Personal Check

A check drawn by a depositor, as distinguished from a check drawn by a bank. Sometimes used to indicate a check drawn against a " country bank."

Personal Property

All movable property; horses, tools, furniture, " chattels " of all kinds (crops of annual planting, such as potatoes, are usually treated as " personal property," but would pass with the sale of the land if growing thereon), securities, etc., as distinguished from " real property," to which refer.

Personal Security

Any property such as described under " personal property " when given to secure the payment of a debt, or the fulfilment of a promise.


The monetary unit of Spain, and equivalent to the French " franc," or $.193 United States money.

Petty Cash Book

In bookkeeping, a book in which small items of cash expenditures, postage stamps, telegrams, and the like, for example, are entered, to be later summed up and entered in another book as one item.


(or Pfd.). Preferred.


One one-hundredth of the German "mark," which is their monetary unit. The pfennig is equivalent to nearly one-fourth of a United States cent.

Philadelphia Plan

(See " Equipment Trusts.")

Philippine Bonds

The bond issues of the Philippine Islands have been by authority of Congress. The United States, however, is not legally responsible for their payment, they being obligations of the Philippine Islands only. By an Act of Congress these bonds are exempt from taxation throughout the United States.


Phoenix Consolidated Copper Co.


The unit of the Turkish monetary system, and equivalent to $.044 United States money. The Egyptian "piaster" is one-hundredth part of their pound, and is equal to $.04943 United States money.


See India Money Table under " Rupee."

Pig Iron

This is the iron as it is extracted from the ore. As it comes from the blast-furnaces it is run into moulds in sand, which produces small masses of convenient size for commercial use.


One who trades in very small lots of securities.


"Money pinch;" a sudden rise in money rates; difficult to borrow, and then only at high rates. A " pinch " rather implies a short duration of such conditions, however, and not very serious.

1 These last four countries are on a silver basis. Therefore, the value as given here, which is taken from the Circular issued by the Director of the Mint, April 1, 1906, is subject to fluctuation with the market price of silver.

Pinched Out

A vein of gold, for illustration, is " pinched out" when it narrows up to a non-paying degree or disappears entirely.