The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1912-08-01
BUSINESS REVIEW
BY FIRST NATIONAL
Good Roadway i'm Local Tax
Adjustments
SUGGESTIONS MADE
General Impression Is That Stanley
Recommendation VIII Not Be
Enacted Into Law at
This Session

ms Session
The First National banks financial
and commercial review for the month
follows:
August 1, 1912.
Business expansion has proceeded
steadily during the month OF July, COM
modify prices have continued to adj
vance, and manufacturing enterprises
are running full time and in some cases
on double turn. The Birmingham pig
iron market is now quoted firm at $12
per ton for No. foundry, steel prod
ucts of all kinds have again advanced,
and while some of the smaller indus
tries, such as machine shops and foun-
dries report fewer untitled orders than
some months ago, the Industrial situa-
for the future.
The staple crops of the country with
the exception of cotton, are approach
ing maturity, and some authorities look
for the largest total crop in our his
tory. The Bache Review estimates the
yield OF wheat at 10000, 900 bushels
against 100000 bushels last year
corn at 2,900,O00,0 900 bushels against
1851 900, 900 last year, and oats at 1900
100000 bushels against $4,000 OoC
bushels last year. Should these estimates
be realized there may be expected ten
dency toward lower cost of living
heavy demands on the railroads foi
transportation, an Increased volume oil
money in circulation, and great activity
in business.
Cotton Crop
THE cotton crop approaches its ecriti
cal period in good condition so far a.
the plant Is concerned. but about tire,
weeks late in fruiting as compared
with last year. Continued rains have
given the plant a rank growth ana
drouth or excessive heat during the
month of August would do serious in
| jury to the crop. Grass wormsi ano
caterpillars have been reported in many
sections of Alabama. and the state en-
tomologist has issued a warning that
great damage is liable to occur during
August unless the farmers fight the
worms by applications of arsenate oil
| lead and other poisons. 1t is impossible
| to make an accurate estimate at this
time of the cotton yield of Alabama
and we viii therefore defer for 80 days
our detailed annual report and esti-
mata
"Old corn Is practically made, but
there is large acreage in young corn
which Is being damaged In some local
| ttt k,r oh, Will 10
pend upon seasonable showers to bring
It to maturity. The remnant of last
years cotton crop is approaching the
vanishing point. and the new crop
months have passed the 10 cent level
Consumers learned last year that grow
ers are able to regulate the movement
to market, and this knowledge will be
reflected In the prices offered for the
new crop.
"The summary of reports to the
comptroller of the currency by the ma
tional banks on June IA. shows that
tho loans of all national banks have
increased $3d7, 900, 900 since June 7, 1911
There has been a stiffening of money
rates in most financial centers during
the past 80 days, and indications of a
strong money market this fall are daily
accommodating. The demand for money
III view Dl tut thlItDit dullutSS VI
stocks and the absence of any specula-
tive spirit, Is an evidence and result oil
the increasing volume of business. 1t IL
doubtless true, however. that In many
| lines, sales are made on a very small
margin of profit, and in some instances
without regard to profit. This Is said
| to be particularly true in this district
in the lumber and building trades, who
are now afforded an opportunity by the
n fxx.. t.a ftrcr
prices so as to secure living profit.
The Board of Revenue of Jefferson
| county is making good Roadway with
| the cases presented TO 1t by the county
| tax commissioner, and has shown dis.
/ position to be entirely fair and reason
able in its ADJUSTMENT of values. The
cases of some Of the corporations whose
assessments were raised by tho state
tax commission have been appealed I,
the courts, but 1t is possible that salts.
factory compromises may yet be eff
fected, as public sentiment does no
stand for the valuations originally
fixed.
1T is generally conceded that tn,
present taxing system Of the state il
defective, and that 1t will be eventual
ly completely readjusted. Some of tn,
older states levy no taxes for state pur
poses on real and personal property
leaving such property to be taexd ex
clusively by the counties and munich
palities, and derive revenue for stat
purposes from taxes on inheritances
Intangible, franchises and licenses.
such system could be worked out II
Alabama, 1t would greatly simplify TIN
tax situation, and would avoid jealous
between the counties as to basis of as
sessments.
American Steel and Wire
Notwithstanding the increased de
mand and higher prices for wire prod
ucts, the large plant OF the America
Steel and Wire company, near Birmin g
ham. which was stopped on the verge o
completion a year ago last spring,
still idle. The operation of this grea
plant would give a tremendous impetu
to this district. but II is impossible I
ascertain the intentions of those in con
troll. Trade conditions appear TO Justif
placing this plant In commission. so
does not seem unreasonable TO suppos
that the continued idleness of the plar
Is due to the attacks that have bee