These yeast rolls originated in the Parker House, a hotel and restaurant in Boston. The city is the banking center of New England, so it is fitting that the rolls are shaped like tiny purses.
Dissolve the yeast in the warm water and set it aside. Warm the milk, add the lard or butter, and stir until it dissolves. In a large mixing bowl, combine the sugar, salt, and milk-shortening mixture. Stir and add the egg. Then add the yeast mix and stir well. Add 1-½ cups of the flour and stir. Add the balance of the flour and stir. Let the mixture rise in the bowl until doubled in bulk, 45 to 50 minutes. Punch it down. Remove the dough from the bowl. On a lightly floured surface, roll out the dough to a thickness of approximately ⅓ inch. Cut out circles of dough with a tumbler. Spread the tops of the circles with butter. Fold in half. In a greased 9-inch by 13-inch pan, make 4 rows of rolls, 9 in a row. Let rise until doubled in size. Preheat the oven to 425 degrees F. Bake for 10 minutes. Reduce the heat to 375 degrees and bake for 5 to 10 minutes longer. Remove the rolls from the pan and cool on a rack.