  The charge and orbital ordering in Pr_{0.5} Ca_{0.5} MnO_3 is studied for the
first time by ^{17}O NMR. This local probe is sensitive to spin, charge and
orbital correlations. Two transitions exist in this system: the charge and
orbital ordering at T_{CO} = 225 K and the antiferromagnetic (AF) transition at
T_N = 170 K. Both are clearly seen in the NMR spectra measured in a magnetic
field of 7T. Above T_{CO} there exists only one NMR line with a large isotropic
shift, whose temperature dependence is in accordance with the presence of
ferromagnetic (FM) correlations. This line splits into two parts below T_{CO},
which are attributed to different types of oxygen in the charge/orbital ordered
state. The interplay of FM and AF spin correlations of Mn ions in the charge
ordered state of Pr_{0.5} Ca_{0.5} MnO_3 is considered in terms of the hole
hopping motion that is slowed down with decreasing temperature. The developing
fine structure of the spectra evidences, that there still exist
charge-disordered regions at T_{CO} > T > T_N and that the static (t >
10^{-6}s) orbital order is established only on approaching T_N. The CE-type
magnetic correlations develop gradually below T_{CO}, so that at first the AF
correlations between checkerboard ab-layers appear, and only at lower
temperature - CE correlations within the ab-planes.
