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 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 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.