The San Francisco call., 1898-12-30
MONEY AND BONDS.
THE GROWING FINANCIAL IMPORTANCE
 OF THE UNITED STATES.

THE GROWING FINANCIAL IMPORTANCE
 OF THE UNITED STATES.
 Henry CIews' New York circular says: The attempt of foreign nations to place loans here Is especially significant. Russia's success, how aver in her negotiation is somewhat problem aticaI as our people have had little experience on so large a scale as proposed in foreign gov ernment loans; but the fact that Russia has come to this market is proof nevertheless or the position We now occupy in the estimation or the world New York k pre-emineutly the Elm norjum City of the Western Hemisphere. and always will be to the United States what Lon don is to Great Britain and Paris to France London and New York are now the world two greatest financial centers and security markets. That II will not De long NetluIs s rha prediction. before the bonds and stocks of many foreign nations. including government issues will be actively dealt in at the New York Stock Exchange, thereby making IL recognized worlds market ,,. Pacific Railroad bonds, known as oo currency & os which become due January l. lesS, ana upon which their circulation and Government de- posits are based. should at once take other SC Curities for retnNestment, as tne amount Hld, turng (sI2 Sl2 56O) of which the banks hold largely will cause heavy demand for United States Government bonds, and. with prices now strongly advancing for the best class. the need for action is imperative. The present COL dftion of affairs has very encouraging features This country is the worlds creditor, and the here giving strong support to the bond mar
 
 perity is drawing vast sums from idle deposits into active and profitable channels or traue' which will give better employment for the banks funds. The expansion of the country will call for enormous capital in new commer- cial enterprises, quiCkening the exchanges and broadening the possibilities of the banks, and judging from the right settlement or every financial question thus far, the coming subject of currency reform and the future Of the bank ing system will receive wise and liberal leglsld- tion. The United States bonds now In the mar ket are: Continued 2s at 99g9si2 at option of Government: 4s Of 1907 aJ 1lll2. yield S2 00 in terest as eight and half years investment; Is of 1925 at l2Sis. yield S2 J0 interest as twenty six years investment; 5s of 1904 at IFS, yleld S2 5l as five years investment; B of lSOS-N at l06la yield g. 90 interest as ten years invest ment; 3s of 190S-1S at lO7S3. yield S2 oO interest as twenty years investment.
 "The continued 2s are the least desirable. as they yield less than average interest and are payable only at the Governments option inden- nitely at par which holds them In a narrow market below par. The occurrences of the year have made al times quick and large declines in bonds of high premium and the new United States 6 are most in demand at present. as costing the least and having certainly ten years possibly twenty years, duration.
 '"The recent advance in wheat and the l9-cent higher price of corn at the present time over the corresponding date of last year Is strong bull argument for the stock market High prices for cereals make capitalists in the West while low prices for them make Populsts h.