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In the novel "The Clock That Went Backward", in chapter II, there is this sentence:

Aunt Gertrude's will left me her bank and gas stocks, real estate, railroad bonds, and city sevens, and gave Harry the clock.

Please can anyone explain what "city sevens" means?

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up vote 27 down vote accepted

After searching Google I found this blog. It explains that City Sevens are a type of bond issued by cities that pay 7% interest.

This can be seen in this extract I found through Google Books:

Among the new securities are the city ten-per-cents, the city sevens and the city fives, the first, for $1,000,000, issued to pay pressing obligations, the second for $5,000,000, to redeem outstanding city treasury notes and the floating debt, and the third issued in payment for the water-works, agreeably to the charter of the company.

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many many thanks! – stexcec Aug 6 '12 at 12:35

Municipal bonds with a nominal interest rate of 7%

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many many thanks! – stexcec Aug 6 '12 at 15:20

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