Non-Taxable Incomes; a book of Important Information for Investors

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It embraces all the property whether real estate or personalty. It therefore in- cludes with the capital stock all profits or increment which have been added thereto.
CAPITAL STOCK— The sum fixed by the cor- porate charter as the amount paid in, or to be paid in, by the stockholders for the prosecution of the business of a corporation.
CERTIFICATES OF STOCK— The written ac- knowledgments by the corporation of the interest 61 A GLOSSARY of the shareholders in the corporate property, being merely
... evidence of the owner's rights. They are not negotiable but may be assigned.
CHATTELS— All kinds of property, excepting a freehold estate. All movable and personal property.
CHATTEL MORTGAGE— A written transfer of personal property to the mortgagee, subject to re- demption, under the terms therein expressed by the mortgagor.
CLEARING — The process of delivering securities free from any claim or encumbrance.
CLEARING HOUSE (Stock Exchange)— A sys- tem which expedites the delivery of securities bought and sold by members of a stock exchange.


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