Modern companies often give their stock 1 par values. Participating preferred stock . Preferred stock with special provisions that allow stockholders to receive extra dividends if the company shows excess profits, thereby participating in profits. Perpetual bonds . Bonds with no maturity dates.
Perpetual bonds make steady interest payments.
Also called annuity bonds . Special security paper with embedded disks of colored paper. Invented by American Bank Note Company in 1891, and widely used after 1940. Preferred stock . Stock with a preferred status in receiving dividends.