The Birmingham age-herald., 1913-10-01
BUSINESS PICKS Up
FOR FALL MONTHS
Birmingham Trusts Review
Calls Attention to Graft
flying Conditions

The Birmingham Trust and Savings
company's general letter on trade con-
ditions, with a business forecast Tor
the month of October is in part as fol-
lows:
"A year ago now we We're on the
eve of presidential election. The busi-
ness of each month of the year up to
that time had been an Improvement
over the previous one, activities IN
creasing right through the summer
months and up to and beyond the elec7
tion of a President, including a change
of the political party in power. This
condition was a surprise to everyone
as we had become accustomed to be-
lieve that business must of necessity
be quiet during the summer and a fail
ing off must be experienced during
presidential campaign. We learned that
neither of these things were necessary,
After such long season of constantly
increasing business, 1t was necessary
that We have an easing up and the most
natural time for such easing up to come
was during the summer months This
year We have witnessed the usual sum-
mer quiet and many people mistook
the condition, believing it to presage
financial and business trouble. 1t was
argued that the dullness was due to
the tariff bill and the currency bill,
both of which would bring about such
changes in business as to entirely up
set conditions
Both the tariff ch9nges and the cur
rency bill are affecting business and
yet business is experiencing its regular
fall picking up. almost all lines report
ing the usual increases for September
For the month of August, business
failures numbered has, the same num-
ber as in June and less than in any
month since August of last year when
the total number was 1902. Total liza
bilities We're nearly $21,000,0 900, exceed
ing those of any previous month since
March. This large liability figure was
due to several heavy failures, most of
them in machinery lines. 1t has seemed
that business failures were unusually
numerous this year but it should be
noted that the number of business
failures for 1913 to date is 173 less than
for the same period of last year. For
the balance of the year failures may
show greater total liabilities than last
year as most of the failures during the
latter part of 1912 were concerns Of
small caliber'
Exports of gold exceeded imports
during July by three quarters of mill
lion dollars. Gold exports have ex
for ba 70 do TO Inv.
$37 900 900, but the trend is now in the
opposite direction. money being easier
in European financial centers.
principal European banking houses
have aVout s15o,OOO,o0o more gold than
last year about this time Gold pro-
duction in the Transvaal came back to
normal figures during August and the
output for that month was far greater
than the output for August In any pre-
vious year except 1912. For the first
eight months of this year the Rand
mines produced more than $125, 100000
worth of gold. The production for the
first IL months of this year promises
to exceed that of any previous entire
year since 1912.
dividends paid by large corporations
for September amounted to $5S,000009,
$35.000.000 of which comes from indus
trial corporations. September dividends
last year were nearly $5s,oo0,00O. In
terest payments for September have
amounted to nearly $54,000,000 com
pared with $4S,0o0,000 for the same
month last year. Total dividend and
interest disbursements showed an in
crease of nearly s500o,000s for the
month.
"The average price of all commodities
has advanced both in this country and
in Europe. Metals prices are somewhat
higher and grain prices have recorded
a considerable advance already on ac
count of several short crops