New

account. On the London Stock Exchange the new ac- | count begins on the first day of the settlement. On this day dealings are either for money (immediate settlement) or for the account, that is to say, for the next settlement. (See For the account). On other days for the new account means for the account following the current.account. - New Tenne ee. An exclamation used by the brokers when a new member first appears on the New York Stock Exchange as a signal for his “initiation,” which consists in hazing him. The exclamation also is used to direct attention to the presence of a stranger on the exchange. The term “New Tenne ee” originated in the refunding in 1883 by the state of Tenne ee of its old defaulted bonds. New bonds were given for the old ones, but for considerably le than the face value of the old bonds, and the rate of interest on the new bonds also was le than the rate on the old ones. The conditions of exchange of the old bonds for the new ones were unsatisfactory and “New Tenne ee,” the abbreviation for the new bonds of the state of Tenne ee, became a term of derision. It soon became the practise to shout it out when a new member of the exchange made his first appearance on the floor or when a stranger eluded the vigilance of the door- 7 keepers and wandered upon the floor. The corresponding expre ion on the London Stock Exchange is fourteen hundred; see Fourteen hundred.