Pound Sterling

See "Pound." .

Power Of Sale

A clause inserted in a mortgage note or in any other form of indebtedness which gives the lender the right to sell the property securing the debt, if not paid as specified. Wills sometimes give "power of sale " to executors, that property may be converted into cash.

P. P. These letters are in place of "pro procuration," to which refer.

Pr

The " ticker " abbreviation for "preferred "

Pref

Preferred.

Preference Bonds

Practically the same as "income bonds."

Preference Income Bonds

See " Income Bonds."

Preference Shares

The term used in England as the equivalent of the American "preferred stock."

Preferred Creditor

One who is legally entitled to an advantage over other creditors; entitled to payment of his claim in full before other creditors, not preferred, are paid anything.

Preferred Ordinary Stock

This will be understood by reading "Preferred Shares (or Stock)."

Preferred Shares (Or Stock)

In Great Britain "ordinary stock," so-called, is equivalent to our "common stock." When, however, the "ordinary stock" is divided in two parts, the first half is referred to as "preferred" and the second half as "deferred;" also mentioned as "B" and "A" stocks respectively. As a rule, the former not only ranks ahead of the latter as far as the dividend is concerned, but shares equally with it in the case of any winding up of the company.

There is a maximum rate of dividend fixed beyond which the "preferred" shall not be allowed to participate in the earnings.

When a dividend is declared, it is the common practice to declare it on the "ordinary stock," and then to state the relative amounts for the two classes.

These stocks are not, as a rule, "cumulative." Those to which the "cumulative" privilege is attached carry the somewhat burdensome title of " non-contingent preference stocks."

Prem

Short for " premium."

Premium Bonds

The City of New Orleans has bonds outstanding known by the above title. It seems that they are of a small denomination and the interest upon them is not paid until they are drawn for redemption by lot; then the principal, together with simple interest from July, 1875, is paid the holder. There are also prizes which amount to about $100,000, which are likewise annually distributed among those whose bonds are redeemed. These prizes, or premiums, range from $20 to $5,000. The United States Government has recently looked upon this as a lottery scheme, and has issued an order barring such bonds from the mail.

Premium Of Exchange

See " Exchange."

Presentment

See " Protest."

Present Standard Of Weight And Fineness

See "Payable in Gold."