From March 1, 1907, to July 1, 1910 is 3 years. Likewise, for the subsequent periods the time is 5 years, 8 years, 13 years.

Three ciphers may be struck out of each of the par value amounts, and we have the following:

Dividing the footing of the right-hand column by the footing of the left-hand, the average maturity is obtained; namely, 7 87-100 years.

The reader will do well to familiarize himself with the matter under "Bond Values Tables."

Net Surplus. The profits which are left after paying all the expenses of operating, taxes, insurance, interest on debts of all kinds, sinking fund, if any, and dividends. As distinguished from "surplus," the latter would be before making deductions for dividends; "net surplus," after deducting dividends. Some writers figure that preferred dividends should be deducted before arriving at the "net surplus," but not dividends on the common stock.

Net Worth. The difference between what a concern owns and what is due to it, and what it owes to others, is the "net worth;" the excess of its assets over its liabilities.

New. A Chicago Board of Trade term, which has reference to new grain, and is inserted in each certificate of inspection of a newly harvested crop of oats until the fifteenth day of August; of rye, until the first day of September; of wheat, until the first day of November; and of barley until the first day of May, of each year.

New Account. "For the new account;" for the next account; that is, in London, transactions which are not consummated on the "fortnightly settling-days" would be understood, by this term, to go forward into the next "fortnightly settlement."

Newfoundland Government Cash Notes. Issued by that Government in making payments on account of public works in the outlying districts of the island. Their circulation is limited, and they are not re-issued when once deposited in the Bank of Montreal, at St. John's, Newfoundland, where they are redeemable. They are in denominations of $5, $1, 80 cents, 50 cents, and 40 cents, payable to bearer.1

'Information furnished by the Bank of Montreal, Canada.

New Haven. New York, New Haven & Hartford R. R. Co. New Jersey Collateral Inheritance Tax. As so many companies have been incorporated under the laws of New Jersey, all executors or administrators of estates of non-residents of New Jersey should bear in mind that there is a "collateral inheritance tax " levied on that part of the decedent's estate which goes by will or by intestate laws to any one not a parent, brother, sister, husband or wife or direct descendant of the decedent. This applies to the stocks of New Jersey corporations, which pass from a decedent non-resident, and relates only to the stock of the value of $500 or over. This value applying to each lot and not to the amount of the estate.

New Reserve. Under the subject "Reserve" it will be seen that in 1902 the Secretary of the Treasury made a ruling permitting national banks to forego the necessity of maintaining a 25% "reserve" against deposits of public money secured by Government bonds. "New Reserve," therefore, means the amount of " reserve" held by one bank, or the banks collectively, after taking advantage of the Secretary's ruling, and the legal requirement is, therefore, of all deposits, minus of the United States deposits. "Old reserve would be against all deposits, including that of the Government, and would call for of the total deposits. In the New York Clearing-House new reserve is referred to as reserve on deposits other than the United States." "Old reserve" is referred to as reserve on all deposits."

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New York Balances. "Clearing-House Balances" for New York City.

New York balance

note that the "s on the last word is omitted refers to the amount on deposit, in New York, to the credit of a bank or other corporation, firm, or individual located elsewhere.

New York Consolidated Stock and Petroleum Exchange. See "Consolidated Exchange."

New York Consolidated Stock Exchange. See "Consolidated Exchange."

New York Cotton Exchange. Where speculation or trading in cotton goes on in New York. Founded in 1870 and the largest of its kind in this country.

New York Equivalent. The price at which a security in New York equals the London quotation, taking into consideration cost of shipment, rate of exchange, loss of interest and incidentals. This is so accurately understood that tables are used by which the "New York equivalent" of a London

1 Chapter 210 of the Laws of 1894, as amended by Chapter 62 of the Laws of 1898, Chapter 217 of the Laws of 1902, and Chapters 227 and 228 of the Laws of 1906.

quotation can be quickly ascertained, whatever the rate of exchange. All London quotations of securities dealt in in America must be reduced to their "New York equivalent " to be of any comparative value in this country. This has more particular reference to what are known as "international securities." (See also "New York Stock Exchange Usage.") New York Excess. New York being a "central reserve city" banks there act as depositories for national banks of other cities. Those being located in what are known as reserve cities" must maintain a "reserve" of 25% of their net deposits, but they are permitted to deposit one half of this 25% with a bank in a "central reserve city," after having the same approved by the Comptroller of the Currency as their reserve agent.' "New York Excess," therefore, means the amount of money on deposit with a reserve agent " there in excess of the one half referred to.

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New York Exchange, Funds, or Money. (See " Exchange.") In addition to what is given under "Exchange" upon this subject, it would be well for the reader to understand that New York, being the great financial centre of this country, it is through that centre that payments are being continually made, and there is, therefore, constantly a transmitting of funds to and from that point to all other points of the country, the lines along which the streams of money flow in and out radiating like the spokes of a wheel. A check on New York is acceptable at all points, and, for this reason, New York Exchange is seldom at a discount. If it is desirable to use a check in making a payment between two country points, the best form of check to send is a check on a New York bank, as that will be most useful to the recipient.

New York Exchange Was Par at Chicago. When such a statement as this is made, it means that the demand at Chicago for exchange on New York, i. e. "New York funds," was just about equal to the supply; the Chicago banks carrying deposits in New York City were perfectly willing to exchange, without charge, checks against those accounts for cash or checks on local banks.

New York Method of Figuring Interest. See "Interest."

New York Produce Exchange. This corresponds to the Chicago Board of Trade, and it is where transactions in grain, pork, lard, etc., take place.

Since April 15, 1907, trading in certain mining, industrial, and miscellaneous securities has taken place on this exchange, but no security listed upon the New York Stock Exchange is included in the "list."

New York Stock Exchange. (See "Stock Exchange.") This is a voluntary association, not corporation.

New York Stock Exchange Commission Charges. See "Commission."

New York Stock Exchange Usage. In all transactions upon the New York Stock Exchange where the face value of a security is expressed in English pounds sterling, the transactions are figured at $5.00, equivalent to one pound sterling, without regard to the "rate of exchange" or the actual equivalent in dollars and cents to the pound sterling. In all such transactions, an allowance has to be made for the actual difference arising from the "usage." usage." (See also "New York

Equivalent.")

In the same manner, on the London Exchange, United States securities are reckoned at the rate of $5.00 to the pound, Dutch at 12 guilders, French and Italian at 25 francs and 25 lire respectively, and German at 20 marks.

New 2's. United States Government 2% bonds redeemable after 1930, and known as "Consols." (See Government Bonds.")

New 3's. United States Government 3% bonds redeemable after August 1, 1908, and known as "Loan of 1908-1918." (See "Government Bonds.")

NF. The "ticker abbreviation for "non-fundable." These letters, when stamped upon a check, stand for "no funds." (See that subject.)

N. F. M. A. November, February, May, and August; interest or dividends payable quarterly beginning with November.

Nickel. A small coin of the United States of the value of 5 cents, containing 57.87 grains of fine copper and 19.29 grains of nickel. "Legal tender" to the extent of 25 cents.

Nickel Coins. See last subject.

Nickel Plate. The New York, Chicago & St. Louis R. R. Co.

Ninety Day Bill. A bill of exchange (see "Exchange ") may be drawn payable in ninety days after date, but it is more customary to draw them payable ninety days "after sight;" that is, after presentation. If in the latter form and drawn on England, roughly speaking, ten days may be reckoned as the time elapsed after drawing before presentation, and as the three days" grace" is allowed there on time bills, it would make a total of approximately one hundred and three days before actual maturity.

Bills of this kind are called "Nineties."

No Account. Stamped across a check to show that the "drawer" has no account at the bank against which it was drawn.

No Funds. When stamped upon a check returned from the bank at which it is payable it indicates that the "drawer " had no money to his credit to meet its payment. The letters N. F. are often used to indicate the same thing.

Nominal Assets. Although by this is especially understood property of uncertain, undetermined, or of no value, yet it is also extended to mean assets (property) of all kinds, belonging to a person, firm, or corporation. (See " Assets.")

Nominal Exchange. This takes no account of "balance of trade," and such transactions between countries; but is exchange based only upon the comparative market values of the currencies of the different countries.

Nominal Par. The actual face value of a security. See "Par."

Nominal Price. A market quotation which is not based on an actual transaction, but rather indicates the probable price which might be obtained at the time.

Nominal Rates. See "Posted Rates."

Non-Assented. Securities, the holders of which have not agreed to a certain plan, as one of "reorganization," for illustration. (See "Assented Stocks.")

Non-Assessable. Stock, the owners of which cannot legally be compelled to make additional payments upon the same, in case of failure of the corporation, or for any other reason. National bank stocks are "assessable "1 (See "Double Liability "); that is, the owners can be forced to make additional payments in case of failure. It often states on a stock certificate that it is "non-assessable," if such is the case. The State laws under which the corporation is chartered may have much to do with the assessability or non-assessability of the stock. Assessments may be made, in case it can be proved that a certain stock had not been " fully paid "when originally issued, and the existence of fraud demonstrated; provided, of course, that the laws demanded the issuance of "fully paid stock.

In case of the shares of a transportation company, the holder of which may be liable for assessment," considerable risk may attend the owning of the same. Some large accident might involve the company in such a loss for damages, as to call for an "assessment." This liability should always be given proper thought in buying any stock. No stock carries more than "double liability." Never" indorse in blank" a stock subject to assessment, but have it transferred to the purchasing party. (See "Transfer in Blank.") Non-Clearing-House Stocks. This is fully explained under

1 For exceptions see foot-note under "Double Liability."