First read matter under "Cumulative." In the case of a "non-cumulative" stock, if a dividend is not paid at its regular fixed period, there is no obligation on the part of the corporation to make the amount up at any succeeding time; for instance, a given stock is known as "a 7% non-cumulative," and during the year 1904 it paid dividends at the rate only of 3%, the holder of that stock has no right to expect the additional 4% to be paid him at any future time.

All shares are "non-cumulative" unless otherwise stated. If the entire stock issue of a company is simply one class of "common " there would be no object in injecting the " non-cumulative" feature.

Non-Interest-Bearing. Securities which do not earn (pay) interest.

Non-Ledger Assets. Property owned but not appearing on the books of a business; concealed assets or profits.

Non-Member Banks. Those not belonging to the Clearing-house Association, but which " clear " through some bank which is. (See "Clearing-House Agent.") "Non-members " are subject to certain rules and restrictions of the clearinghouse, such as making a weekly statement,1 which is published the same as the member banks. Trust companies in New York are required to make a statement of their condition, so the statement of the "non-member banks "covers banks only.