The Birmingham age-herald., 1913-08-31
MONEY MARKET
SLIGHTLY EASIER,
SAYS TRADE REVIEW
Due to Several Factors.
Cotton Crop of 14,000,-
900 Bales Is Now
Indicated

The Birmingham Trust and Savings
company has issued its monthly letter
and business forecast as of September
which is In part as follows:
1.-The slight easing up of the money mar
ket has been due to several factors
Strikes have reduced the output of min
erals and as most concerns have been
steadily adding to their cash reserves dur
ing the past few weeks, the country is
today In fairly good shape to handle the
early crops. The decision of the treasury
department to deposit 80 million dollars
next week in the banks in the principal
crop sections will make the grain move
ment easier, although as a partial offset
to this. the governments deposits in
banks have declined as much as 20 mil
lion dollars during the past two months,
so that the actual additional deposit will
amount to only 30 millions.
1.-The terrific damage done the corn
crop by drought and the decline in the
cotton condition in the southwest mean
that less money will be required for
handling the crops In these sections.
"Trade in general merchandising lines
is picking up while iron and steel are
less active. AS business is showing signs
of it's fall awakening and as the ship
ment of grains even now is totaling from
three to four million bushels daily. there
will be no surplus of money beyond what
is absolutely necessary for legitimate trade
demands and an easy money market is
not In prospect for several months at
least.
"The clearngs of banks for July were
1874 mbillion dollars compared with IA
billions for July of last year. Outside
New York city, clearings totaled 6l9l mil
lion dollars compared with 6o25 millions
for the same month last year. Here is
fair evidence that money scarcity has
not retarded the movement of business
unless 1t be in stock exchange circles.
There has been some quieting down In
iron and steel lines. Mills have been
busy but new orders have not been COM
ing in rapidly enough to offset shipments.
The untitled tonnage of the Steel corpora
tion at the close of last month was 1893
Thousand tons compared with 5SO7 thou
sand the previous month and 1851 thou
sand year ago. Steel prices have eased
somewhat.
"Plg iron production declined materially
during July. 16 furnaces going out of
blast. The rally average output was SO
thousand tons compared with 8S thousand
tons per day during June. Up to July
| first we were setting new record for
the year in pig iron production and as
| some furnaces have been blown in this
month it is stlll likely we shall exceed
last years output.
when compared with July of last year,
the anthracite coal production does not
| appear large, the output being 54SS thou
sand tons in July, 1918, and 6265 thousand
/ L.. 4. 49,.
| year followed the ending of the strike and
were. therefore, abnormal. The ship
ments of this July set a new record for
| the month under ordinary conditions.
| Coke shipments from the Connellsville
| region are running around IL thousand
cars per week and our last report shows
| 31429 ovens in blast out of total of 50
| thousand
Dividends for August were 40 million
dollars compared with AZ million last year
and interest payments were 62 millions
compared with So millions last yJlr. sep
tember dividend disbursements will be IS
million dollars compared with SO millions
last year and interest payments will be
"a million dollars compared with As mil
lions last year. The gain in interest pay
| ments covers new securities issued.
Operations in the building line in the
145 principal cities for the month of July
were practically the same as for July, 1912
', The first half of this year, however.
showed considerable gain and indica-
tions are for renewed activity in the early
fall should money be easier.
Latest reports indicate a crop OF IA
million bales OF cotton; 25O0 million BUSH
els Of corn; 1104 million of oats: 7A mill
lion of wheat; 16S million of barley 36
million of rye; 339 million of potatoes; 900
million pounds of tobacco 20 million
bushels of flaxseed; 64 million tons of hay
and q million bushels of rice. The esti-
| mated farm value of the above named
| crops is 4755 million dollars. which is above
| the average total value of these crops.
with peace In the Balkans and with
prospective legislation on currency and