The person (firm or corporation) to whom a note, draft, etc., is made payable. In the case of a note, the "payee " is the one to whom the promise to pay is made. (See " Draft.")


The person (firm or corporation) who pays a draft, note, or similar paper.

Paying Teller

See "Teller." Also called the "First Teller."

Payment Bill

Same as a " Bill for Payment."

Payment Stopped

See " Stop Payment."


A security is " pegged " when one or more persons so control the buying or selling that they are able to prevent the prices rising or falling below a certain fixed point. The Abc of Wall Street says: "A stationary market, neither declining nor advancing, and held by buying or selling orders, is said to be pegged."


The plural of " penny."

Pennsylvania Interests

Certain corporations directly or indirectly in the control - or partial control - of the Pennsylvania R. R. Co., or its subsidiary companies, some of which are the Long Island, the Norfolk & Western, the Pittsburg, Cincinnati, Chicago, & St. Louis, and the Cleveland & Pittsburg R. R. Companies. The Pennsylvania R. R. Co. has already sold its Baltimore & Ohio holdings,


A coin of Great Britain equal to 1-12th of an English shilling, or about two cents United States money. We also call our own one cent piece by the same name.


The Latin for by, as "per annum," meaning "by the year," etc.

Per Capita Debt

See "Debt Per Capita."

Per Cent

(Per Centum). Meaning, literally, by the hundred, but used, in practice, as the equivalent of "hundredth." 6% means six one-hundredths or $6.00 on the $100.

A dividend of 1% would amount to $1.00 upon a stock of the par value of $100, but where the par value is only $50, a 1% dividend amounts to but 50c. and, likewise, it would be but 25c. where the par value is $25. In this latter case, for instance, a 6% dividend would call for but $1.50.

Per Cent

Grade. See "Grade."

Per Pro (Or Per Procuration)

A signature by an agent having limited authority usually contained in a power of attorney. A letter signed,

Per pro White & Co.,

Charles Black or

James White & Co., per pro Charles Black, is an example. The latter is the more correct method of signing, although the former is in more common use among merchants. This phrase is sometimes still further abbreviated as " p. p."

A signature of this kind is considered of itself an announcement of limited authority, a statement of the limitations of which will be furnished on request. Persons accepting instruments signed in this manner without investigating the authority of the agent signing them do so at the risk of afterwards discovering that the agent has exceeded his authority.1