New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-22
MARKETS AND COMMERCE

| Only an incomplete list of sub
scriptions is available as yet, but
, il is sufficient TO show that the in
surance companies are in the lead.
The Canadian companies took Ss,OOO,OOO
of the first loan and their subscrip-
tons TO the second will be nearly 100
per cent higher. The Sun Life Assur-
ance Company of Canada has an
nounced its application for an allot-
ment of s5,0O0O 0O-the largest single
subscription reported to date. United
States insurance companies operating
in Canada have also made important
subscriptions.
Some Other Large Subscribers.
Among the larger subscriptions TO
the new loan already announced is
one of S2,5000O0 from the Canadian
Pacific Railway Company and one of
100000 from the Mackay compa-
MES. Manitoba is the only one of the
provinces which has so far announced
a subscription, taking 100000. The
city Of Ottawa has subscribed for
S750,000, while the cities of Montreal,
Westmount, Winnipeg and Brandon
are also participating, Winnipeg sell
ing its Anglo-French war loan bonds
in order 70 invest the money in the
present Dominion loan. Toronto sub
scribed to the first loan to the extent
Of 100000. and there is probable
ity that no new subscription will be
made by IL.
Individual subscribers include ]. K
L. Ross, of Montreal (s5OO,O0O), Sir
Herbert Holt (s25O,OOo), James Car
ruthers (s1OO,OOO) and ]. w. Nor
cross (s1OO,OOO). A considerable num-
Der Of subscriptions have been re-
ceived from the United States. the
most important being from A. B.
Leach & Co., Of New York, for $780,
900.
To Favor Small Investors.
The Canadian chartered banks have
undertaken TO subscribe S50000,000 to
the new loan, in proportion 70 their
paid-up capital. On this basis the
subscriptions Of these institutions
vary from $4,000 in the case Of the
Weyburn Security Bank to s7,091 800
in the case of the Bank of Montreal.
The Minister of Finance will follow
the course adopted last year Of Civ
ing priority Of allotment to subscrip-
tons from the general public, so that
the banks will be allotted whatever
amount Of the loan is not otherwise
taken. The minister has sent let
ter Of appreciation to the Canadian
Bankers Association.
In the trying period Of the last two
years, when the Dominion government
has been confronted with financial
problems which 10 Canada have been
of unprecedented magnitude, the
Canadian system of twenty-five big
banks has been a source of continual
strength and confidence. and an in
valuable instrument in the mobiliza-
tion of the financial and industrial re-
sources Of the Dominion.
1t is hoped and expected that small
private subscriptions will provide for a
large allotment of the present issue.
The last loan was participated in by a
large number of small investors, but
corporations and municipalities pro-
vided the major part of the money.
There is good reason to believe, how
ever, that when complete records are
available they will show a much larger
number of subscribers for small
amounts in all parts of the Dominion
and the realization of Sir Thomas
Whites aim to make this 'fhe peoples
loan" Thirteen tons of applications
and prospectuses have been distributed.
Interest Payable in New York.
During the first few days that the
subscription books were open some
slight disappointment was expressed
by bond houses that United States in
vestors were not participating more ex-
tensiyely in the loan. The explanation
offered was that investors south of the
boundary were keen on interest being
paid in New York, while the terms Of
the loan provide only for such pay
ments at ten Canadian cities. Arrange
ments have now been made whereby New
York subscribers to the present loan
may receive their interest payment
without any deduction through the New
York agencies OF some of the Canadian
banks. With this objection removed,
the issue is attracting a considerable
number Of applications from Canadians
resident in the United States and
others across the border. In the main,
however, the loan is an appeal to the
Canadian public.
DECIDES AGAINST THE
MISSOURI PACIFIC