Notes Payable

All written agreements in every form which a person has entered into, and which are held by others, and which bind such a person to pay sums of money at some future time - either on demand or a fixed date. Examples: notes, acceptances, etc. All written evidences of indebtedness held against a concern are the " notes payable " of that concern. (See "Bills Payable.")

Notes Receivable

All written agreements in every form which one person holds against others, and which bind them to pay him money at some future time - either on demand or a fixed date. Example: drafts, notes, or acceptances.

Note Teller

An employee only required in the larger banking institutions. He is the one who attends to the collection of notes due the bank, and attends to the collection of notes or drafts belonging to the bank's customers, and entrusted to it for collection. Also called the " Third Teller."

Notice Of Dishonour

If any negotiable paper, such as a draft, is not paid at maturity, a written notice to that effect from the holder to the "drawer" or "indorser" is a "notice of dishonour."

The form of note given above is when the interest is deducted in advance; that is, at the time of making - " discounted." If a form of note is wanted with interest payable at maturity, words may be inserted after the word " dollars," as: " with interest at 5%."

1 Francis M. Burdick says: " A protest ... is necessary only in the case of a foreign bill of exchange; but a notice of dishonour is just as necessary in the case of an inland bill, of a check, or of a promissory note as in the case of a foreign bill. A protest is in writing, and attested by the

Notice Of Protest

See " Protest."

Noting a Bill. The writing upon a "bill of exchange," or other negotiable paper, which has not been paid or " accepted," words to the effect that it has been dishonoured. After this it may be "protested."

Not Subject to Previous Redemption (or Call.) A security which the issuer has no right to pay off previous to the date of maturity specified therein.

N. & M. November and May; interest or dividend payable semi-annually beginning with November.

O

The "ticker" abbreviation for offered, when accompanied by figures, as "Upo. 150" means that Union Pacific common stock was offered at $150 per share. Frequently such a combination as this is seen: "Up. 150, O. 150 " which indicates that Union Pacific was sold at 150 and more was afterwards offered at same price, but no bidder or purchaser materialized.