Latin ad valorem, according to value.
Admr. Administrator.
Admx. Administratrix.
Adv. or Ad., Advertisement.
Agt. Agent.
Amt. Amount.
a/o At sight or Account Sales.
Ass'd. Assorted.
Asst. Assistant.
Bal. Balance.
B.B. Bill Book.
Bbl. Barrel or Barrels.
Bdls. Bundles.
B/E Bill of Exchange.
Bgs. Bags.
Bk. Bank; Book.
Bkts. Baskets.
B/L Bill of Lading.
Blk. Black.
Bls. Bales.
Bot. Bought.
B.P. Bills Payable.
B.Rec. Bills Receivable.
Bro't. Brought.
Bu. Bushel or Bushels.
Bx. Box or Boxes.
Cash. Cashier.
C.B. Cash Book.
Chgs. Changes.
Chts. Chests.
C.H. Court House; Custom House.
C.F.S. Carriage and Insurance Free.
Cks. Casks or Checks.
Clk. Clerk.
Co. Company; County.
C.O.D. Cash, or Collect, on Delivery.
Col. Collection.
Com. Commission.
Const. Consignment.
Cor. Sec. Corresponding Secretary.
Cr. Credit; Creditor.
C.S.B. Commission Sales Book.
Ct. or c. Cent, Latin Centime, a hundred.
Cts. Cents.
Cwt. A hundred weight.
D. B. Day Book.
D/d. Days after date.
Dept. Department; Depment
Dft. Draft; Defendant.
Disct. Discount.
Div. Dividend, Division; Divide, Divisor.
Do. The same.
Doz. Dozen.
Dr. Debtor; Doctor.
D/s or d.s. Days after sight.
ea. Each.
E.E. Errors excepted; Ells English.
E.g. Latin Exempli gratia. For example.
Encl. Enclosed.
E.&O.E. Errors and omissions excepted.
et. al. Latin et Alii, And others.
Exch. Exchequer; Exchange.
Ex'x. Executrix.
Exp. Export; Exporter; Expense.
Fahr. Fahrenheit.
Fav. Favor.
Fir. Firkin.
Fo. or Fol., Folio.
F.O.B. Free on Board.
Fo'd. Forward.
fr. From.
Frt. Freight.
Gal. Gallon; Gallons.
Gr. Grain, Grains.
Guar. Guarantee.
Hdk'f. Handkerchief.
Hf. chts. Half Chests.
Hhd. Hogshead.
Hon. Honorable.
Hund. Hundred.
I.B. Invoice Book.
i.e. Latin id est. That is.
Incor. Incorporated.
Ins. Insurance.
inst. Instant, the present month.
Int. Interest.
In trans. Latin, In transito. In the passage.
Inv. Invoice.
Inv. Inventory.
Jr. Junior.
Kg. Keg.
L or lb. Latin Libra, A pound in weight.
L/C Letter of Credit.
Led. Ledger.
L.F. Ledger Folio.
L.S. Left Side, or in Latin, Locus Sigilli,
Place of the Seal.
M. One thousand.
Manuf. Manufacture; Manufacturer.
Mdse. Merchandise.
Mem. Memorandum.
Messrs. French Messieurs, Gentlemen, Sirs.
Mf'd. Manufactured.
Mfst. Manifest.
Mme. Madame, French.
Mmes. Mesdames, plural.
Mo. Month.
Mol. Molasses.
Mr. Master or Mister.
Mrs. Mistress, usually pronounced "Missis."
Mtg. Mortgage.
N.A. North America.
Nav. Navigation.
N.B. Latin Nota bene. Note well, or Take Notice.
No. or # Number.
N.P. Notary Public.
O.B. Order Book.
O.K. All Correct.
Oz. Ounce or ounces.
P. Page; pint; pile; part.
Payt. Payment.
Pcs. Pieces.
Pd. Paid.
Per an, or p. a., Latin per annum. By the year.
% Per cent. By the hundred.
Pk. Peck.
Pkg. Package.
P.& L. Profit and Loss.
P.O.D. Pay on Delivery.
P.O.O. Post Office Order.
Pp. Pages.
Pr. or per. By.
Prem. Premium.
Prox. Latin Proximo menve. Next
month.
P.S. Post Script.
Pub. Publisher; Public.
Pwt. Pennyweight.
Qr. Quire; Quarter, 28 lbs.
Qt. Quart; Quantity.
Rec'd. Received.
Ret'd. Returned.
R. R. Railroad.
Ry. Railway.
S.B. Sales Book.
Sch. Schooner.
Shipt. Shipment.
S.O. Seller's Option, a stock phrase.
Sig. Signature.
S.S. Steamship.
St. Saint; Street; Sight.
St. Dft. Sight Draft.
Stor. Storage.
Str. Steamer.
Sunds. Sundries.
Supt. Superintendent.
T.B. Time Book.
Treas. Treasurer.
Ult. Latin, Last Month.
U.S.A. United States of America. United
States Army.
U.S.M. United States Mail.
U.S.N. United States Navy.
Ves. Vessel.
Via. By way of. Latin.
V.-Pres. Vice-President.
Viz. Contraction from Latin videlicet. Namely, to wit.
Vol. Volume.
Vs. Latin versus. Against.
W.B. Way Bill.
Wt. Weight.
X Extra.
XX Doubly Extra.
Y. or Yr. Year.
Yd. Yard.

CHAPTER XXVIII

WORDS AND PHRASES USED IN BUSINESS

ACCOUNT CURRENT. A running account between two persons or firms.
ACCOUNT SALES. A detailed statement of the sale of goods by a
commission merchant, showing also the charges and net proceeds.
ADMINISTRATOR. A man appointed by the Court to settle the estate
of a deceased person.
ADMINISTRATRIX. A woman appointed by the Court to settle the
estate of a deceased person.
AD VALOREM. According to value. A term used in the Custom House in
estimating the duties on imported goods.
AFFIDAVIT. A written declaration under oath.
ANNUITY. An annual allowance; a sum to be paid yearly, to continue
for life or a fixed period.
ANNUL. To cancel; to make void.
ANTEDATE. To date before time of writing.
APPRAISED. The act of placing a value on goods.
APPRAISER. A person appointed to value real or personal property.
ARBITRATION. The settlement of a disputed question by a person
chosen by the parties to the dispute.
ASSETS. The total resources of a person in business.
ASSIGNEE. A person to whom the property of a bankrupt, or an
insolvent debtor, is transferred for adjustment for the benefit
of Auditors.
ASSIGNMENT. The act of transferring property to the Assignee.
ATTACHMENT. A warrant for the purpose of seizing a man's property.
BALANCE SHEET. A statement in condensed form, showing the
condition of a business.
BANKABLE. Receivable at a bank at par or face value.
BANK BALANCE. Net amount on deposit in bank.
BILL OF LADING. A written account of goods shipped, and the
condition of same, having the signature of the carrier, and
given to shipper as a receipt.
BILL OF SALE. A bill given by the seller to the buyer,
transferring the ownership of personal property.
BOARD OF TRADE. An association of business men for the regulation
of commercial interests.
BONA FIDE. Latin, in good faith.
BOND. An instrument under seal, by which a person binds himself,
his heirs or assigns, to do or not to do certain things.
BONDED GOODS. Goods stored in a bonded warehouse or in bonded
cars, the owner having given bonds securing payment of import
duties, or of other sums due the Government, upon their arrival
at some specified place at a specified time.
BONDED WAREHOUSE. Is a building in which goods are stored until
the duties or revenues on them are paid.
BONDSMAN. One who goes security for the faithful performance of a
contract.
BONUS. A premium for a loan or other privileges.
BROKER. An agent or middleman between the buyer and the seller.
BULLION. Uncoined gold or silver.
CHARTER. A written authority from the proper National or State
authority defining the rights and privileges of corporations.
CHARTER PARTY. A written contract for the hiring or chartering of
a ship.
CHATTEL. Any kind of property except real estate.
COLLATERAL. Pledges of stocks, notes, or chattels as security for
the payment of a loan.
COMMERCE. The business of exchanging commodities between different
places.
COMMISSION AGENT. One who does business on Commission.
COMMON LAW. The unwritten law, the law of Custom. It receives its
force from universal usage.
CONSIGNEE. The person to whom goods are sent to be sold on
commission.
CONSIGNOR. The one who consigns his goods to an agent.
CONTRA. Latin. On the opposite side.
COPARTNERSHIP. The joining of two or more persons into one firm
for the purpose of carrying on any business.
COUPON. An interest note or certificate, attached to a bond, which
is cut off for collection when interest is due.
CREDENTIALS. Testimonials of authority; proofs of good character,
DEMURRAGE. Money forfeited for detaining a vessel beyond the time
named in her Charter party.
DISHONOR, A failure to pay a note or other obligation when due. A
failure to accept a draft when presented for acceptance.
DOCKAGE. Charge for the use of a dock.
DOWER. The right of a widow to a one-third interest in all the
real estate owned by her husband at any time after their
marriage.
DRAFT. A written order for the payment of money at a fixed time.
DRAWEE. The person on whom a draft is drawn.
DURESS. Personal restraint of any kind.
EARNEST. Part of purchase money paid to bind a bargain.
EFFECTS. Goods, or property, of every kind.
EMBARGO. An order of the Government preventing ships from
departing or landing.
EQUITY. The principles of right and justice.
EQUITY OF REDEMPTION. The right allowed a mortgagor of a
reasonable time to redeem mortgaged realty.
EXECUTION. A writ authorizing an officer to carry into execution
the judgment of the Court.
FEE SIMPLE. A title to real estate held without conditions by a
person in his own right.
FORCED SALE. Sale made under compulsion.
FORWARDER. One who attends to the shipping and reshipping of
goods.
GROSS WEIGHT. Weight of goods, including case or wrapping.
GUARANTEE. A surety for the performance of a contract.
HONOR. To pay or accept a draft when due.
IMPORT. Duty paid on goods by importer.
INDEMNIFY. To recompense for loss or injury.
INDEMNITY. A guaranty against loss.
INDENTURE. A writing containing a contract.
INDORSE. To write one's name on the back of a note, draft, or
other document.
INJUNCTION. A writ of Court, by which a party is restrained from
doing a certain act.
INLAND BILL. A draft between parties in the same country.
INSOLVENCY. Inability to pay debts, Bankruptcy.
INTESTATE. Dying without having made a will.
IN TRANSITU. In a state of going from one place to another. Latin.
INVENTORY. An itemized list of goods, or other property, with
their value as estimated at the time.
INVOICE BOOK. A book in which invoices are kept.
JETTISON. Goods thrown overboard to lighten a ship in time of
great danger.
JOBBER. One who buys from the producer to sell to the retailer.
JOB LOT. An irregular collection. Odds and ends unsold at the end
of the season.
JUDGMENT. The decision of a Court.
LEASE. A contract granting possession and use of property for a
specified time.
LEGACY. A bequest; a gift of property by will.
LESSEE. One to whom a lease is made.
LETTER OF CREDIT. An open letter authorizing the bearer to receive
money on the credit of the writer.
LICENSE. A legal permit to carry on a certain business.
LIEN. A legal claim on property, which must be settled before
property can be sold.
LIGHTER. A flat-bottom boat used in loading and unloading vessels
at anchor.
LIGHTERAGE. Charges for use of lighter.
MANIFEST. A list of articles comprising Ship Cargo.
MARGIN. Difference between buying and selling price.
MARINE. Pertaining to the sea.
MATURITY. The date when a commercial paper becomes due.
MERCANTILE AGENCY. A company that collects for the use of its
patrons information as to the standing of all business men in
the country.
MERCANTILE LAW. Law pertaining to business.
MORTGAGEE. The person in whose favor a mortgage is made.
MORTGAGOR. The person who gives a mortgage.
NEGOTIABLE. That which is transferable by delivery, assignment or
indorsement.
NET. Clear of all charges.
NET PROCEEDS. The remainder after deducting charges from sales.
NET WEIGHT. Weight after deducting all allowances.
NOMINAL. Existing in name only.
NOTARY PUBLIC. An officer authorized to administer oaths and take
acknowledgments.
OPEN ACCOUNT. An account unsettled.
OUTLAWED. A debt which has run beyond the time when the law will
enforce payment.
PAR VALUE. The expressed value of any commercial paper.
PAROL. Verbal, not written or sealed.
PAWN BROKER. One licensed to loan money on personal property.
PAYEE. The person to whom money is to be paid.
PAYER. The person who promises to pay.
PLANT. The entire establishment necessary to carry on a
manufacturing business.
POST DATE. To date after real time of writing.
POWER OF ATTORNEY. A written authority from a principal to
another, authorizing him to act in his stead.
PRICE CURRENT. A list of articles with market values.
PRIMAGE. A percentage allowed to the master of a vessel on the
amount of cargo carried.
PRIMA FACIE. On the first look or view.
PRO RATA. A proportional distribution. Latin.
PROTECTING A DRAFT. Accepting a draft to prevent its being
protested.
PROTEST. A formal declaration by a notary that a note was not paid
at maturity, or that any other monetary obligation was not met
when due.
RECEIVER. A person appointed by the Court to take charge of a firm
or corporation on its dissolution, and to distribute its
property according to law.
RESCIND. To revoke, countermand or annul.
RESOURCES. Every form of convertible asset.
REVOCATION. The recall authority conferred on another.
SALVAGE. The allowance made by law to persons who voluntarily
assist in saving a ship or her cargo from destruction.
SHIPPING CLERK. One who attends to shipping goods.
SILENT PARTNER. One who shares in the profits of a firm, though
his name does not appear, nor does he take an active part in its
affairs.
SINKING FUND. A sum of money set apart for the liquidation of
debts.
STOCK. Capital invested in trade. Goods on hand.
CAPITAL STOCK. The capital of a corporation as shown by its
shares.
COMMON STOCK. That stock which entitles the owner to an equal
proportionate dividend of the corporate profits and assets, with
one shareholder or class of shareholders having no advantage or
preference over another.
PREFERRED STOCK. That stock which entitles the owner to dividends
out of the net profits before or in preference to the holder of
common stock.
WATERED STOCK. Stock which purports to represent, but does not
honestly represent, money paid into the treasury of a
corporation.
STOCK EXCHANGE. A place where brokers and others meet to buy and
sell stocks and bonds.
STOCKHOLDER. One who owns shares in a joint stock company or
corporation.
STOPPAGE IN TRANSIT. The right which the seller has to stop the
goods he has shipped any time before they reach the buyer.
SYNDICATE. A number of men who unite to conduct some commercial
enterprise.
TARE. An allowance made for the weight of boxes, barrels, etc., in
which goods are shipped.
TENANT. One who holds real estate under lease.
TENDER. An offer; a proposal for acceptance.
TICKLER. A book containing a memorandum of notes and other
obligations in the order of their maturity.
TIME DRAFT. A draft maturing at a fixed future date.
TRADE DISCOUNT. A discount or series of discounts from the prices
made to dealers, or because of a change in prices.
TRUSTEE. One who holds any business or property in trust.
UNDERWRITER. One who insures.
USURY. The taking of more than the legal interest.
VOUCHER. Papers and documents that prove the truth of accounts.
WAYBILL. A paper containing a list of goods shipped.
WHARFAGE. Money paid for use of a wharf.
WHARFINGER. One in charge of a wharf; the owner.
WHOLESALE. To sell goods in large quantities, in whole or unbroken
packages.
WRIT. An order issued from a Court to one of its officers; or to
one or more litigants where an injunction is issued.

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