There seems to be a baud rate bug in the serial monitor for version 22 (other versions?) of the Arduino IDE, at least for my copy on Windows XP pro sp3. Selecting the 14400 baud rate actually sets the monitor to 9600 baud. All other baud rate selections from 1200 on up, work fine except for 14400 rate.
Also unrelated, the serial monitor has no 600 baud option and while it has a 300 baud option either the monitor or the hardware serial library doesn't seem to handle 300 baud, just garbles. I suspect that 300 baud garble is a serial library problem, because another PC terminal program I have (brey terminal) also shows only garbled data when the sketch is set to use 300 baud.