The Birmingham age-herald., 1913-05-02
GENERAL LETTER ON
TRADE CONDITIONS
Birmingham Trust and Saw
ings Company Issues
Monthly Review

The Birmingham Trust and Savings
company has issued an interesting review
In circular form in the shape of "a gen.
era letter on trade conditions and
business forecast for the month of May"
1t says in part:
with business generally so active and
money so well employed that none is
available for the financing of new con-
Germs or for stock exchange operations,
there should be little room for complaint
In manufacturing and mercantile lines.
Prospective tariff reduction is holding
back some lines but the total volume of
business is far above the average for
this season. Some decline in imports
A"d in manufactures will be apparent un-
til the tariff bill has been disposed of.
II the matter is properly handled by
Congress, there need be no upsetting Of
business and the effect of such tariff re-
duction as may be made will soon be
dissipated in the increasing business
which will naturally result
Existing strikes and threatened strikes
are so numerous that we sum up the en-
tire situation by stating that the busi-
in large measure upon the terms of
the settlements of many of the more i'm
portant controversies. If the disagree
ments between the railroads and their
employees are settled by increasing wages.
the railroads must be allowed the privi-
lege of increasing freight rates in pro-
portion or they will hardly be able to
carry the burden. Business men who
are interested in this matter should
study the report of earnings of all rail-
roads for the month of March The busi-
ness is heavy enough, but the net earn
ings will not stand any further wage in
creases or other tax upon income
Operations in the building line for the
month of March were fraction below
last year as shown by reports from las
cities. The total for March was Ss6. .ooo.-
900 against sss,00000O for the same month
last year. For the first three months
of the year, these 145 cities show a total
of $l60,00O0oO as compared with O.O0o,-
900 last year and $144,OOO,0O0 in 1911. In the
20 leading cities, operations for March
Railroad gross earnings for February
totaled s293, 100000 as compared with S21S,-
100000 last year, while the net earnings
for the month were $59, 900, 900 compared
with s57,0O0,OO0 last year The gain in
gross was nearly per cent, while the
gain in net was slightly over per cent
This showing is not as good as the rail-
roads have been making for the past few
months The percentage of gain in net
should be at least equal to the percentage
of gain in gross earnings. Some bad
weather in February coupled with in
creased operating expenses which for
February exceeded last years expenses
by sl3,0o0,ooo, were the prime causes of
the small gain in net. In spite of the
somewhat unfavorable showing in net
there is hopeful note in the fact that
both gross and net earnings for February
were the largest ever reported for that
month.
Coke shipments are again approaching
normal, the latest weekly report show
ing production of $4,000 tons and ship
ments of 392, 900. The average of weekly
shipments for the first quarter of the
year was 4OS,o00 TONS More ovens are
now in blast than at this date in any
number being 81, $50.
For the month of March our mer-
chandise exports amounted to $1S7 900 900
as against $205, 600 for March, 1912. Our
imports aggregated $155, 100000 compared
with 100000 for March last year. Our
favorable balance of trade for March
was sS2.000,000 and for March, 1912, was
S4S,O00,O00. The falling off in imports is
accounted for by the waiting mood of
importers who are looking for tariff re-
ductions. Some of the decrease in ex-
ports is traceabe TO floods and storms
which caused many heavy manufacturing
plants to temporarily suspend opera
tions.
Bank cearngs, totaling Sale, 100000
for March compared with $ii,f57, ,600, ,0O0
for March last year. were still S426. 100000
above February. which was. of course.
a short month. Total bank exchanges in
dicate some decline in mercantile trans
actions, although most of the falling off
is attributable to lack of business in
stock exchange circles. The easier money
situation in England has assisted in bring
ing about a similar condition here and
an increase in the surplus reserves of
banks is expected.
Textile lines are quiet and prices are
softer. There is better movement in
fancy cotton fabrics. Woolens and wor-
steds are slow. Silks are in good demand
but dyers strikes prevent prompt deiv-
cry.
During the month of March, there
We're 1880 commercial failures compared
with 1454 for the previous month and
1892 for March of last year. The liabii-
ties for March totaled 600 compared
with $2S, 900, 900 for the previous month
and $22,000.000 for March. 1912. The fail
ure situation for the past few months
has caused some uneasness, but the inn
provement in this regard since the first
OF the year has been consistent. In Jan
uary, 1914 failures reported. in
February 1854 and in March 1890. While
the total liabilities of failures have not
decreased in proportion, yet it is the
number of failures rather than the total
liabilities which tends TO bring on un-
settled conditions"