The Birmingham age-herald., 1914-08-01
BIRMINGHAM TRUST
 MONTHLY REVIEW OF TRADE CONDITIONS
Decidedly Healthier Under t0ne-Plenty of Money in the Country-CrOps
 Promise We'll

The Birmingham Trust and Savings company's general letter on trade con ditions and business forecast for the month of August is in part as fol lows:
 While 1t cannot be sai6 that the real improvement in trade conditions is more '-than noticeable, there is de- cidedly healthier undertone and some thing has been created during the past 90 days in the way of a foundation for future commercial and financial op- erations The past 90 days has been d rather strenuous period as every man in business has been tested all most to the limit of his ability in de- vising ways and means of improving his own particular business.
 There is plenty of money in the eoun- try and there are indications that money will be loaned more freely on mortgages and securities of that class, which will mean that the money will finally find it's way into commercial channels.
 The margin between the cost anC selling price has narrowed but with improving demand for all classes Of commodities from steel to sugar, the volume of trade may prove to be enough larger to partially offset, at least, the narrower margins of profit. Bank clearings for the principal cities showed an increassein June over the corresponding month of last year of nearly ? per cent. Even in the city of New York clearings increased more than 1 per cent. Bank clearings out side of New York city, for the first half of the year, are only a small frac- tion of per cent below last year Out of 160 cities, s4 showed gains over last year
 Imports have continued to increase and the total for May was $164, 000, 900 compared with S134, .00Q. in May, last year. Exports total $16g000,000 for May compared with $195, 100000 last year. Teh balance of trade was $2,00o, 900 against us for the month, while last year we had a favorable trade bal ance for May of near $61,000, ,000 To- gether with the increasing of exports of manufacturing products during the early fall, our exports of wheat and cot l ton will change these figures during the
 remainder of the year During the nat ural cource of business exports should increase materially and imports should decrease, although imports will remain lhigher than the previous average. market for it's securities by venture l In Al cities, building operations totaed
 $S2, ,00O, 900 in June compared with $S3OO0,0OO 1 for the same month last year. New | York showed an increase of S2,0OO,0OO for
 the month which is indicative of real l improvement. as building operations in l Greater New York have been below previ- l ous records for a long period. Gains of more or less consequence were reported 1 from 10 out of Al cities. For the year | to date, building operations in these cities
 have been about $40 0O0, 900 below last year.
 or per cent Gains for the month were
 made in the central west, and in New l England.
 country promises well for general busi- l ness during the coming months. There
 have been many depressing influences at l work and some of them have not yet
 been eliminated, but the remarkable ] crops. some of which are already har-
 vested, and some of which are reacy TOT l the harvest, insure bounteous food sup- l ply. which means better times for all the
 people. The wheat crop cannot now fall below S50,000000 bushels, and the govern- ment's estimate is 950,0O0,000 bushels. Out side of this country, the worlds wheat crop is not above average. which means that we can profitably export our surplus. ] Although all of the crops will not be l record breakers. the production of all
 grains vegetables and fruits will be satis- | factory and even the cotton crop mas made such an improvement in condition
 during the past six weeks, that there Is good prospect of a crop of 13,S00 bales. i The condition of tobacco is far below normal and the prospect is for crop
 averaging only GAO pounds to the acre,
 compared with SIS pounds, the previous 1 average.
 While the total volume of all crops
 produced in this country will set new
 record, the price received for these crops, | because of present low commodity prices, | will probably not equal the price received | for the 1913 crop, which was much smaller
 in size, but which sold at higher prices | than the farmer can hope to get this | year.
 | The change in business conditions since ! cur last report is not remarkable, but there has been a decided turn for the
 better, although this turn is an under
 current as yet and may not be especially
 noticed on the surface of business inn
 medately Tt is the undertone, or the foundation which makes for future i'm provement and we believe 1t quite safe
 10 say that we are out of the deep water
 and can see before us period of good
 business Respectfully submitted,
 BIRMINGHAM TRUST & SAVINGS co