The Birmingham age-herald., 1914-03-01
BIRMINGHAM IS IN
 EXCELLENT SHAPE
Conditions Much Better
 Here Than Elsewhere
RESERVE BANK PLANS
More Attention Given to Outlining Districts Than to Selection of Cities, Says the First
 National Review

The First National Banks financial
 and commercial review for February
 follows:
 There has not been during Febru-
 ary marked activity in business as
 was noted last month, but it seems
 that the prevailing dullness in many
 lines is due to seasonal causes, Feb
 ruary being normally an off month.
 "The larger mills in this district are running about 75 per cent capacity,
 but most of the machine shops and foundries are complaining of lack of
 orders for the time being. During the
 past few weeks several contracts which ordinarily would have gone to local shops, have been taken by concerns outside of the state at abnormally low figures
 We learn that between 100000 and 250,000 tons of pig iron were sold by Alabama furnaces during the month of January. but the movement was not
 sustained during February. It is thought that the total sales for the
 month will not exceed 75,ooo tons, with little business done after February i5. Although the market may be called dull at the moment better demand is expected in March and prices remain firm; quotations for No. foundry be- ing s11, while one large interest is
 quoted as holding out for s11.5o. "A slackening tendency is also noted in cast iron pipe. although the recent advance of $1 per ton has been main. tained.
 "The railroads are still confining their buying to actual needs and de- spite a continuance of easy money rates at all financial centers, it is not thought that they will enter the. mar
 lket freely until the proposed rate ad- justments are finally passed upon by the interstate commerce commission.
 Conditions in Birmingham Conditions are better in the Bir-
 mingham district than the average throughout the country and a cheerful
 sentiment prevails, confidence being expressed in very substantial revival if business during the spring. There is a fair local demand for money, due principally to new crop preparat' ons and to municipal financing, and we see no reason to predict very low rates locally during the present year. There is reason to believe that plans for some great industrial developments of much importance to the Birmingham district and to the whole state are being
 worked out. which will materlalize | when certain broad questions cf na- 1 tional interest have been determined. When these matters will reach a settle ment no one can say, but it is thought 1 by some that before the close of the present year there will be a general 1 l.ot, f1I | ernment and the large corporations on 1 the points at issue.
 sas"EXcept during the past 10 days, the weather has been ideal for prepara- tions for the new crop and our re- ports from all parts of the state show that preparations are we'll advanced. The recent general fall of snow will have a beneficial effect, especially as so much ground had been broken up.
 There has been enough cold weather to retard the budding of fruit trees, so that the prospects are now good for a fruit crop.
 Location of Reserve Banks "The new federal reserve act has been well received abroad, ana it's effect on International money markets has been highly favorable. The organization com mittee has closed it's hearings, and it is thought that in a few days announce ileHtS Will De made as iO the nunDer or federal reesrve districts and the cities where the reserve banks will be located. It is the general impression that New York, Chicago. St. Louis and San Fran cisco will surely be the seats of federal reserve banks. but where so many com binations are possible, it would be very cifficult to predict just what other cities will be favored. Under the law due re- gard must be had to the convenience and customary course Of business, and it is thought that the real problem before the organization committee is the proper lay ing out of the districts; the designation of reserve cities to be a matter of sec ondary consideration.
 Ask for Same Territory "The clearing houses and commercial bodies of Louisville and of Birmingham have asked for the same territory. viz Louisiana east of the Mississippi river, the states of Mississippi, Alabara. Geor- eia. Florida, Tennessee and Kentucky. Should such a district be created, Bir- mngham. by reason of it's central loca- ton, would appear to be the most con. venient for it's reserve bank.
 The financial and commercial organi- cations of Atlanta have asked that a