New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-05

war loans range between and 6h per
cent, while municipals range up as
high as 61s per cent
1t is noteworthy, in connection with
municipal bonds, that the strictest
economy is being practised in public
works throughout the Dominion. Dur
Ing the last ten months sales Of Cana
dian municipal bonds amounted 10 only
SIC, 900, as against Sl7,725,0O0 dur
ing the corresponding period In 1915,
$28,587, 900 in 1915 and S32,924,0O0 in
1914. Two and three years ago the
United States was a ready market for
Canadian municipals, the total for the
first ten months of 1916 being S2l,-
235,000 and in 1915 S31 ,033 900, whereas
there were no sales during the last
three months and only 100000 dur
ing the first ten months Of the current
year.
Canadians Saving for Loans
The country has responded TO the
appeal of the Federal Finance Minister
TO save money for the war loans. Now
that a fourth domestic war loan is i'm
pending, which will amount to not less
than $3.50, 100000, the whole nation IS
keyed up to the highest pitch. The
government wants subscriptions aggre-
eating more than 100000, 900, and in
view of this an efficient and compre-
hensive organization has been formed,
through the medium of which it is pro-
posed to canvass every person IN the
Dominion. Every financial institution
in the country has been called TO the
aid of the Finance Minister, and until
the loan is successfully launched ordi-
nary business will be largely suspend
ed. This fact appears q sufficient rea-
son in itself to warrant precautionary
measures with regard to the stock
market.
Conditions Are Sound
Fundamentally, economic conditions
are sound in Canada. The estimated
value of held crops is above all pre-
vious records, being placed at 81 ,l00,-
100000. The savings of the country
have been accommodating, notice depos-
its in chartered banks having increased
S60,000,000 during the three summer
months. The movement of the crops Is
adding literally to these. In three
years they have gained 447,000,000.
Almost everywhere manufactures have
been operating TO capacity. exports OF
manufactures being S595,000,000 dur
ing the twelve months ending July 81,
1917. During the same period Cansda's
foreign trade ran we'll over s2,000,000-
600, and the balance in favor OF ex-
ports was approximately $500, 100000.
These figures are indications Of the
economic stability of the nation
Banks Assets Are Liquid
In spite of the heavy demands made
upon them the chartered banks Of Can
ada were never in stronger liquid po-
sition. On July 81, 1917, the percent
Gge Of cash reserves to total Liabilities
was 1879, against l6 per cent on July
81, 1914, while the percentage OF quickly
available assets 70 liabilities was sos,
against SO per cent, and the percentage
of total liquid assets to liabilities bog,
against AZ per cent The attitude OF
caution on the part of the banks with
regard 70 loans is shown by the fact
that the percentage of loans to total
liabilities was only 500, as against 10
per cent in 1914. This change was due
not to a material shrinkage IN the
amount of loans, but 20 a substantial
increase in assets and liabilities OF
banks. The banks have been called
upon 70 advance large amounts TO the
imperial government and 10 the pouln-
ion government, while at the same time
the legitimate business OF the country
has been literally provided for.