The separation from bullion of any silver which it may contain, so that the gold and silver may be obtained in the form of separate bars.


See "Firm."

Partnership Agreement

See "Firm."

Part-Paid Stock. Stock which the owners, as shown upon the stock books of the company, are liable for further payments; or stock upon which the subscribers have not paid their subscriptions in full.

Par Value

See "Par."

Pass a Dividend. A dividend is passed when it is not paid at the regular expected time; when a corporation ceases paying dividends, without a formal vote so to do.


See "Bank-book."

Passenger Density

The total number of passengers which a railroad carries one mile divided by the number of miles of line operated. (See "Freight Density.") The Interstate Commerce Commission concisely expresses the " passenger density" as the "passengers carried one mile per mile of line."


The movement of one passenger one mile. It is taken as the unit of cost and service in passenger transportation. (See "Ton-Mile.)

Passenger-Mile Cost. This is the cost of carrying one pa-senger one mile. (See " Ton-mile Cost.")


Chicago, Milwaukee & St. Paul Ry. Co.


In Great Britain the word is used as the equivalent of our depositing collateral as security for a loan: they "pawn" the security; we "pledge" it. We apply the word "pawn" only in the sense of a transaction with a "pawnbroker."

Payable In Exchange

If a draft or other instrument is made "payable in exchange" it means that it calls for payment in funds of the place where issued; that is to say, if a man in New Orleans draws a draft on New York "payable in exchange" it means that the one against whom it was drawn in New York must pay it with a check (exchange) on New Orleans, in other words in New Orleans "funds." (See "Cashier's Check.")

Payable In Gold

Bonds, notes, etc., in which the borrower agrees to pay the principal or interest, or both, as the case may be, in gold. In this country, the wording of such a* promise usually reads " payable in gold coin of the United States of the present standard of weight and fineness." Such wording is desirable, as it provides that the borrower shall pay in coined gold of the United States, fulfilling the requirements of the standard coining laws as at present enacted, eliminating the danger arising from any future laws passed of lesser conservative nature during the life of the investment. (See "Standard of Weight and Fineness.")


The last of the "Fortnightly Settling-days" of the London Stock Exchange. (See the subject in quotations.) Also called "Account-Day" and "Settlement-Day." This is the settling-day proper; when the accounts are settled between the brokers and bankers for securities purchased, and delivery is made of the same; or, providing delivery is not made, but the securities are carried over to the next " settlement," the differences required to balance accounts are adjusted. In short, transactions are brought either to a final adjustment or so settled as to carry them forward to the next fortnightly account.