The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1913-11-01
BIRMINGHAM TRUST
MONTHLY REVIEW OF
TRADE CONDITIONS
Business Steady in Face
of Important Legislation.
Money Easing-Under-
tone Is Healthy

The Birmingham Trust and Savings
company, in its general letter on trade
conditions and business forecast for the
month of November. says in part:
At this date in 1911, business had just
reached a fairly satisfactory basis after
two-year period of ups and downs.
Business then was practically average
in all lines for II months, and In Novem-
Der, 1912. the only considerable worry
of the business man was the prospect of
tariff legislation under the new admins
tration. For the past year prospective
tariff revision downward has been the ar
gument used to offset all hopeful signs.
The revision has come, is in effect and.
after the first shock is over, business will
probably proceed in the usual manner.
The tariff changes will give some bust
ness a decided setback, and will be a
boon to other lines. On the whole. it
is generally believed that the results will
be beneficial If for no other reason than
that tariff discussion is ended for some
years to come.
Currency legislation is now the all
absorbing topic at Washington and for
that matter throughout the country
Numerous amendments have been mad
to the Glass bill, which has passed til,
House and is now in the hands of TIN
Senate Other amendments have beer
urged by associations of business mer
and bankers and some further change
will no doubt be made before the bill,
can pass the Senate 1t is the Presi
dents desire that the bill pass at thii
session. In case it is amended in thre'
or four important particulars, it will
probably receive the general supper
of both parties. Otherwise it will pass
if at all, strictly as an administration
measure. The plan will be amende
after 1t is in operation. If not before
and Il would seem vastly better Il
make the measure as perfect as possible
before enacting it into law, even /
that means holding it up until TIL
regular session in December.
The clearings of banks for Septem-
! Der exceeded any previous total for thu
month except in 1909. Clearings outsid,
of New York city set an entirely nev
record for the month. the increase ovei
the best previous September being more
than three hundred million dollars.
During September there occurred 12o3
business failures with total liabilities
of twenty-one million dollars compared
with 1924 failures in September, 1912
with liabilities amounting to over six
the total number and amount of bust
ness failures would prove misleading to
business men were 1t not explained
that. each year the facilities for the col
lecting of this information are inn
proved and failures are included in this
years report which might have been
wholly overlooked a year ago or five
years ago. 1t is probable that the ac.
tual number of failures this year has
been little. IL any, greater than for tn,
same period of 1912. although the fig
ures compiled show larger number of
business casualties.
The average price of all commodities
is the highest since May, fraction lower
than year ago, although higher than
for any previous October The present
high vel was reached for the first time
in 'prll 1912, and except for slight up
and down movements, has been MAIN
tanned since
Steel consumption continues heavy and
nearly all orders are for immediate sh p
ment. Bookings are being requisitioned
at a rapid rate and shipments are up
to normal. New bookings are small and
prices are saes.rg, although actual re-
auctions are ofeNo consequence as yet.
The pig iron mar'ret is dull and prices
are soft. Some demand for electrolvt'c
COPPER is appearing, the visible supply
is small, and prices show a slight adj
vancng tendency.
The AVERAGE price of a selected list OF
high grade bonds is nearly points below
year ago. while our selected stock list
shows an average quotation of % pc MS
below year AGO. Bond prices are a
fraction above this date in 1907 and stock
prices are 20 points above quotations at
that time.
TAXING bird SIEVE view OF the bust
ness situation. We are impressed with its
steadiness in the face of important mea s.
ures lust made into new law and the
currency bill still before the Senate. We
can recall times when business would
have been demcrali2ed THROUGH the DIS
cussion of such importa mt legislation. The
present business activity is real Mills
are busy. railroads are busy. exports are
heavy ro"ey is easing and in spite OF.
much pnblic AMI press discussion of a
pessm'st'c nature. the undertone of bust
ness continues strong and healthy.