No Funds

When stamped upon a check returned from the bank at which it is payable it indicates that the " drawer ' had no money to his credit to meet its payment. The letters N. F. are often used to indicate the same thing.

Nominal Assets

Although by this is especially understood property of uncertain, undetermined, or of no value, yet it is also extended to mean assets (property) of all kinds, belonging to a person, firm, or corporation. (See "Assets.")

Nominal Exchange

This takes no account of " balance of trade," and such transactions between countries; but is exchange based only upon the comparative market values of the currencies of the different countries.

Nominal Par

The actual face value of a security. See "Par."

Nominal Price

A market quotation which is not based on an actual transaction, but rather indicates the probable price which might be obtained at the time.

Nominal Rates

See " Posted Rates."

Non-Assented

Securities, the holders of which have not agreed to a certain plan, as one of " reorganization."

No Par

See " Par."

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.

Note Broker

One who deals in "commercial paper" or 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.

Note Of Hand

Same as "note."

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.