The " ticker " abbreviation for " new " or " North." Named Cities. Some of the States, having passed laws restricting the investments of their savings banks, permit the purchase of bonds of cities in excess of a given population within a certain limitation of debt. That is, the bonds of any city within those States fulfilling the general requirements are considered legal savings banks investments. There are, however, certain cities having a net indebtedness in excess of the prescribed limit, but whose bonds are considered desirable investments. These cities, therefore, are specifically named, and do not come in under the general debt limitation. Such cities are referred to by the investment dealer as "named cities."
In addition to the foregoing, certain of the States, beginning with Massachusetts in 1908, passed laws requiring their banking departments to issue, periodically, a list of cities, railroads and other corporations, whose securities are authorized investments for the savings institutions of such States. Where cities are enumerated in the lists, they are, likewise, frequently referred to as "named cities."