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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.

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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.

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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.

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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.

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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."

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 or 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.

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Payable at Tidewater National Bank, Jacksonville, Fla.

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100

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Brown & White.

1 If the note is to be made payable" on demand " these words may be inserted in the place of "after date," but omit the words "five months."

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

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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.

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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.

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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.")

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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 effcct from the holder to the "drawer or "indorser " is a "notice of dishonour." 1

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The form of note given above is 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%."

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1 Francis M. Burdick says: A protest is necessy 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."

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.

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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.

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," which, in a general way, covers this subject.

Obligations. This is a French term for "bonds."

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."

Offered Down. Offered (an offer to sell) at less than the last quotation of the same security.

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Offered Firm. There is a distinction between " offered firm and "subject to sale" (the meaning of the latter is set forth under the subject of that heading), but in the case of " offered firm "one offers to sell another certain securities, or anything else for that matter, giving definite time for the acceptance of the offer. Or, one may make an offer, that is, a bid, that in turn will be good for a definite time; in which event it is known as a "firm bid." Anything may be " offered firm for three days," by which the intending purchaser has that length of time to decide in; or a bid may be made "firm " for that length of time, and is known as "firm bid for three days."

Official List. The London term which is the equivalent to our "List," to which refer. (See same subject in Addenda.) Official Minimum. The "discount" rate of some of the large foreign banks, such as the Bank of England, is known as the "official minimum." (See "Bank of England Discount Rate."

Official Time. See "Hammond's Time."

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Offset. Sometimes notes bear the words "without offset," meaning that if the person holding the note meets with financial disaster he cannot use the note as an "6 offset against any sum which he may happen to owe the person who signed the note.

Dictionary meaning: To set one account against another; to make the account of one party pay the demand of another; a sum, account, or value set off against another sum or account as an equivalent.

O. J. A. J. October, January, April and July; interest or dividends payable quarterly beginning with October.

O. K. (or O. Ked). When marked upon a paper it signifies that it is correct to the satisfaction of the person who placed the letters thereon. He is said to have "O. Ked" it. It is said to be the abbreviation of oll korrect (all correct).

Old Lady of Threadneedle Street. Bank of England.

Old Line Insurance. Life insurance upon which the premium is fixed (see" Level Premium "); not changing from year to year, but determined once for all by the age of the insured when he makes his first payment, and which maintains a yearly increasing reserve, something like a sinking fund, to meet the claims at a given time.

Old Reserve. This is explained under "New Reserve." On Account. A partial payment of an amount due is a payment" on account."

On a Scale. See "Buying on a Scale" and "Selling on a Scale."

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