The Birmingham age-herald., 1917-06-30

citizens and by corporations whose domi- ciles are elsewhere than in New York. However. the chief feature of the sub Scription as a whole is the fact that it demonstrates that the entire country is one united family respecting support of the government in carrying on the wal with Germany. Another feature asso- ciated with the oversubscription of more than $1,0O0 000,o00 is discovered in the growing belief that when Secretary Mo Adoo makes the next offering for loan the rate will be fixed at 31z per cent There are some technical reasons, well understood by bankers and especially by those who manage savings banks, why a
 rate of 31a per cent for the new loan will be more advantageous than If the rate were fixed at per cent.
 THE NEW FISCAL YEAR
 The new fiscal year which begins on Sunday will make, 1t is believed, an even
 more stupendous record than that which the statisticians at Washington will be able to report has been the record of the
 fiscal year just ended. Some interesting and highly suggestive statistics may now be reported as for instance, the bank clearings in New York city for the third week of June were $3,066 000,000, and thai l is almost 40 per cent increase in bank clearings over the third week of June 1 1916 Reports from the United States l in the fiscal year now ending will prob ably be reported by the Washington au- 1 thorities to have been of the money value of somewhere between $6,000,O 100000 ano | s7. GOO, GOO, ,O0o The old fiscal year closed while a record was being completed thai l is without any precedent in this or any l other country. For in the last weeks o1 | the fiscal year now ending, the Amer , ican people subscribed an aggregate o1 1 over 5000 000, ,000 to the government Of 1 fering of a loan of S2,000O00, coo. lmme-
 diately after the subscription books were l closed. nationwide campaign for g 1 free will Red Cross offering of $1OO, 0OO, ,0O' was made. This enormous amount ol
 money it was hoped, would be secured within a week as it substantially was | th ereby tustifying the prediction O. Henry P Davison that it could be done There will be large disbursements O dividends payable on or after July l and the city of New York alone vii take up nearly s6o,0oO0O0 of loan of l fered by New York city.
 1 In addition to this fact, the fedora
 reserve. banks in the fiscal year now end
 ing have enormously increased their hold
 iincs of gold as compared with those O
 last year. These banks now hold lit
 | tle over s1,50O, 1000 of gold, whereas
 year ago they had in their vaults onl. s54o. 900. .OOO Of course, these enormou
 and wonderfully successful financial un
 dertakings have made it imperative tha
 our own market be for the time being
 closed against approaches to 1t for Il
 nancial accommodations. That is the req
 son why at this time Canada is com
 pelled to look to its own market TO
 important financing. The closing Of tn
 | American market to Canadian offering
 ie nrobably only temporary. Although
 th,se who are in authority now recon
 | mend that there be an open and ire
 market for dealings in liberty loan bonds
 nevertheless the impression is strong tha
 brokers will hesitate about accepting or
 ders involving the sale of these bond
 short with intent to depress the marke
 for them.