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The short story "Coupon Bonds" is presented.

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.

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.

Secretary of the Treasury made the proposal Legal-Tender Act should be repealed at an early day as regards future contracts, has caused a good deal of commotion among those politicians who have taught themselves that irredeemable paper is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 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 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.

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.

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.

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.

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 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 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.

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 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.

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 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 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.

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.

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 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.

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 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.

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.

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 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.

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.

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.

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.

Several excerpts are presented including the development of younger male, the money that the holder of an Exchequer Bond will receive, and the Grand Concert by the Independent Music Club at the Kingsway Hall.

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.

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 discusses the analysis of annual returns from corporations on their stockholders, that found more Americans holding stocks in American railroads, industrial corporations, mining companies and public utility enterprises compared to previous years. The study found marked broadening in stock distribution in 1917, with just under 70 as the average number of shares held by industrial stockholders while the average was 126 shares held by each individual in 1906.

A list including information of the most attractive American bonds with yields at six percent or higher for the month of March 1918 which includes Union Pacific convertible 4s, Long Island first consolidated 4s, and Wilson & Company first 6s.

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 article offers information on corporation bonds which attract investors despite the World War I in the U.S. as of July 13, 1918. Corporate bond offerings are said to give investors six to seven and a half per cent returns on their investments due to premium and buying power of money relative to wartime conditions. Corporate bonds mentioned include the Federal Land Bank Bonds, 60 million dollars six per cent serial convertible gold debentures from Armour & Co., and public utility bonds.

The article discusses the role of stocks and bonds in the emergence of democratic business in the U.S. in 1919. It stresses the need to launch an educational campaign to encourage the citizens to become a stockholder or bondholder in a business organization. It mentions the distribution of stocks of the railroad industry, the benefits of owning Liberty Bonds, and the need of investors who recognized the value of stocks.

The article suggests the gas, electric, light and power companies as potential opportunities for U.S. stock market investors. It reviews the stock and financial performance of public utility firms including Cincinnati Gas & Electric Co. and Union Electric Light & Power Co. The factors that are said to have contributed to the depression of public utility bonds are discussed including business sentiment and taxation. Forecast indicate the possibilities for profit offered by public utility stocks.

The article discusses the outlook for the U.S. stock market as of June 26, 1920. Secured bonds of the Chicago and Northwestern Railroad were readily taken by investors shortly after its common dividend was reduced. Positive factors affecting the market include the steel industry's consistent production and a trend of economy and frugality among consumers. Other favorable market factors being anticipated include higher freight rates and increased gold shipments from England.

The article discusses business sentiment in the U.S. which is faced with the usual American confidence despite expectations of more failures, as of 1920. It states that the country is in a transition period where price readjustments affected almost every commodity and tumbling prices bring anxiety to the people. However, it also states that its stocks and bonds have improved substantially, gold has contributed to huge total credit expansion, and crops have improved.

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.

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.

The author analyzes the investment opportunities presented by second grade railroad bonds. He asserts that second grade railroad bonds are still good investment buys in 1921, mainly because the U.S. Transportation Act of 1920, which sets a minimum on the percentage of return on property investment, is still in force. He advises investors to invest no more than 20 percent of their available investment capital in second grade bonds. He also provides a list of bonds he considers good buys.

Comments on North Dakota's issuance of bonds to help in the operation of a state bank. Sentiment of the investing public towards the bond issue and the creation of a state bank; Interest of the state in the financing of agriculture by loans from a state bank; Arguments that the establishment of a state bank is a step toward a differentiation of financial functions required by the common interest.

Charts are presented that indicate the performances of various types of bonds in the U.S. as of 1921 including government bonds, foreign bonds and railroad bonds.

This section offers news briefs related to the bond market in the U.S. as of January 1922 including the recovery of the bond market, offerings of public utility bonds, and a survey conducted by a bond house.

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.

The author comments on an article about the settlement of Allied debt to the U.S. According to the author, reducing the total of the German reparation bonds serves no useful purpose. The author suggests that at a fair market price, the U.S. and Great Britain jointly acquire the reparation bonds. The U.S. and Great Britain are said to be the greatest trading nations in the world.

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 presents outlook on the bond market in the U.S. as of September 30, 1922. High grade bonds had become dull while speculative bonds coming from railroad companies had lost investors' interest for small risk with high yields. However, municipal bonds coming from Kansas, Missouri and Texas are said to offer attractive possibilities for earnings.

The article presents data on the U.S. bond market as of October 1922 which include Government Bonds, Foreign and Municipal Bonds, and Railroad bonds. The author also discusses the performance of speculative bonds and explains why these bonds are still viable despite their sensitivity to outside influence, the conflicts in the Near-East, and the effects of the participation of the Federal Reserve System and local banking institutions.