Nipper

Used to designate the Northern Pacific Rwy.

Nominal Debenture

A "debenture" (see that subject) in which the payee is named. More commonly used in England.

Nominal Stock Certificate

When, in England, the blank upon the back of a certificate of stock is filled in as described in the first part of "transfer in blank" with the name of the person to whom it is to be transferred, it becomes "nominal," so called.

Non-Exempt

See "Exempt."

Note Of Dishonor

See "Notice of Dishonor."

Official Price

Of Copper. See "Standard Copper."

Old Woman

Used to designate the New York, Ontario & Western Rwy.

One

See "Half."

Onion Route

The Chicago & Wabash Valley R. R. Co.

Outside Bank Statement

This term is used to designate the combined reports of the State Banks and trust companies in New York State, outside of Greater New York.

Overstayed

A Stock Exchange term, indicating that a speculator, having already had chances to close out a transaction at a profit, fails to do so until the market changes to his disadvantage.

Pari Passu

Without Preference. The stock will rank "pari passu" with other stock means that neither shall have preference over the other.

Paymaster's Warrant

A written instrument issued by a paymaster for money due, entitling the holder to receive the same upon presentation at the place designated; or, if issued during a scarcity of currency, payable when money becomes more plentiful.

Perus

Used in London to designate the ordinary stock of the Peruvian Corporation.

Peter's Pence

Used, to-day, to denote any contribution freely made to the Pope. Originally, the term indicated an annual payment to the Pope of Id. on every 30d. of property. This tax existed from very early days until the reign of Henry VIII.

Porhyries

The copper companies of which the ore is found in blanket formation and which mine chiefly with steam shovels, - includes Inspiration, Chino and Utah Copper.

Postal Savings Bonds

See " Government Bonds," page 189.

Potts

Used in London to designate the North Staffordshire deferred ordinary stock.

Prior Lien And Participating Stock

A typical example is that of the Chicago & Alton R. R. Co., which has an issue of 4% cumulative "prior lien and participating stock" which has priority for assets and also dividends up to 4% per annum, but is entitled to additional dividends equal to the same rate, if any, which may be declared upon the common stock.

Profit Sharing Notes (or Bonds, etc.). A rather uncommon security, but best explained by an illustration: In 1903, the Underground Electric Railways Co. of London issued notes secured by a deposit of stocks of its constituent companies. It was provided that in the event of the sale of any of the stocks at over 95, one half of the net profits of such sale should be set aside for the benefit of the notes then outstanding.