Lombards

A London term for the ordinary stock of the Lombardo Venetian Rwy.

Lumber Paper

Short time notes for the payment of which lumber is pledged, or the plain notes of dealers in lumber whose credit is sufficiently well established so that it is not necessary for them to secure their indebtedness by any of their stock in trade.

Making Down

When a customer in London buys through one broker, and sells through another, it may accommodate him to have the contract made directly between the brokers, rather than through the medium of the client, thus relieving the latter of any responsibility. They may "make down," as the arrangement is called, as a matter of accommodation, but the brokers are not compelled so to do.

Management Shares

Substantially the same thing as "founder's shares" (to which subject refer), but more particularly designated in this manner because of having been given to the Managing Director, Manager, or other head officials of a company.

Market Turn

The difference between the buying and selling price of a security. (See "Jobber's Turn.")

Marking a Bargain. When a transaction is made upon the London Stock Exchange, the "broker" enters it upon a slip of paper, which he signs and deposits in a box. This is not compulsory; consequently but a small proportion of the actual "bargains" appear in the stock exchange "official list," which is made up from the quotations taken from the box, but it is a protection to the "brokers," who take this precaution, in the event of any question being raised by the clients for whom they have done the business.

Marking Board

When a "bargain," as it is termed, is made upon the London Stock Exchange, the price at which it is done, is put up, or posted, upon what is known as the "marking board," after which the quotation is printed in the "official list." (See subjects in quotation.)

Member Bank

Any national bank, State bank or trust company which has become a member of one of the Federal Reserve Banks created under the Federal Reserve Act (see end of book), i. e. joined the Federal Reserve System.

Middies

Used in London to designate the ordinary stock of the Midland Rwy.

Milks

Used in London to designate the ordinary shares of the Chicago, Milwaukee & St. Paul Rwy.

Name Day

Same as "Ticket-Day."

Narrow Gauge

See " Standard Gauge."

National Banking Association

Same as "National Bank."

Net Demand Deposits

For an understanding of the meaning of this term as used in the "bank statement," refer to "Net Deposits," page 272, and "Demand Deposits," in the Addenda.

Net Time Deposits

To understand the use of this term in the "bank statement," one should read "Net Deposits/' page 272, and "Time Deposits/' in the Addenda.

Ni'pence. An abbreviation for ninepence. This term has been used to denote various values in money. In England, the old shilling in current use about 1561 was called a "nine-pence." A silver Spanish coin, equal to about twelve and a half cents, was the ninepence of New England.