Word: coupon
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Dates: during 1930-1939
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This, from the Noble Earl, was well meant. As the glare of prying publicity increases, directors of munitions trusts are becoming cagier and Sir Herbert soon revealed that he is making progress. At the stockholders' meeting last year a sniping coupon-cutter produced German magazines carrying Vickers advertisements, loudly drew the only possible inference. Last week there seemed to be no more such advertisements and when the Chairman was questioned about German sales he replied as though shocked...
...need is 20,000,000 ballots." Lots of Share-the-Wealth clubs, however, have never heard Mr. Smith. Anybody who writes to Senator Long receives free literature urging him to form a Share-the-Wealth Society and "Be sure to send in the coupon off the circular with the names of your officers." There are no dues, no charges of any kind against members unless they want to send Mr. Christenberry $2 for 1,000 buttons. So anybody can become the president of such a club...
Instead of retiring some Government bonds with relatively high interest rates, however, the Treasury will call its lowest coupon bonds of all-the pre-War 2% Consols and the 2% Panama Canal issues. The saving in debt service will be only a trifling $13,500,000 annually. But that was not Mr. Morgenthau's prime purpose. In one of the slickest Treasury moves in history, he was hatching not one bird but four...
...until last week, however, did any corporation take advantage of the new form. Then Swift & Co. registered $43,000,000 of bonds to refund outstanding securities at lower interest rates. The new Swift bonds will carry a 3¼% coupon, probably the lowest rate for an industrial bond issue since before the War when General Electric sold an issue of 3½s. When Swift officials reported that the 50-page registration was no more troublesome than an oldtime prospectus, Chairman Kennedy, happy as only a Boston Irishman can be, exulted: "This issue is very good evidence that at least...
...bonds are not transferable. They may be turned in to the Treasury for redemption after six months but not sold because Mr. Morgenthau does not want them to seep into bank portfolios. But just why a thrifty citizen should be expected to gobble up an unmarketable, low-yield, non-coupon bond while savings banks are solvent remained a profound Morgenthau mystery...