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The article focuses on the formation of the Gold Bondholders Protective Council by stockbroker Robert Ellison as of March 1980 in an effort to uphold the interests of holders of matured bonds payable in gold that were issued by companies prior to U.S. Congress's repudiation of the gold clause in 1933. Comments from Stephen DeLisio, an attorney for Merdes, Schaible, Staley & DeLisio, and Herbert Waterman, vice president of Southern Pacific Railroad (SP), are included.

The article reports that time money and commercial paper have not shown any tendency to advance and there has been no pressure on bond prices as expected due to the present level of commodity prices which are below 1920 levels and the increasing supply of gold.

The article focuses on the apparent regret of most stockholders who invested in tender offers made above the market. It is said that stockholders who only looked at the numbers and not the quality of the stock company failed to obtain profits from their investments. It notes that the debentures of holders of NVF and General Host papers are rejected by the New York Stock Exchange due to quality and liquidity concerns. It stresses the importance of creating a stronger company out of takeovers.

The article focuses on Federal agency debt issues. What is rarely explained to the retail customer is that the sales compensation earned by the broker on federal agency securities is considerably greater than on Treasurys. The agency paper, although rated triple-A, is a smidgen riskier than U.S. Treasury paper. There are three drawbacks to the agency issues. One is that unlike Treasurys, they are often subject to state income tax. Depending on the circumstances, that can easily erase the entire yield advantage over Treasurys. Secondly, liquidity isn't as good among the thousands of smaller agency offerings as it is on Treasurys. Thirdly, while only a small fraction of Treasury bonds are callable before maturity, a great many agency bonds are callable.

The article offers a look at profitable opportunities in the stock market. The stocks of California Petroleum, General Petroleum and Independent Oil & Gas are presented to have carried higher before the decline, and are expected to do better than others in the next upturn of the oil group. Recapitalization of International Paper is cited to be seen as more favorable following the explanation that the new issuance of seven percent preferred stock is for the purpose of exchange for Riordon bonds.

The article recommends investors to adopt a policy of constructive investing to get the best results and still protect himself in both principal and income. Constructive investing is described to have nothing to do with speculation as it is investing for safety plus profit and thus avoids buying low grade and unseasoned bonds or stocks. The careful examination of all facts related to a specific security is cited as the first step and includes a study of the financial statements of the company.

The article focuses on guaranteed railroad stocks in the U.S. as of 1961. It is said that tenants have been exchanging bonds for the shares in public figures to save on taxes. The possibilities offered by the stocks for conservative investors are discussed. Pittsburgh, Fort Wayne & Chicago, or PFW&C, as the most important and valuable pieces of railroad property in the world is emphasized.

The article explores the legal battle over the control of the bankrupt but strategic Florida East Coast Railway. One contender is Champion McDowell Davis, president of Atlantic Coast Line Railroad (ACL), who aims to merge Florida East Coast with his ACL. Opposing the plan of Davis is Saint Joe Paper Co. President Edward ball who is part owner of Florida East Coast's First and Refunding Mortgage bonds.

This article discusses strategies for portfolio management. Detouring around the stock storm on Wall Street, people have sought refuge in the money market. Investors who cannot tolerate any volatility will look no further than a money fund. However, these investors are throwing away yield. Five-year corporate bonds rated AA are yielding 4%, while commercial paper of comparable quality is good for only 1.7%. The price of the Treasury note will decline as interest rates rise, but that decline will be mitigated by its shorter remaining maturity.

The article discusses a buyout of Warner Music Group, led by Edgar Bronfman Junior and his partners. Even before it went public, Warner Music gave $1 billion of dividends to its private equity owners. These were largely financed by three issues of CCC+-rated junk bonds, which investors gobbled up at a mere 9.5% and 6.8% annual interest. One reason investors have been willing to swallow meager coupons on junk: the fact that coupons on Treasury bonds are even more meager. Bronfman's co-investors--Bain Capital, Thomas H. Lee Partners and Providence Equity--have not been the only leveraged-buyout funds rooting like pigs at the junk-bond trough. Bond manager Michael Lewitt of Harch Capital notes that with General Motors and Ford bonds downgraded to junk, along with $400 billion worth of other former investment-grade paper, an old record has been surpassed.

Focuses on the late September 1998 appeal of high-yield bonds, or junk bonds. Widening yield gap between top-rated bonds and junk grade issues, as measured by the Bear Stearns High Yield Index; Yield on J.P. Morgan's dollar-denominated Emerging Markets Bond Index Plus and Brazilian dollar bonds; Recommendations from Bear, Stearns & Co.'s Paul Greenberg.

The article explores how pyramid bond structures can be used for speculative finance and acquisition of a company. The case of Triangle Industries is cited as an example of an using low-quality bond financing to assemble collections of assets. It highlights the pyramid built by Ronald Perelman, who manages a family metal-fabrication business and was able to grow the company and privatize it through funding from investment bank Drexel Burnham Lambert. INSET: How Perelman does it.

The article focuses on the agricultural credit system in the United States. Funding Corp. is the money-raising arm of the federal Farm Credit System, made up of 37 separate banks across the country--12 Federal Land Banks, 12 Federal Intermediate Credit Banks, 12 Banks for Cooperatives and the Central Bank for Cooperatives in Denver, which handles large co-operative loans. Put together they constitute the biggest thrift institution in the world, with 70 billion dollars of bonds, notes and commercial paper outstanding. The money is raised entirely in the public markets and does not pass through the U.S.

Presents information on negotiable instruments. Discussion on Republicans policy of avoiding punitive legislation against the use of financial derivatives in the U.S.; Importance on the proper use of financial derivatives; Role of derivatives in hedging risks; Reactions to some new financial instruments; Information on corporate borrowers; Discussion of Great Britain's victory over France in the 18th and 19th centuries; Observation that new forms of financial paper can increase capital efficiency; Pioneers in banking; Development of capital market that enabled Great Britain to issue bonds.

Offers a couple of far-from-Manhattan funds that handily beat their markets. Thomas Putnam of Fenimore Asset Management Value Fund from the rural upstate New York village of Cobleskill; Brian McMahon and H. Garrett Thornburg Jr. of Limited Term Municipal Fund-National Portfolio; Details of the funds.

The author asserts that the U.S. should float long-term bonds. Britain has announced it will soon be floating 50-year bonds. Germany is expected to follow. The U.S. Treasury Department should immediately do the same and lock in low interest rates. Washington stopped selling 30-year bonds nearly four years ago. The idea behind that decision was that the national debt would soon be extinguished so there was no need to sell regular Treasury bonds beyond a term of ten years. That move was a mistake then, and it's certainly a mistake now. Sadly, Washington has had a long history of mismanaging the national debt. Taxpayers have shelled out literally tens of billions of dollars for unnecessary interest payments on Treasury bonds. The most egregious reason for the waste of interest money: the Treasury's obstinate refusal to put traditional call options on its long-term paper.

The article focuses trends in the stock market in the U.S. for 1981. It mentions the 25% increase posed by the Standard and Poor's index, the negative return of bonds and the dominant market phenomenon in 1980, the expected slowdown in the country as well as the decline in interest rates in 1981, and projected substantial demand for funds resulting from the takedown of federal agency paper and corporate bonds by individuals. One advice encourages investors to own 15% bonds for the year.

The article reports on the 20 million U.S. dollars worth of debentures to be sold by West Virginia Pulp and Paper Company, which was able to see its earnings reach 12.6 million U.S. dollars in 1950 and 7.98 million U.S. dollars ion the first nine months of 1951.

The article presents terse comments on various topics that concern the U.S. including progress being done in readjustment preparations for the end of World War II, move by leading investors to play it safe by buying bonds and important role of U.S. industry in the decline of Axis Power.

A letter to the editor is presented in response to the article "Bargains in Britain" in the October 1, 1960 issue.