## Pan Handle

Pittsburgh, Cincinnati, Chicago & St. Louis Railway Company. Controlled by the Pennsylvania Railroad Company.

## Paper Profits

Profits supposed to exist, but not yet realized. A purchaser of a certain stock at \$90 per share may estimate that he has made a profit of \$10 per share upon its advancing to \$100, but he cannot be certain of the fact until the stock has been sold. He has only a " paper," or supposed profit, until such time.

## Parent Company

A corporation controlling or owning other companies. The United States Steel Corporation is a " parent company." The Carnegie Company, the Federal Steel Company, etc., integral parts of the larger corporation, are " subsidiary companies."

## Paris Bourse

The Paris Stock Exchange. The full title is "The Company of the Paris Bank, Exchange, Trade, and Finance Brokers."

## Paris Money

Rates asked for "call" and "time" money at that point.

## Paris Private Discounts

The rate at which firms or individuals of known good financial standing can borrow in Paris, i. e. the rate at which their paper will be discounted.

## Parity

Equal to; a similarity existing. The equivalent in price of the same security quoted in different markets after making allowance for different methods of quoting or other factors.

## Parity Of Silver

On the present standard U. S. ratio of gold to silver (1 to 15.988) pure silver must be commercially worth \$1.2929 per fine ounce to be at a par with gold. \$1.2929 is, therefore, called the " parity."

## Par Of Exchange

The relative value of the money in one country to that of another, taking gold bullion of an agreed "fineness " as a basis upon which to figure. As between this country and Great Britain, \$4.866 + is taken as the "par of exchange," by which is understood that the English "pound sterling " is the equivalent of \$4,866+ in United States gold coin. In other words, that the bullion value of our gold dollar and the English gold "pound" is as \$1. to \$4,866+.

## Par Of Sterling Exchange

The equivalent of the pound sterling (£1) in United States money is \$4,866+ (\$4,867).

## Parquet

See footnote under " Agent de Change."

## Participating Policy

A participating life insurance policy is one under which the holder shares in any surplus earnings of the company, receiving them in the form of cash dividends, or in additional insurance, at the option of the insured.

Parti-Mortgage Receipt. A certificate issued by a company holding the papers in a mortgage showing the holders' proportionate ownership in the loan which the mortgage secures. This is done when a mortgage-note is of such large amount that to find one purchaser for the whole would be difficult or impossible.