Pine Tree Money

During the last half of the 17th century silver coins of the denomination of a shilling and under were coined in Massachusetts, having upon their face a device of a pine tree. At first the larger denominations were referred to as the "Boston Shilling" or the "Bay Shilling," and later were known as the "Pine Tree Shilling."

Pine Tree Shilling

See "Pine Tree Money."

Pinholed

Certificate of stock having had a memorandum (or many of them) pinned to it. The more holes the greater the number of times it has probably passed from hand to hand.

Pipe-Lines

A system of piping, mostly underground, through which oil is pumped in order to transfer it from the producing region to the storage-tanks at either a distributing market or a refinery. Some of the "pipe-line" systems cover hundreds of miles of territory, and permit the transportation of oil at a low cost. The "Rate Bill," which has passed Congress, includes such "pipe-lines" as these under the heading of " Common Carrier."

Pit

In the Chicago Board of Trade there are four portions of the building, which are set aside exclusively for dealing in: First, grain; second, wheat; third, oats; fourth, provisions. These are called the "Pits." Each one is in charge of an official of the Board of Trade, who notes the changes of prices as they occur, and who also notes all transactions which are settled on the basis of the official price at the hour in which they occur. The "Pit" is equivalent to the "Post" in the New York Stock Exchange.

Pit Traders

These are to the Chicago Board of Trade what the " room traders" are to the stock exchanges; i. e. brokers who trade in grain, provisions, etc., for their own accounts, and who do so upon the "Board of Trade."

Place

To place an issue of bonds is to find a market for it; to sell it.

Plain Bond

A bond not secured by mortgage; practically the same thing as a "debenture bond" or a "certificate of indebtedness." It would not be supposed to have a "sinking fund."

Plant

All the fixed part of a concern (manufacturing, transportation, etc.) except its land; the buildings, machinery, etc.

Plugged

A Chicago Board of Trade term indicating a certain attempt at deception in the sale of grain.

Plum

" The stockholders received a plum." This is about the same idea as "cutting a melon;" an extra, unexpected, or unusually large profit.

Plunge

To speculate in a reckless manner.

Plunger

A reckless speculator; one who takes big risks for big gain.

P. Mail. Pacific Mail Steamship Co.

Point

One per cent. A security rises three points when it advances three dollars in price.

In coffee trading, fluctuations are recorded on the basis of l-100th of a cent per pound, equalling one "point." In the same way, in cotton a cent is divided into 100 " points" and a decline of 1/4 of a cent per pound is equivalent to 25 "points" or $ 1.25 on each bale.