"Stock Exchange Clearing-House." Stocks which are not active, and which are not "cleared" is understood.

Non-Contingent Preference Stock. Described under "Preferred Shares."

Non-Cumulative. First read matter under "Cumulative." In the case of a non-cumulative " stock, if a dividend is not paid at its regular fixed period, there is no obligation on the part of the corporation to make the amount up at any succeeding time; for instance, a given stock is known as a 7% noncumulative," and during the year 1904 it paid dividends at the rate only of 3%, the holder of that stock has no right to expect the additional 4% to be paid him at any future time. All shares are non-cumulative" unless otherwise stated. If the entire stock issue of a company is simply one class of "common" there would be no object in injecting the "noncumulative" feature.

66

Non-Interest-Bearing. Securities which do not earn (pay)

interest.

Non-Ledger Assets. Property owned but not appearing on the books of a business; concealed assets or profits.

Non-Member Banks. Those not belonging to the ClearingHouse Association, but which "clear" through some bank which is. (See "Clearing-House Agent.") "Non-members are subject to certain rules and restrictions of the clearinghouse, such as making a weekly statement, which is published the same as the member banks. (See second paragraph of "Bank Statement.") Trust companies in New York are required to make a statement of their condition, so the statement of the " non-member banks" covers banks only.

Non-Member Bank Statement. See second paragraph of

"Bank Statement."

Non-Negotiable. See "Negotiable."

Non-Participating Policy. This kind of a life insurance policy is one under which the holder has no right to share in the surplus earnings of the company, as explained under "Participating Policy."

Non-Taxable Investments. Investments which are not subject to taxation. United States Government bonds are non-taxable in all parts of this country, not being subject to either Government or municipal taxation.

The State laws vary greatly as to the taxation of other securities; in some States there exist what is known as "double taxation; " that is, suppose John Smith owns a piece of real estate upon which he is taxed at a valuation of $10,000; he gives a mortgage on the same property to Richard Jones for $7,000; this mortgage is taxed for that amount, making

a total taxation upon the same property of $17,000; $7,000 of it is taxed twice.

An example of non-taxable securities is best given by selecting the Commonwealth of Massachusetts, which provides that such investments as bonds and mortgages secured entirely by real estate situated within the Commonwealth, stocks of all Massachusetts corporations, besides certain other securities especially exempted by law, are non-taxable when held within the Commonwealth.

No Protest. These words are sometimes marked upon a note or draft, and convey to the party entrusted to collect it the instructions not to "protest" (see that subject) if payment is refused.

North Butte. North Butte Mining Co. (Copper.)

Northwestern. Chicago & Northwestern Railway Co.

Northwesterly Receipts. Usually designates receipts of hard spring wheat of Minnesota and the Dakotas, at Duluth and Minneapolis.

Not a Delivery. Same as "Not a Good Delivery." (See "Good Delivery.")

Notary Public. One who receives a commission from the State and is empowered to take acknowledgments, depositions, administer oaths, protest negotiable instruments, etc.

Note. A written promise to pay a specified sum of money at some future time. The various kinds of notes, "demand" "time, etc., will be found explained under the several subjects.1

The requirements of a note are: that the amount for which it is drawn shall be clearly stated; that it shall be made payable at some determinable time; and that it shall be signed and dated. If the words "with interest are inserted without mentioning the rate, then the legal rate of the State in which it is made prevails.

A note in the hands of any "holder in due course (see that subject) may be voidable for either of the following reasons: if altered by the holder, or signed by a minor; and may be voidable when in the hands of the party to whom first given for the following reasons: dated and issued on Sunday; if the maker was under the influence of liquor; or his signature to the note obtained by fraud.

2

In case a note is destroyed, lost, or stolen, the holder can legally collect from the maker.

If there is a disagreement between the words and the

See also "Value Received," "Discount," "Interest to Follow," " On or Before," " Indorse," and "Collateral Loan."

2 As a matter of precaution it is better not even to date a note on Sunday, although it is not voidable in any State on account thereof.

figures for the amount for which a note is drawn, the former governs, the same as in a check.

Always present a note on the exact day it is due and at the place specified for payment. When no place is named, it may be presented at the maker's place of business or residence. The reason for presenting a note on the day of its maturity is to hold indorsers or guarantors, if any. The liability of the maker is not lessened by a delay in presentation.

In purchasing a note, which has been running some time, be sure to ascertain if any payments have been made upon it, as neglect to indorse the same upon the note may have occurred. Direct application to the maker for this information may be made if advisable. All partial payments on notes should be carefully entered upon the back of the same, giving the amount and date of payment. No signature is necessary. It is well to prefix the words "Received on the within note," ," "Received on this note," or some such form.

Should payment of a note not be made when due, notice must immediately be sent to the indorsers or guarantors, unless some clause is inserted whereby the indorsers or guarantors waive this right of notice.

The purchase of overdue notes is an unsafe proceeding. (See also "Protest.")

Notes falling due on Sunday, or a legal holiday, in most States are payable on the next business day. As this varies in different States it is advisable to look it up in absence of certain knowledge.

If days of grace are recognized and the last day of grace falls on Sunday or a legal holiday, the instrument is payable on the day preceding.

Payable at Tidewater National Bank, Jacksonville, Fla.

00 100

Dollars

Brown & White.

1 If the note is to be made payable " on demand " these words may be inserted in the place of "after date." The form of note given above is

"Note" often is applied to money, as "bank-note," United States note," ""Bank of England note," etc.

or

Note Broker. One who deals in commercial paper short-time evidences of indebtedness of a similar nature; the "middleman" through whom one party borrows money from another by negotiating his notes. The "note broker" either charges a commission for his services, or buys the note bearing (or discounted at) one rate of interest and sells at a lesser; the difference of interest for the time the note has to run being his profit.

Note of Hand. Same as "note."

Note Panic. In this connection note refers to paper money. A" note panic " results from the holders of a bank's notes losing confidence in the ability of the bank to redeem them at par. An illustration is that of the Bank of England, which has had several such troublesome experiences. During one of these "panics," when the holders of the bank's notes lost their heads and a run" on the bank resulted, payment was made in such small money as shillings and sixpence in order to gain time.

Notes Payable. All written agreements in every form which a person has entered into, and which are held by others, and which bind such a person to pay sums of money at some future time either on demand or a fixed date. Examples: notes, acceptances, etc. All written evidences of indebtedness held against a concern are the "notes payable" of that concern. (See" Bills Payable.")

Notes Receivable. All written agreements in every form which one person holds against others, and which bind them to pay him money at some future time either on demand or a fixed date. Example: drafts, notes, or acceptances.

Note Teller. An employee only required in the larger banking institutions. He is the one who attends to the collection of notes due the bank, and attends to the collection of notes or drafts belonging to the bank's customers, and entrusted to it for collection. Also called the " Third Teller."

Notice of Dishonour. If any negotiable paper, such as a draft, is not paid at maturity, a written notice to that effect from the holder to the " drawer" or "indorser" is a "notice of dishonour." 1

when the interest is deducted in advance; that is, at the time of making"discounted." If a form of note is wanted with interest payable at maturity, words may be inserted after the word "dollars," as: " with interest at 5%."

Francis M. Burdick says: "A protest . . . is necessary only in the case of a foreign bill of exchange; but a notice of dishonour is just as necessary in the case of an inland bill, of a check, or of a promissory note as in the case of a foreign bill. A protest is in writing, and attested by the

Notice of Protest. See "Protest."

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Noting a Bill. The writing upon a "bill of exchange," or other negotiable paper, which has not been paid or accepted," words to the effect that it has been dishonoured. After this it may be "protested."

Not Subject to Previous Redemption (or Call.) A security which the issuer has no right to pay off previous to the date of maturity specified therein.

NS. The "ticker" abbreviation for " new series."

N. & M. November and May; interest or dividend payable semi-annually beginning with November.

O. The ticker abbreviation for offered, when accompanied by figures, as "UPO. 150," means that Union Pacific common stock was offered at $150 per share. Frequently such a combination as this is seen: "UP. 150, O. 150" which indicates that Union Pacific was sold at 150 and more was afterwards offered at same price, but no bidder or purchaser materialized.

Oats. This is explained under "Grain," except that the trading unit is 5,000 bushel lots and the "margin" about 3 cents per bushel, the commission being the same as any other grains.

Oats Pit. See "Pit."

OB. The "ticker" abbreviation for "opening of books." (This is explained under " Books Open.")

Obligation. This is a term for indebtedness, and has a very general use. Bonds of municipalities, corporations, or of any nature, may be referred to as "obligations; so may an indebtedness of any form. (See " Direct Obligation.")

Odd Lots (or Odd-Share Lots). See "Fractional Lots." Off. Lower prices. Also used to denote "without," as "dividend off," meaning " without dividend."

Off Coast. Vessels in port awaiting orders to discharge cargoes or to proceed to some other port.

Offer. A bid; an offer to buy. (See also "Bids and Offers.")

notary's signature and seal. A notice of dishonour may be in writing or oral, and may be given personally or sent through the mails. It may be quite informal. Any notice is sufficient which fairly identifies the instrument and indicates that it has been dishonoured. Of course, it is safer to have the notice in writing, in order to avoid any dispute about its terms."