Question: Monogram on the titles?

I caught some of the movie on its TCM showing late last night, and came to the IMDB in the hope of finding an answer to this rather naive question:

My question concerns the titles (i.e., the wording that is interspersed in silent films, either to fill in the unheard dialogue or to comment on something presented). It seemed to me that the ornate "drop-capital" initial letters were decorated with a kind of stylized monogram, either a "C P" monogram or perhaps a "G P" monogram--I wasn't quite sure which.

I looked through the credits of the film, trying to figure out what this might represent. I'm sure it isn't "C L" for Carl Laemmle: it must be either a stylized "CP" or a stylized "GP."

Can anybody tell me what this monogram represents?