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Pinched Out. A vein of gold, for illustration, is "pinched out" when it narrows up to a non-paying degree or disappears entirely.

Pine Tree Money. During the last half of the 17th century silver coins of the denomination of a shilling and under were coined in Massachusetts, having upon their face a device of a pine tree. At first the larger denominations were referred to as the "Boston Shilling" or the "Bay Shilling," and later were known as the "Pine Tree Shilling."

Pine Tree Shilling. See "Pine Tree Money."

Pinholed. Certificate of stock having had a memorandum (or many of them) pinned to it. The more holes the greater the number of times it has probably passed from hand to hand.

Pipe-Lines. A system of piping, mostly underground, through which oil is pumped in order to transfer it from the producing region to the storage-tanks at either a distributing market or a refinery. Some of the " pipe-line" systems cover hundreds of miles of territory, and permit the transportation of oil at a low cost. The "Rate Bill," which has passed Congress, includes such "pipe-lines" as these under the heading of "Common Carrier."

Pit. In the Chicago Board of Trade there are four portions of the building, which are set aside exclusively for dealing in: First, grain; second, wheat; third, oats; fourth, provisions. These are called the "Pits." Each one is in charge of an official of the Board of Trade, who notes the changes of prices as they occur, and who also notes all transactions which are settled on the basis of the official price at the hour in which they occur. The "Pit" is equivalent to the "Post" in the New York Stock Exchange.

Pit Traders. These are to the Chicago Board of Trade what the "room traders" are to the stock exchanges; i. e. brokers who trade in grain, provisions, etc., for their own accounts, and who do so upon the " Board of Trade."

Place. To place an issue of bonds is to find a market for it; to sell it.

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Plain Bond. A bond not secured by mortgage; practically the same thing as a debenture bond or a certificate of indebtedness." It would not be supposed to have a "sinking fund."

Plant. All the fixed part of a concern (manufacturing, transportation, etc.) except its land; the buildings, machinery,

etc.

Plugged. A Chicago Board of Trade term indicating a certain attempt at deception in the sale of grain.

Plum. "The stockholders received a plum." This is

about the same idea as "cutting a melon;

cutting a melon;" an extra, un

expected, or unusually large profit.

Plunge. To speculate in a reckless manner.

Plunger. A reckless speculator; one who takes big risks for big gain.

P. Mail. Pacific Mail Steamship Co.

Point. One per cent. A security rises three points when it advances three dollars in price.

In coffee trading, fluctuations are recorded on the basis of 1-100th of a cent per pound, equalling one "point." In the same way, in cotton a cent is divided into 100 "points" and a decline of of a cent per pound is equivalent to 25 "points " or $1.25 on each bale.

Pointer. In financial slang, this means the same as a "tip." (See that subject.)

Pool. A number of persons uniting or joining their interests for the purpose of buying or selling and increasing or depressing the price of one or more securities, and who agree to divide the loss or profit. It is probable that "pools" have a greater direct influence upon the stock market in general than any other single factor. A "clique" is much the same thing. (See "Clique.")

Also, an agreement among competitors fixing a monopolistic price, with a division of the territory, insuring practically complete monopoly in certain sections for each party to the agreement; an agreement among competitors so as to limit production, prevent competition by the control of both markets that of the raw as well as the finished product agreed selling price for the output, and a division of the selling territory, while outwardly keeping up the appearance of active rivals. In a few words, a means to prevent competition, and a division of the business for mutual profit.

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Another form of "pool" is an agreement between two or more railways as to a division of earnings, so that they can resist the temptations of the big shippers, and be insured a fair share of the transportation business at stable rates, which will apply without partiality to all patrons.2

P. O. R. Express or freight payable to the transportation

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1A recent decision in the suit of Franklin, Scott & Co., stock brokers, against certain others, participants in a pool," obligates any member of a "pool" for the full liability of whatever the "pool's " losses may be, irrespective of whatever his interest in the "pool" may be.

Johnson in his "American Railway Transportation says, "The pools were agreements among railroads whereby their competitive traffic or the receipts from that traffic were divided among the companies according to stipulated ratios. Arrangements for the division of the business were called traffic pools, those for the distribution of the receipts money pools."

company on receipt of the goods by them. The opposite to "collect."

Pork. The trading unit for pork is 250 barrels. The rate of commission charged on the Chicago Board of Trade for the purchase or sale, or for the purchase and sale of mess pork, in lots of 250 barrels, or multiples thereof, is 5 cents per barrel. The usual" margin" required is $1 per barrel.

Port of Bonds. Two notable examples are issues by the Port of Portland, Oregon, and the Port of New Orleans, La. A description of the former will suffice. It embraces the city and much adjacent territory; has its own officials, and creates its own indebtedness, for which payment all the taxable property in this distinct municipality is held. The object for which it was created was for the purpose of obtaining suitable ways for navigation at Portland, and between that city and the sea.

Post. In most stock exchanges there are set aside certain places (posts set on the floor) where some of the most active and important securities dealt in upon the exchange are bought and sold. Such designated spots are known as the "Sugar Post," for example, where transactions in the shares of the American Sugar Refining Co. are carried on. These correspond to the " Wheat Pit," "Oats Pit," "Provision Pit," etc., of the Chicago Board of Trade.

In bookkeeping to "post" is to make entries in the ledger from accounts previously entered in other books, such as the journal or cash book. When an account has been "posted" in the ledger, it will show a true state of its condition.

Postal. Postal Telegraph-Cable Co.

Postal Money-Orders. The following is from the printed regulations as issued by the United States Post-Office Department:

Application. The process of obtaining a money-order is to fill in a simple form, called an "application," which form is furnished free of charge, and to present such application at the money-order branch of the post-office, where, upon payment of the sum to be sent and of the small fee exacted, a money-order will be drawn for any desired amount (but no single order for more than $100), payable at any money-order office in the United States designated by the applicant. When a larger sum than $100 is to be sent additional orders may be obtained.

At all of the larger post-offices, those of the first, second, and third classes, and at many of the smaller ones, International money-orders may also be obtained, payable in almost any part of the world.

Identification. The person who presents an order for

payment must be prepared to prove his identity. In case of payment to the wrong person, the Department will see that the amount is made good to the owner, provided the wrong payment was not brought about through fault on the part of remitter, payee, or indorsee.

Power of Attorney. A money-order may be paid upon a written order or power of attorney from the payee, as well as upon his indorsement.

Indorsements. More than one indorsement on a money-order is prohibited by law. One or more additional names, however, may be written upon the back of orders for purpose of identification of payee, or guaranty of genuineness of signature of the payee or indorsee. But if the holder is the second or any subsequent indorsee, to obtain the amount he must surrender the order and make application for a duplicate or a warrant to be issued in place thereof by the Department. The stamp impressions which banks ordinarily place upon money-orders left with or sent to them for collection are not regarded as indorsements transferring ownership of the orders or within the meaning of the statute which prohibits more than one indorsement.

Repayment. A domestic order may be repaid at the office of issue within one year from the last day of the month of its issue.

Invalid Orders. An order which has not been paid or repaid within one year from the last day of the month of its issue is invalid and not payable. The owner, however, may obtain payment of the amount thereof by making application, through the postmaster at any money-order office, to the Department, for a warrant for the said amount. The invalid order, if in the owner's possession, must be forwarded with the application.

Lost Orders. In all cases of lost orders, the remitter, payee, or indorsee may make application, through either the office at which the original was issued or the office on which the original was drawn, for a duplicate to be issued in lieu thereof. No charge is made for the issue of a duplicate order, nor for the issue of a warrant for the amount of an invalid order.

Fees. For domestic money orders 3 cents to 30 cents, and these rates apply to orders payable in the United States (which includes Hawaii and Porto Rico) and its possessions, comprising the Canal Zone, Guam, the Philippines, and Tutuila, Samoa; also for orders payable in Bermuda, British Guiana, British Honduras, Canada, Cuba, Mexico, Newfoundland, at the United States Postal Agency at Shanghai (China), in the Bahama Islands and in certain other islands in the West Indies.

The fees for foreign money orders payable in any country on which a money order may be drawn, other than those named above, may be ascertained upon inquiry at the post office.

Postal Savings Banks. The U. S. Government regulations . in reference to Postal Savings Banks are partially set forth in the following:

"Service Free. No charge or fee is collected or required in connection with the opening of an account or the subsequent deposit or withdrawal of money. The proper money order fee is charged, however, when withdrawals are made by mail.

"Deposits. Any person of the age of ten years or over may become a depositor. The account of a married woman is free from the control or interference of her husband. No person can have more than one account at the same time.

An account can not be opened for less than $1, nor can fractions of $1 be deposited or withdrawn. Amounts less than $1 may, however, be saved by the purchase of 10-cent postal savings cards and adhesive 10-cent postal savings stamps. A postal savings card with nine postal savings stamps affixed will be redeemed in cash for $1, or will be accepted as a deposit of $1 either in opening an account or adding to an existing account. No person is permitted to deposit more than $100 in any one calendar month, nor to have a balance to his credit at one time of more than $500, exclusive of interest. An account may be opened through a representative. After an account is opened deposits may be made through a representative or by mail.

"Certificates of Deposit. Depositors receive postal savings certificates covering the amount of each deposit made. These certificates are issued in fixed denominations of $1, $2, $5, $10, $20, $50 and $100, and are valid until paid, without limitation as to time. Postmasters are not permitted to receive savings certificates for safekeeping.

"Interest. Interest will be allowed on all certificates at the rate of 2 per cent for each full year that the money remains on deposit, beginning on the first day of the month following the month in which the deposit is made. Interest continues to accrue on deposits as long as the certificates remain outstanding.

"Withdrawals. A depositor may at any time withdraw the whole or any part of his deposits, with any interest payable, by surrendering at his depository office savings certificates covering the desired amount. Withdrawals may also be made through a representative or by mail.

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Bonds. Any depositor may, under certain conditions, exchange the whole or any part of his deposits, in sums of $20 or any multiple of $20 up to and including $500, for United States coupon or registered bonds, bearing interest at the rate of 23 per cent, such bonds to be exempt from all taxes or duties of the United States as well as from taxation in any form by or under State, municipal, or local authority. Postal savings bonds are not counted as part of the balance of $500 allowed to one depositor. On the application of any holder these bonds will be purchased at par by the Board of Trustees of the Postal Savings System.

"Information. Further information concerning the Postal Savings System may be obtained by applying at any depository post office or by addressing the Third Assistant Postmaster General, Division of Postal Savings, Washington, D. C."

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