In all transactions upon the New York Stock Exchange where the face value of a security is expressed in English pounds sterling, the transactions are figured at $5.00, equivalent to one pound sterling, without regard to the "rate of exchange" or the actual equivalent in dollars and cents to the pound sterling. In all such transactions, an allowance has to be made for the actual difference arising from the "usage." (See also "New York Equivalent.")

In the same manner, on the London Exchange, United States securities are reckoned at the rate of $5.00 to the pound, Dutch at 12 guilders, French and Italian at 25 francs and 25 lire respectively, and German at 20 marks.

New 2's. United States Government 2% bonds redeemable after 1930, and known as "Consols." (See "Government Bonds.")

New 3's. United States Government 3% bonds redeemable after August 1, 1908, and known as "Loan of 1908-1918." (See "Government Bonds.")

Next to the Rails. A colloquialism used in reference to railroad securities, denoting that a particular bond is secured by a first mortgage upon the road in question.

N. F. M. A. November, February, May, and August; interest or dividends payable quarterly beginning with November.