paid-up stock. Stock paid for in full.

paper profits. Probable profits from transactions not closed.

par. Face value.

parent company. A company from which other companies derive authority.

parity. A price (of a stock) equivalent or equal to the price of the same stock quoted on a different basis.

par list. A list issued by a bank to correspondents or customers, giving a list of cities and towns the checks of which will not be charged exchange.

participating bond. A bond sharing in a distribution of profits as well as a guaranteed interest.

passing a dividend. Failure to make a regular dividend.

passive bond. A non-interest bearing bond having some other benefit attached.

plain bond. A bond having no mortgage or collateral security and without a sinking fund provision.

plant. The permanent appliances necessary to conduct any business.

pool. Interests joined for mutual advantage, specifically, (a) a trust or combination to regulate prices; (b) a fund contributed by several persons for a specified use.

postdated. Bearing a future date.

preferred stock. Stock which must receive a dividend and participate in a distribution of assets before common stock.

premium. 1. The amount of excess over the par value. 2. The sum paid by a policy-holder for insurance.

private company. A close corporation. [English.] promoter's stock. Stock issued one interested in the promotion of a company, for services rendered.

proprietary company. A controlling company.

protest waived. Without necessity of protest (to in-dorser).

proxy. A person authorized to represent another; also, the instrument granting such authority.

put. A contract by which one person, in consideration of money paid to another, acquires the privilege of selling or delivering to the latter within a certain time some designated article at a stipulated price.