Stock is at a premium when the market value is above the par value; at a discount, when below par.

Bonds are interest-bearing notes issued by a government or a corporation.

A Dividend is a percentage apportioned among the stockholders. A Stock Broker is a person who deals in stocks.

Brokerage is a percentage allowed a stock broker for his services. In Stocks and Bonds,

The par value is the base.

The rate per cent premium, or discount, is the rate.
The premium,

discount, or is the percentage.

dividend

amount, or

The market value is the difference.

NOTES, DRAFTS, AND CHECKS.

A Promissory Note is a written promise to pay a specified sum on demand, or at a specified time.

The Face of a note is the sum named in the note.

The Maker is the person who signs it.

The Payee is the person to whom the sum specified is to be paid.

The Indorser is the person who signs his name on the back of the note, thus becoming liable for its payment in case of default of the maker.

An Interest-bearing Note is one payable with interest.

If the words "with interest" are omitted, interest cannot be collected until after maturity.

A Demand Note is one payable when demand of payment is made.

A Time Note is one payable at a specified time.

A Joint Note is one signed by two or more persons who jointly. promise to pay.

A Joint and Several Note is one signed by two or more persons who jointly and severally promise to pay.

In a joint note, each person is liable for the whole amount, but they must all be sued together. In the joint and several note, each is liable for the whole amount, and may be sued separately.

A Negotiable Note is one that may be transferred or sold. It contains the words or bearer," or or order."

A Non-negotiable Note is one not payable to the bearer, nor to the payee's order.

The Maturity of a note is the day on which it legally falls due. A Draft, or Bill of Exchange, is a written order directing the payment of a specified sum of money.

The Face of a draft is the sum named in it.

The Drawer is the person who signs the draft.

The Drawee is the person ordered to pay the sum specified. The Payee is the person to whom the sum specified is to be paid.

A Sight Draft is one payable when presented.

A Time Draft is one payable at a specified time.

An Acceptance of a time draft is an agreement by the drawee to pay the draft at maturity, which he signifies by writing across the face of the draft the word "accepted" with the date and his

name.

A Check is an order on a bank or banker to pay a specified sum of money.*