Purchased Paper

As denned by the Federal Reserve Act "paper (see 'business Paper') bought through brokers or others with whom the purchasing bank has no direct business relations."

Purchase Money Bonds

Bonds commonly given by one corporation in exchange for the stock of some other corporation purchased by the former. An example is that of the Kings County Electric Light & Power Co., of Brooklyn, N. Y., which bought the entire capital stock of the Edison Electric Illuminating Co. In paying for this stock, the former company issued " purchase money bonds" in exchange.

These bonds are secured by deposit of the Edison Company's shares with the trustee, and by a lien upon the properties of the Kings County Company, subject to an issue of $2,500,000 first mortgage 5s. The "purchase money bonds " are additionally secured by deposit with the trustee of a cash guarantee fund of $1,000,000.

Purchasing Receipt

A temporary receipt, issued to the purchaser of a security, to be taken up later by the permanent security when issued. Often referred to as a "temporary receipt," to which subject refer.

Put Of More

See "Call of More."

Puts And Calls

See the two separate subjects, "Puts" and "Calls."

Put under Cover. A "bucket shop" term indicating that the " bucket shop " has actually purchased or sold a given security as a matter of protection. (See " Bucket Shop.")

Pyx Coins

Coins retained for testing as explained under "Trial of the Pyx."

P. & L. Profit and Loss.

Q

Chicago, Burlington & Quincy Railway Co.

Qualified Acceptance

See "Acceptance."

Qualified Indorsement

An indorsement with the addition of the words "without recourse" (as explained under that subject) is a "qualified" one. Further negotiation is not prevented by indorsement of this kind, but the indorser is relieved from all liability for payment.

Quarter

There are 8 bushels, or 480 pounds, in a "quarter" of wheat. Also, a silver coin of the United States, containing 86.805 grains of fine silver and 9.645 grains of alloy, equivalent to one-quarter of a dollar, or 25 cents. " Legal tender " in amounts not to exceed $10 in any one payment.

Quarter Days

January 1st, April 1st, July 1st, and October 1st.

Quarter Eagle

A gold coin of the United States of the value of $2.50, containing 58.05 grains of fine gold.

Quarterly Disbursements

Although interest, dividends, etc., are falling due daily, yet the great majority of payments of this kind occur about January and July 1st of each year, with the other "quarter" months - April and October 1st - following close behind. The vast sums of money which are needed for payments - "disbursements" - at such times compel the banking institutions to accumulate funds to meet the same. These institutions are less willing to make loans just previous to the "quarter days" and money rates are apt to advance; money commands a higher rate of interest. Borrowers of money recognize this fact and generally try to provide in advance for funds to tide over such times. When the "quarter days" arrive, and the banks, trust companies, etc., pay out the money called for by dividends, interest due, etc., the "quarterly disbursements" are made, and frequently many draw sighs of relief if the critical point is weathered with no money pinch resulting.