The Birmingham age-herald., 1913-04-02
MOMENTOUSEVENT
MARKED MARCH
But Recuperative Powers
Are Demonstrated
BUSINESS SITUATION
Marking of Time May Be Expected
Pending Congress Action, Accord
ing to First National Banks
Monthly Review

anu ItNltN Ol udle ADTll ],
is as follows:
THE inherent strength of the fnan-
cial situation in this country has been
fully demonstrated by the momentous
events of national and world wide i'm
portance, which have so crowded the
past month as to make 1t the most
eventful In recent history. A new ma
tiona1 administration has come into
power at Washington, sustained by a
majority in both Houses of Congress-,
pledged to a change in the economic
and financial policy of the government;
committed to a readjustment of the tar
if on revenue basis, to a tax upon
incomes, to the dissolution of industrial
combinations and 10 the restoration of
competitive conditions In business
The month was marked abroad by
great military activities in the Balkan
peninsula which have resulted In the
on Constantinople The Nebraska
cyclone was followed quickly by the
great floods in Ohio and Indiana caus-
ing the loss of many lives, and in
hicting an enormous property damage
With these flood waters subsding at
their sources and surging down the
Ohio and the Mississippi rivers, further
loss is inevitable, and should the levees
break. there will be inundated much
of the same area in the Mississippi val
ley that was under water last year.
MIR. Morgan's Death
"on the last day of this eventful
month, j. p. Morgan, the worlds lead
ing financier and Americas greatest
constructive genius, died at Rome. Any
one of these events taken singly might
under other circumstances and condi-
tions, have brought on serious finan-
cial disturbance, but even when COM
ing In such rapid succession they have
caused no storm clouds to gather in
the financial world.
while the property loss by cyclone
and floods has been tremendous, it is
distributed over a large territory and
this country has become accustomed
in a measure to these catastriphis,
which have always demonstrated mar
velous powers of recuperation In the
affected areas.
Quick Recovery From Disaster
ne tHitdBo ana boston 1lTcS III lne
early '70's, the Charleston earthquake,
the Johnstown flood, the ST. Louis
cyclone, the Galveston hurricane and
tidal wave, the Baltimore fire and the
San Franciso earthquake and fire, are
examples of great disasters from which
a quick recovery was made, the cities
concerned in every case having been
rebuilt on broader and better lines than
before. The same result will doubt
q fol Aar 1.
other flood stricken cities of the re-
cent disaster. The frequent recurrence
of these overflows suggests the i'm
portance of some action being taken
by our national government to prevent
them, and it would seem that there is
no direction toward which the energies
of the new administration can be di-
reeted to better advantage
THE death of Mr.. Morgan came at
time when he had rounded out his
career and when he had practically
retired from the active management
of his great banking house, which he
leaves in the hands of his partners, who
are recognized as among the ablest
of American fnancitrs. His demise
therefore, will probably have no marked
influence upon the general situation.
General Business
while there will undoubtedly be an
active demand for structural steel for
use in replacement work on railroads
affected by the foods. some slowing
down in general business during the
next few months seems probable. There
is a world wide governmental demand
for money not only in China, and in
European countries who are increasing
their ornaments, but this demand is
also accentuated by our own national,
state and municipal governments. A
marking of time may be expected until
the new tariff schedules are known and
possibly until Legislation is had In
banking and currency matters.
Conditions in the farming sections IN
this state appear to be better than they
were year ago, although the rainfall
during the month of March has interfered
more or less with farm work. Under the
law Of averages we have had our share OF
bad weather for the present and indica-
tions point to fair weather period
ahead of us.
Birmingham Statistics
1.-THE birmingham Chamber of Com
merce recently issued a folder giving
statistics showing concisely progress
made in many lines since 1900. Building
operations, bank deposits and bank clear
ings. postoffice receipts. assessed valua-
tions of real estate, production of coal
and street railway operations all hSow a
rem arlxable increase. 1t is worthy Of
note. however, that in pig iron produce
tion and in annual pay rolls, proper
tionate gain is not shown. The Brming
ham district should be the geratest iron
producing center in America. but it is
not by any means, nor has it since 1902
kept pace with the production of iron in
other sections The proper development
of o,r iron and steel industry is absolute-
" essential to the future progress of this
city.
sdThe southern market for pig iron is
NOT broad enough to absorb our output
and when our surplus iron is shipped to
tbe north and middle west, freight rates
MS rule put It to a premium as COM
nared with northern iron. 1t is highly
desirable that our iron be converted into
finished products for distribution in our
own southern markets. few years ago
there was every reason to expect that
ereat progress would ave been made in
this direction by this time, but the OUT
come has been disappointing, and projects
involving the outlay of many miilons or
dollars with very large addition TO our
regular annual pay rolls are still either
in the. blue print stage or as IN one no
tabla instance nearly completed and ly-
ing idle, while active deVeiopn'eht work
is being pushed in other secuohs.
The Reasons
.u,bere are reasons for all this, not
nbvsical or financial, but resulting from
ortidcia1 conditions. The equanimity
with which these matters are regarded
nv the people of this section shows re-
markable patience and optimism and de-
voticn TO principle. or else it indicates an