The Birmingham age-herald., 1914-11-01
were paid out in interest and dividends. i,

were paid out in interest and dividends which is exactly the same amount as was disbursed in October last year. Dividends amounted to sS7 900, com pared with nearly s92,O0O.O00 last year, and interest totaled s7S.O0o,0OO com pared with less than s6s,000,000 last year. Our recent dividend record has been remarkable In view of conditions, but 1t cannot be maintained unless n very great increase in general business activity develops during the closing weeks of the year.
 l"Our September exports amounted to s156.O00.000. against $110,ooo,000 for August, and s21S, 0OO, 900 for September year ago. We imported S139. .000, 900 in merchandise in September, against s129.000.000 in August. and $171,o00,oo In September of last year. Our Sep tember foreign trade netted us fa- vorable trade balance of S17,000,000, compared with an unfavorable balance in August of 5000, 900 and favorable balance in September of last year Of S47. .000, ,000
 '"rhe gold movement for the month was against us netting loss to us in gold of s1s,0o0,000. while year ago, the gold movement was $4,oo0,O00 in our favor. Since the beginning of 1913, our exports of gold have exceeded our imports by $146, 100000.
 "Final figures on railroad earnings for August show a gross of s270, 0O.0O0 against $2S1, ,000, 900 for the same month last year, while net earnings amounted to nearly $SY. Y.0O0.000 compared with slightly over $Sl,- 0O0,000 year ago. August, lsl3 Will be remembered as a very unsatisfactory month in the matter of railroad earnings. so that the figures on net earnings for August of this year are not so encour- aging as they appear on their face. So far as reported, September gross earn
 ings are per cent below September of
 last year. As the operating expenses of the railroads are now out of proportion to ther restricted earnings, further rate increases would seem inevitable or the holders of railroad securities may have to do without dividends for some time. The proposed rate increase, If allowed. to- gether with a general quickening of traf- fic, which is likely to come, should en- eble the railroads to put themselves in good shape within year and create 3 real demand for railroad securities Sucn demand must come before financing o' any consequence can be undertaken Cotton consumption for September 'r this country was somewhat less than year ago, stocks held in manufacturers warehouses 5000 bales less than year ago and in independent warehouses there were 1,662,000 bales. compared with l'zso'. GOO at the be5xinning of last October. The number of active spindles in September was ao662 600 compared with ao,es4000 fol September. 19ls. indicating that little. Il anything, has as yet been accomplished in taking care of or manufacturing oul raw cotton into something which Europe can use. Loaning money on the cotton W, have raised this year is temporary ex pedient and manufacturing 1t ready fol home consumption and the export marke would seem to bs wise move if not ar l absolute necessity.
 s'The adjournment of Congress will hay, the usual effect of giving an impetus t'
 businoss, but the e8xect will. of course