(Read first " Coupon Bond.") " Registered bonds" are of two forms: First, registered as to principal and interest both; second, registered as to principal alone.

A "registered bond" has the name of the owner filled out on its face, but cannot be transferred from one person to another without indorsement upon the back by the party in whose name it is registered and sending to some designated office or municipality for transfer; the same as a share of stock. A new bond will be issued to the holder and made out in his or her name. There is no objection to a "transfer in blank" (to which subject refer) and passing the bond from hand to hand, by which plan any holder may fill in his or any name upon the back in the transfer blank and forward to be transferred at his leisure. But as the ownership of a bond is, as far as the corporation or municipality is concerned, the last registered holder thereof, it is to such holders that checks for interest are mailed, and in accepting a "registered bond" "transferred in blank" a transfer of the same should be made upon the books in time to permit the rightful owner to receive the next maturing interest.

In the first case above mentioned the bond bears no interest coupons, but the interest is mailed, as it matures, directly to the holder, in the form of a check, but the principal sum must be collected by proper indorsement upon the back and presentation to the proper authority.

In the second case: a bond registered as to principal only. There are coupons attached, the same as in the ordinary "coupon bond," which are collected in the usual manner of coupons, but the principal sum of the bond itself is registered, and to be collected must be indorsed and forwarded to the proper authority.

The reason for registration is primarily for safety, for should there occur a theft or loss a "registered bondn can be of no value to any one else. There is much inconvenience about a "registered bond" in case of its sale. Most bonds are in coupon form.