The Birmingham age-herald., 1917-08-22

New York, August 1-(Specia1.) )-Early
 in October the manager of the New York Clearing House association, MT. Gilpin, will probably be able to report that the aggregate clearings for the year ending October will be far up in the billions. When it is remembered that on several occasions since January 1 the days ciear- ings were in excess of billion dollars and early in February amounted to $1,219,- 0O0, round numbers, for single day, and that upon many days the clearings have aggregated approximately $500, GOO, then it will be understood why MT. Gilpin vii. be able to report clearings for the year which in the aggregte will probably be
 in excess of the estimated wealth of the United States
 Of course, these large figures represent in no small measure unusual financing.
 They may represent in part the floating of the o-bllion-dolar loan. And yet | much the greater half of them will tell story of business and commerce in
 which the United States participated in the 12 months beginning October l. 1916,
 and ending October 1, 1917.
 i Occasionally there have come reports to | New York of tendency to slow down
 business activity in some parts of the 1 country, but no facts upon which reports of this kind can be based are given. One record seems to refute the statement for the bank clearngs throughout the United
 States have been steadily maintained and in many cases were increased during the past year.
 There is no reason for surmizing that the top speed under which business is now carried on will be diminished for the
 next year, or possibly two years. In fact. some of the business leaders are per
 suaded that the recuperation which will be entailed after the war is ended will inevitably cause maintenance of indus trial and business activity throughout the United States.
 The Secretary of the Treasury is pre- sumably to offer to the American people new loan of 5000, 100000, subscription l to which may begin sometime in October.
 That offer will be approximately equal to the entire stock of money gold in the United States. For official disclosures tell of our possession of gold money in the ag- gregate of $s,s6o 900, 900, round numbers, 
 I and this is in excess of the gold money l we had year ago by $600,00o,000. In this statement is to be discovered one | of the reasons why the Secretary of the 1 Treasury and the men of finance With | whom he has been in consultation be- | lieve that with properly organized effort | it will be easy for the government to 1 market within few weeks a loan Of | s3, GOO, ,o0o, ,OOO For behind this gold stands l credit possibilities fully equal to the needs of the government and of business, 1 notwithstanding the great scale upon | which business Is now carried on. | From another point of view the condi- | tion of the country can be regarded as 1 fully equal to any demand which may | be made upon the people for financial assistance. For instance, although much has been said about the so-called excess l sive war profits which have been gained i by the manufacturers of munitions. | equipment and other material of war, and although 1t is the purpose of Con- gres, apparently, to secure consider able part of the needed revenue by talk