The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-11-30
vALLE 90 rtXtwt ROY -.
Comparative study u SECURITIES of Va
ri~xs Csunsrtrs q useiny Made.

WASHINGTON, NOv % Secretary N@s-
Neagh and Assistant Secretary Audres
~ thu Treasury are following closely ;h-
prices OF the bondsut IN. leading "o:n' ri.--
OF Europe with the idea Il forming an
opinion as 10 the rate az which 'hs United
States Government might he abl- TO Dor g.
row IL no circulation privilege were a,
tach.d To th. bonds The 'arifT act 81
Aug 5. 1903 authorized the covernmen,
To issue bonds TO tho extent II SO. $50. 900.
az rate not exceeding } per cent to cover
the binding of tie Panama Canal Ihes.
disbursements average perhaps $3.50 OOo
every month, and already Si33 IAN Os,
has heen ~ perd-d n'It II the general
fund IL The Treasury tor th.' fGrpns...
which ~ r..ELvrsahl, from the PROCEEDS
81 bonds tot YET sold
uu that account and h-..luSa the
rate cI interest which these uoLI- are
." hear ~ l"ft 80 she dIScr-'.na II the
S.,r-tar. thc ,Ig-~, ION at th.' tHi'- ~
which these bonds should n.' spii ~ a
mutrer OF Wal interest to ia" officers.
although th-r. IL nn iiu,n'-lIat.. n,.,'e.,slt v
Tor ;hr lssu. Of these bonds ~ prospect
uf their issue IN the near future SECRETARY
AlacN ragh and Mr. Andrew are s'ron Sly
Ui the opinion that the~' bonds ought
Ia lie issued at "A rate at which they might
he absorbed bv investors Tor their earn
ing power without regard TO any especial
privilege.
They are also Of the opinion that no
step should b" taken which would Impa z
tn. va.g. ~ the $50 OOo Dp OF : p"r zen,
bonds row outstanding II has n-ep
widely canned that any ,CrsI,iaTabl.
Increase IN IA. amount ot sIch bonds
would bs likely To TeiiC" III. > per r.n'>
below par. even though ne CITc .!a'iOn
IIIVIlegs we're continued
Ia. t,ov.rEm"nt cannot fail 10 main
Tain II, morni Obligations to ia" holders
at these bonds they assert hv taxing auv
step which would impair IN. vt!G.
81 them. ~ III" same ilire u - gen
crafty agreed At IN. Treasury that th, IN
raiIOn III the currency IN the future By
means "f bond Issues should h" a""li.d
and that further extension Of the uonr
secured currency, IN Jew II psnding
changes IN uut ranking Avs. wD!id -
bspluTab bic
III" Secre'arv and Mir Andrew there
fore have been pursuing an Investigation
vt the selling prIr" aud earning rover e
the leadng ISSUES Of other countries and
have been interview ing and corresponding
with bankers throughout IN" country with
an idea ~ finding TIA" proper rate. "a which
United States bonds could be l-~I.Nd ana
absorbed Tor Investment without regard
To their circulation privilege.
The British COrsOl. which are n per
manent deb; Welding -, per cent . now
sell az 20. a price which yields an actual
return Of 8ls U-r cent The German
imperial : per cent bonds sell az 81 IA
Price which Yields 3si per cent The
French r.r cent r-rt.s soil at III 90
price which Yields Z no per cent
Whether or not The credit Of The Amsrl-
ran Government when divorced r. the
fictitious appearances du" ~ -he 'lrC'i-
lation privilege ~ suhst an Illiv higher
: har ha' OF the hree count rI.rs Inen' ionsd
and 10 what extent u L. higher Ia" he
1,ics. ions now under invesrlgat ION IN tn.
Treasury and N. -uhJ""t Il "onf.:"uc"-
Nth bankers and business mon