The Birmingham age-herald., 1912-11-01
FIRST NATIONAL
 BANK STATEMENT Activity In all Lines of h. dustry Continues AN EXTRA SESSION On Account of Finances Difficult to See How Governor Can Escape
 Calling One, State
 ment Reads


 date of November l, 1912, is as follows
 Activity in all lines of industry con tinues unabated and is particularly marked in the iron and steel trade, al- though in some quarters pig iron pro- duction is reported as being somewhat retarded by scarcity of coke
 ''kocally there have been unconfirmed rumors of sales of iron at S15, but our best information is that the maximum figure so far is s1450 for No. 2 foundry for delivery in 1913. feature of the month has been the heavy buying by railroads, and the Ens1ey rail mill is reported to have received one order for -ver f#ncna tons
 Unprecedented Demand
 'gThere are still complaints of car shortage, but this condition has come to be regarded somewhat as a matter Of course. The unprecedented demand for iron and steel products pears out Judge Garys statement made at Pittsburg a few days ago. that we are in the midst of an era of prosperity never before surpassed so far as it affects our par ticular lines
 "A leading financial journal points out that these extremely favorable conditions exist in spite of the governments suit to dissolve the United States Steel corpora ton, and without the cooperative effort to maintain prices, which after several years trial, was discontinued in the spring of 1911. Although the first effect of independent action was a drop in prices to an extreme low level, a buying movement was begun which gradually expanded until the early summer of 1912, since which time consumption, has in- creased enormously and prices have ad- vanced by leaps and bounds.
 The Great Harvests
 Previous estimates of record yields of wheat, corn, hay and minor food crops are fully borne out, and the probabilities are that the actual production will be more than was anticipated. Estimates of the total cotton yield this year center around 14,000,000 bales and the final fig ures will probably not vary 500,000 bales one way or the other from this base, depending somewhat on the date of kill ing frost
 ''The ginning report of the census bu- reau up to october IS showed 6S3S,Sn run ming bales this season, against 7,75S, 621 bales for corresponding period last year, 5,42562S in 1910, and 6,296,l66 in 1909. There had been brought into sight from planta- tions up to october 26 3,S0oOO0 bales, ex- actlv the same as 1909 against 3500,0J bales in 1910 and 100000 in 1911. Prices have averaged from $S to $10 per bale higher than last year. and it is slgnifi- cant that there is but little disposition On the part of producers to hold cotton, being in marked contrast with their attl- tude a year ago.
 Movement of Currency
 ''The rapid marketing of cotton in thic section since the present season began is reflected in the movement of currency We are unable to give figures for all tho Birmingham banks, but our own books show that from the beginning of the season, September 1, up to and including october 31, our shipments of currency to country banks amounted to S1.25l 050, and that our incoming shipments from banks in reserve cities have aggregated SHOOT GOO: our corresponding figures for last year for same period, being ssOS075 and $766.- 000 respectively.
 Birmingham clearing house returns show steady gains this year over last and reports from all cities in the Unit ed States to the Financial Chronicle for the week ended October 26 showed total clearings of SHAREHOLDERS against s2 9c4,076,026 for the corresponding week last year. being an increase of 30.S per cent.
 Exports and Imports
 Total exports for the first nine months of the year from all ports were ,616,1O3,S59 against $1,453,4S1,- ss4 for same period last year, being an increase of more than II per cent I'm ports for the first AZ weeks of the year through the port of New York were SS15,I24,S97 against s700,443,959 last year, and S742,141.S21 In 1910; the high record for previous years being s705,- 4S1,2sS in 1907.
 The war now raging between the Balkan states and Turkey has caused higher rates in foreign money mar kets, which have been reflected by low CT prices on the New York stock ex- change Some authorities estimate that 100000 shares of stocks have been sold by Europe to America since hostilities began Financial centers in the United than have prevailed for some years past and indications point to a firm [ -ruoney market during the remainder of the year.
 "The national election now imminent causes not even a ripple in the busi- ness world and notwithstanding the systematic efforts that are being made iu certain quarters to exploit the dan gers of tariff revision the consensus of opinion is that we have ahead of us several years of prosperity regardless Of political conditions.
 Alabama's Financial Condition
 Much has been said in late years yegarding the financial condition of the