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This article presents brief descriptions of various recent socio-political issues and developments in the U.S. It first focuses on Senator John Sherman's latest banking bill. It provides that upon a deposit of bonds any national banking association shall be entitled to receive circulating notes equal in amount to the par value of their bonds bearing interest at the rate of not less than 3 per cent, and redeemable at the pleasure of the U.S. at the date of such deposit; and if bonds deposited are not so redeemable, and bear a rate of interest higher than 3 per cent, then the issue of circulating notes may be to an amount equal to 95 per cent. The article further reports that among the amendments to the Lowell Bankruptcy Bill suggested by the Convention recently held in Washington D.C., is one making dealings in futures on the part of the bankrupt a ground for objecting to his discharge.

The editor, in this article, shares his opinion on political and economic issues, which are of serious concern. Republican representative from California Paul N. McCloskey is certain to challenge U.S. President Richard M. Nixon in selected Republican primaries in 1972. Hammermill Paper Co. is No. 276 in Fortune's latest ranking of the 500 largest U.S. industrial corporations, with sales of more than $350 million, assets above $300 million, net income of $14 million, and more than 10,000 employees. To begin operation, National Railroad passenger Corp. is to receive a subsidy of $40 million, and backing for $300 million in revenue bonds.

Presents several letters to the editor on issues related to the United States politics and government. Exultation of the Republican papers over the helplessness of the Democrats; Consequences of the introduction of free coinage; Conditions to be met with for the sale of bonds.

The article discusses some of the political updates related to the U.S. The recent decision of the Supreme Court of Ohio that a municipality has no power to issue bonds payable in gold without special authority, simply affirmed a decision of the Circuit Court on the subject. A bond payable in gold dollars would be a limitation on the statutory dollar, as excluding the use of the paper and silver dollars. The "original package" question has again come up in a case arising under a West Virginia law. In order to check indulgence in what was considered the vice of smoking cigarettes, the legislature passed a statute requiring dealers in the article to pay what was thought to be the prohibitory tax of $500 for a license.

The article presents discussions on various topics. The bread loan floated by the Soviet Government is its first attempt to establish internal credits. The bonds are short-termed, to be paid back in January, 1923, in grain. Bonds vary in value from 1 to 100 poods of grain, the total amount of the loan amounting to 10,000,000 poods of grain. While the present market price of grain is over 400 rubles in the new soviet currency, or 4,000,000 of the earlier paper rubles, the price of a one-pood bond is put at 380 rubles. Bread bonds are to be accepted in business transactions or in payment of the tax in kind.

This article describes the conditions in the Soviet Union markets after the Russian revolution. Russian bonds and Russian exchange, which depend on Russian credit, could not be influenced other than unfavorably by the rise of Bolsheviks to power, their virtual seizure of the State Bank and their overtures to Germany. Soviet Union's fiduciary issues rose in October 1917 above the maximum issue of the French Revolutionary assignats, being the first time in the 120 intervening years that the paper currency of any nation has achieved that unenviable distinction. To Wall Street's mind, the outcome in Soviet Union is so intimately bound up, not only with the obscurities of the economic future, but with the complete uncertainty as to Soviet Union's political situation.

The article focuses on the War Finance Corporation bill passed by the U.S. Senate. The bill, as reported to the House by the Ways and Means Committee, laid down very specific directions on what interest rate would the War finance corporation's bonds bear, what rate would the corporation lend to the borrowers and under what circumstances could individuals secure advances. No interest rate is specified on the Corporation's own bonds, of which there may be outstanding an amount four times as great as the paid-in capital. Interest rates are to be determined by the board of directors, subject to the approval of the Secretary of the Treasury, who is ex-officio a member of the directorate. The House bill makes striking changes in the provisions under which the Reserve Banks may handle the Corporation's bonds.

The Associated Gas and Electric Company showed a genius for propaganda technique long before the Senate Lobby Investigating Committee caught it the other day destroying records of its fight against the "death sentence" in the holding-company bill. The Associated Gas and Electric's securities division published a bearish advertisement in Pennsylvania papers. The purpose, of the advertisement was to induce debenture holders to exchange their bonds for other securities, a frequent practice of Associated.

The article presents information about various political developments taking place in the U.S. According to a snippet, nothing of a startling character has been developed in mercantile affairs during the week. There have been no suspensions directly caused by Duncan, Sherman & Co.'s failure and it is becoming evident that there will be none. There was, however, on Monday a suspension, caused by the derangement of the foreign-exchange market. According to another snippet, senator Orton P. Morton was, in 1866, in favor of the payment of the bonds in greenbacks. Within two or three years, he turned right about, and denounced savagely anybody who proposed to pay the bonds in paper. Last year he was in the Senate the most ardent advocate of inflation.

This article focuses on a new banking legislation plan proposed by Senator Nelson Aldrich. Aldrich's proposition, which touches only in a very tentative manner on the banknote circulation problem, merely suggesting that the central organization take over surrendered national bank circulation and that it may issue, under certain tax limitations, circulating notes of its own, covered, one-third by lawful money and two-thirds by United States bonds or commercial paper subject to discount under its other charter provisions.

The article presents a weekly review of the economic condition of the U.S. It states that the week opens on an easy money market, call loans being 4 to 5 per cent and first class short date paper passing at 6 to 7 per cent. Money, which ten days ago would have gone into the Sub-Treasury on deposit, is now flowing into brokers' offices. It states that the topic of the day is U.S. Senator Sherman's bill for consolidating the debt of the U.S. into a uniform five per cent, thirty-year bonds free from income tax. In financial circles, opinions are divided upon the subject.

The article presents information related to finance in the U.S. Money continues to rule at 5 per cent. on call. First-class paper is current at 6 to 7. The decision of the Secretary of the Treasury to receive no more money on call will have the effect of further glutting the market, and very low rates of interest must be expected until general business becomes much more active than it is or until the Secretary undertakes to fund the interest-bearing legal tender. A bill was introduced to the U.S. Congress authorizing a consolidated loan of the United States, in thirty-year 5 per cent bonds, not to be negotiated under par.

Secretary of the Treasury made the proposal Legal-Tender Act should be repealed at an early day as regards future contracts, has caused a good deal of commotion among those politicians who have taught themselves that irredeemable paper is the true foundation of popular government. Nothing, too, could illustrate more forcibly than this table the fallacy of supposing that the legal-tender quality of the greenbacks gave them any stability in value, or did anything for them beyond making them an effective instrument in the hands of such debtors as were able to pay off their liabilities, previously contracted, between 1862 and 1865. Nor did the Government gain more by it than private persons, as any one may satisfy himself by an examination of the prices it had to pay for the commodities it purchased during the war, and the rates in gold at which it sold its bonds.

The following statement of German reparation payments in 1922, taken from the Temps, the semi-official Paris daily, for March 16, 1923, is striking in view of the statements current about German refusal to pay. The moratorium granted Germany by the Reparation Commission for the year 1922 reduced German obligations to 720 million gold marks in money and 1,450 million gold marks in kind, 950 million to go to France and 500 to the other allies. The payments in money were made in full, in accordance with the decision of the Reparation Commission, to wit: (1) 450 million gold marks in approved foreign securities paid in ten day periods or month by month up to July 15; (2) for the five last installments of August 15 to December 15, 270 million in German treasury bonds, payable in six months, from February 15-June 15, 1923.

The article presents news related to socio-political issues in the U.S. as of August 28, 1897. The peacefulness of the great coal strikes which has now been going on for several weeks, has attracted universal attention, and no one will grudge the miners the credit, they have got for it. Their quiet attitude is all the more creditable to them because a certain portion of the press have done their utmost during the whole period to incite the men to violence. There ought to be men as well qualified to certify to the merits of railroad bonds as the men who now certify to the merits of land-titles. They should make it their business to analyze and verify the official reports of corporations, and to check these reports by collateral investigations and comparisons.

The article presents economic and political updates of the U.S., as of February 28, 1895. Certain brutal newspapers have joined forces with a brutish U.S. Congress to cast discredit on the U.S. Administration because the recent sale of bonds has yielded a profit to the syndicate instead of a loss, as the two previous bond sales had done. In another update, there was perhaps some color of equity in the theory of non-partisan commissions when it was first brought forward. The public were assured, and to some extent believed, that in this way the evils of excessive partisanship would be modified.

This article presents information on various socio-political developments. It is informed that the very large scope proposed for the initial plans of war finance have been received by the entire community in a commendable spirit. Both the amount which it is suggested may be raised through sale of bonds and the amount to be raised by new taxation are much greater than had been generally contemplated before war was declared; but one is yet to hear any murmuring against them, even in quarters which would be hardest hit.

The article focuses on various political developments around the world during 1894. First article focuses on a resolution contesting the right if the U.S. secretary of the treasury to use any money derived from the sale of bonds for current expenses. If the secretary were a great stickler for forms, and if lie believed that he had no right to use any part of the gold reserve for the payment of current expenses. Another article focuses on nomination of Wheeler H. Peckham for the Supreme bench. He was not elected as a conciliator or restorer of harmony or as an expert political manager.

The article presents brief discussions on various developments in the U.S. and other countries. The gradual shrinkage of the national-bank circulation, due to the calling in of the bond security upon which it rests, needs to be supplemented with something, and the only thing available are certificates based upon gold or silver or both. Both have been employed, but mostly silver, because gold certificates cannot be issued of smaller denomination than $20. The ordinary hand to hand circulation has been left to the silver certificates.

The article presents incidents related to the economics and politics in the world. The final refusal of the French Ministry, by a unanimous vote, to allow M. de Lesseps to start a lottery to raise money for the Panama Canal has caused another sharp drop in the shares, and led the old gentleman to issue a circular in which he gravely announces that he is going to appeal to the Chambers against the decision of the Cabinet, and asks the public to back him up by bringing pressure to bear on the Deputies. Another incident focuses on the opposition in the U.S. House to the bill authorizing the issue of national-bank circulation to the par value of the bonds deposited as security.

The article discusses some of the political updates related to the U.S. The Pacific Railroads funding bill, defeated in the U.S. House, was a complicated financial measure. The motives, which were apparently strongest in bringing about the rejection of this bill, had little to do with the merits of the question. The debt of the road to the Government is $112,000,000 and is secured only by a second mortgage on the main line. Ahead of this comes a first mortgage on the main line and branches. The U.S. Congress can seriously contemplate neither bond issues on account of the road nor its operation by the Government. The only inference is that it has shirked and means to go on shirking, its duty to settle the question one way or another.

This article presents brief descriptions of various recent socio-political developments and issues in the U.S. It first focuses on the Dingley bill that has been abandoned in the Senate. The only persons in the United States who have given any sign of mourning for it are they of the Boston Home Market Club. The U.S. statesman, John Sherman, said that if revenues of the Government had been sufficient to meet its expenditures, there would have been no need of the sale of bonds to replenish the gold reserve-meaning, of course, the expenditures other than the redemption of legal-tender notes. The article further reports that four commercial bodies took action against the Cameron resolution for recognizing the independence of Cuba.

The way the fight for control waging between the Nonpartisan League and its opponents in North Dakota has been widely and triumphantly heralded by the press of the U.S. The North Dakota State Government has never been able to sell the bond issue of $17,000,000 authorized by the 1919 legislature to finance the industrial program, adopted by the State as a result of the organization and political success of the Nonpartisan League. The constitutionality of the bonds was attacked early in 1919 by suits in the State and Federal courts, but upheld by the U.S. Supreme Court.

This article focuses on political developments around the world as of September 6, 1877. Among the Democrats there is by no means that harmony which ought to prevail, or which, last fail, when the Presidency was at stake, could be made at least to seem to prevail by careful leaders. The advance to 3 percents in the Bank of England discount rate was sufficient to arrest temporarily the declining tendency of the rates for sterling bills and the price of gold in New York. Exchange advanced above the point at which gold can be profitably imported from London, for the reason that bills were wanted to pay for U.S. bonds which could be bought in London and sold here at a profit.

The article focuses on the political and social conditions of the U.S. One of the most important conferences of the post-war period is now going on in Paris, France. It was called among the Allied Powers and the U.S. to supplement the London Conference on the Dawes Plan, for the purpose of distributing the industrial and railroad bonds to be issued by Germany in execution of that plan. For the U.S. the conference is of the utmost importance. The U.S.S. Trenton has been sent north by the Navy Department to look for the long overdue Leiv Eiriksson and her crew of modern vikings who, it is feared, have been either lost in the Arctic ice or driven to take refuge at some obscure point whence no word can be dispatched for perhaps many months.

The article reports on some political developments in the U.S. The currency scheme, which proposes that the Government shall make a new issue of bonds bearing a very low rate of interest, and sell these to the public at par, has been mooted several times. Mr. W.D. Foulke, Chairman of the Civil-Service Reform League's Executive Committee, has addressed a letter to Robert P. Porter, Superintendent of the Census, over the national census issue, which puts that functionary in a very unpleasant light. The banquet to ex-Senator of Ohio on the occasion of his seventy-seventh birthday, was a merited tribute to a man who is highly honored throughout the country. The attempt to call in question the validity of the McKinley Tariff bill because of the omission of a paragraph in the engrossed copy of the bill has attracted some attention abroad.

The article discusses several issues related to finance in the United States. The Secretary of the Treasury, William Windom broke the monotony of the recent calls of bond purchases by accepting a round amount of 4 percents, for which he paid 129. For a long time past, the Department seems to have tabooed the 4 percents, confining its purchases to the 4 and half, and paying 108 for that issue. At the beginning of April, there are but $155,000,000 of the 4 and half outstanding, against $681,000,000 of the fours, so that the area of purchase is very largely increased by the addition of the latter class. With regard to the bond purchases, it must be remembered that the 4 percents fall within the control of the Treasury in the autumn of 1891, and Windom will doubtless be inclined to repeat with this issue the success, which he had in his former incumbency of his present office.

This article presents information on socio-political issues. Since the city of Milwaukee, Wisconsin voted on the question of a special bond issue for a municipal lighting plant, discussion has suddenly shifted from merits of the scheme as a business proposition to purely political questions of the meaning of the referendum and duties of aldermen whose constituents have signified their wishes on a public measure. Now York's State Superintendent of Education has decided views on the subject of football, and he communicated them to the Massachusetts Teachers' Association in vigorous language.

The article focuses on various political developments around the world during 1902. First article focuses on the U.S.'s renunciation of exercising jurisdiction over Cuba. Another article focuses on punishment given to the officers and men captured in Philippines. A captain and lieutenant were found guilty and given the terrible punishment of receiving a reprimand. Another article focuses on the ratification by the Steel Corporation's shareholders, of the proposal to convert $200,000,000 preferred shares into bonds.

Before the recent sale of Panama Canal bonds, the New York Clearing House banks had a gratifyingly large surplus reserve, on the strength of which there were many encouraging predictions with reference to the U.S. autumn financial situation. Today, their reserve instead of being noticeably large for this season of the year is about on a level with the average of the years preceding 1907, when, in the opinion of many, there was too much inclination to sail close to the wind. The very marked decline in the reserve in consequence of the Panama Canal bond sale has focused a good many minds on a fact which, in the past, has been quite generally ignored, namely, that public expenditure has had a great deal to do with creating the situation of the last few years, and is having a great deal to do with retarding the recovery from that situation.

The Stock Exchange has witnessed further liquidation, as violent in its way as that of March and August. Prices of important stocks have declined below the previous low level of the year, with the loss of all at the gain since the successful New York City bond issue of September 10. The stock market had received with apathy if not indifference, the sufficiently unpleasant developments; the common idea was that the incidents were of a restricted and local character and did not affect the run of values as a whole.

The article presents several news briefs from all over the world. The stringency of the money market caused a circular to be issued by the U.S. Treasury Department at Washington on September 22, offering to buy, until October 8, to be applied to the sinking fund, $14,000,000 worth of bonds. Offers of considerable amounts were made forthwith, greatly to the relief of financial circles. The mayors of all French municipalities have been ordered to prosecute persons posting the recent manifesto of the Count of Paris. They have been ordered also to prepare lists of all Germans living in their jurisdiction.

Presents letters to the editor. Proposal of applying the surplus revenue to the unmatured bonds; Information on candidates of the election held in Chicago, Illinois during 1887.

Anti-Trust laws do not prevent or reform trusts. The wicked trust-makers were wiping out competition between the two leading railway systems of the Northwest and the U.S. government enjoined them under the Sherman law. But the real unification of the two railway systems was accomplished by joint ownership secured through a bond issue underlying both properties. Trusts have not been abolished or curbed. The size of holding corporations has not been reduced. No regulative control has been applied and the cost of the product to consumer has not been lessened.

Resumption by the Stock Exchange of the open trading in stocks which had been suspended since the Exchange shut down on July 31, 1914, has had some remarkable results. Far more than resumption of dealings in investment bonds reopened stock market was bound to throw light on certain highly important questions. One was the long-discussed question whether reestablishment of a broad and active market would start an avalanche it was selling, back to New York, of the European holdings of American stocks. This apprehension had waned of late, because of the fact that prices had held firm at a level above the closing figures of July 30, 1914.

A heavy press attack on the U.S. Securities and Exchange Commission (SEC) has developed as a result of its decision in Consumers' Power case. Several of the biggest columnar guns have been brought to bear on it and both the timing of their salvos and the nature of the high explosive employed suggest a common fire control and ammunition dump well camouflaged in the tear. The purpose of this bombardment appears to be to intimidate the SEC into reversing itself on Consumers' Power issue. In the course of its duties under the Public Utilities Act SEC had to pass on a proposal by Consumers' Power Co. of Michigan, a subsidiary of Wilikie's Commonwealth and Southern, to issue bonds totaling $28,594,000. Of this amount $10,000,000 was intended to finance new construction, while the remainder was required for the refunding of existing bonds carrying a higher rate of interest.

The French financial problem will not be solved until the nature of that problem is better understood in France. All French parties are agreed on two points, that there must be no inflation by a further issue of banknotes and that prices are too high and must be brought down. On these points the Socialists join hands with the Temps and the Echo de Paris. The Socialists have refused to agree to a small issue of banknotes to repay the three-year bonds falling due on December 8 with the result that they are to be subjected to what is in fact a moratorium. Their holders have the choice of accepting in return Bons de Ia Defense Nationale at three, six, or twelve months, a security that can be used for paying taxes next year, or new three-year bonds repayable on December 8, 1928.

The article presents information on issues related to the U.S. government. The affairs of the Union Pacific Corp. are at present both complicated and interesting. The transfer to the floating-debt syndicate of all the bonds and stocks owned by the Union Pacific Corp. changes the circumstances of that corporation materially, and raises questions, which have not received adequate discussion. The Union Pacific system consists of two main lines of road through Nebraska and Kansas, together with a number of connections or branches built in its interest as feeders of the main lines.

This article presents the author's views on various socio-political developments from around the world. One of them is the international campaign to force reform of the World Bank which by getting public agencies to boycott the international lending agency's bonds won a major boost when the San Francisco Board of Supervisors voted unanimously to stop buying the bonds. The movement has also won endorsements from unions of the Communications Workers of America and the United Electrical, Radio and Machine Workers of America, religious groups and human rights groups. Another is a report on the singer Cher's views on the taxation reform undertaken by U.S. President George W. Bush.

The article presents information on a circular that has been issued by the Secretary of the Treasury for converting $100,000,000 of the 4 per cent, bonds that mature in 1907, and of the 3s of 1908, into new bonds running for thirty years at 2 per cent, interest. In a newspaper interview the Secretary explains that one great reason for taking this step is that it will provide a new lot of bonds as a basis for banknote circulation. The whole amount of bonds outstanding is not increased by tills step, but the $100,000,000 thus extended will become, in one sense, permanent--that is, they will not be redeemable until 1933.