The Birmingham age-herald., 1914-05-01

ply the principles of cause and effect It is nevertheless true that grave doubts are beginning to arise as to the penents of this act as far as the Bir- mingham district is concerned and 1t is pointed out that the destruction of the sugar interests in Louisiana has re- suited in serious curtailment in che
 business of Birmingham foundries and machine shops and has adversely af- feeted the demand for coal The re-
 moval of all duty on pig iron and cer- tain steel products appears also to have narrowed the markets of the Birming- ham mills and furnaces.
 The excess of exports over imports
 in this country. constituting the com mercial trade balance amounted in Jan uary. 1913, to $63, 969, ,492, in 1914 to $4s.32S.155, in February 1913. to s44.- 0S3.024, in 1914 to $23,S71,457 and in March, 1913, to $31,9S1 ,213 against $5,l Ss4,131 this year. The figures for March
 would indicate that the trade balance in our favor has almost reached the vanishing point.
 The necessity for intelligent appli- cation of modern methods in manufac- turing is fully realized. but apprehen- sion as to the effect of tine bills now pending in Congress regarding combi- nations of capital employed in indus trial enterprises has made it almost im- possible to bring about mergers which would result in economies of admin 1stration and increased capital for de- velopment.
 Railroads of the South
 Some of the railroads nthe south ara reporting fairly satisfactory earn ingss but mary of the larger systems in the east have suffered serious loss of revenue. Ten leading roads report net earnings for the month of Feb ruary this year $9,300,S0 against $14.- 2S7,37O for the corresponding month in the previous year. and the effect of the present political sentiment in discour- aging investment of new capital in en- terprises is reflected in the capital ization of new corporations during the first quarter of the present year. the figures being as follows:
 January ..............s .sss2, 45O.ooo s12Oo5O, 900 February ............... 191.500.0O0 51.575.O00 March ................. 166, 030.000 57,700, 000 "The total for the three months of 1914 is $229, 325 600 as against $6S9 9sO eco for the
 same period in the preceding year. How
 ever the blame, if any, for present con-
 ditions does not attach to the admins
 tration. nor to Congress. who are merely
 representative. and as long as the people
 themselves believe in an excess of re-
 straint, restriction and regulation. just
 so long will business depression and hesi-
 tation continue and industrial peace, pro-
 gress and prosperity be delayed.
 'In many parts of the country there
 are signs of uprest in labor circles, and
 the strike in the coal mining districts of
 Colorado has within the past week re-
 suited in much violence and bloodshed,
 has passed beyond the control of state authorities. and federal troops have been
 sent into the state tc restore order.
 Tt is expected within the next five or
 six weeks that the interstate commerce commission will announce its decision upon the application of the eastern roads for per cent advance in freight rates. If credence can be attached to state ments of reputable banking houses in close touch with railroad affairs. an in crease in the net revenues of the rail- roads is imperative, but opinions differ as to the outcome. Some think that an increase in rates will be granted. while others hold that none will be allowed. but that the railroads will be advised by the commission as to how they can in- crease their income in other ways.
 The absence of railroad buying is af- fecting the iron and steel industry very unfavorably. as is reflected in the state- ment of the United States Steel corpora tion for the current quarter. which shows deficit after paying dividends of about s6. 2o.0o0. It is thought that the present production Is at about 60 per cent of ca. :. pacity. with new business in about tie same proportion.
 Industrial Conditions
 '-There has been no particular charkke in industrial conditions fin the Birmi neham district since our last report No. j2 foun- dry ia held at S11. but actual 'kles are small. The cast iron pYpe rkopie arc complaining Of scarcity of t>ders. and some of them are carrying 'Arre stocks which have been sold. but a,fe being held up by the purchasers Tb A1e are, how ever some bright spots: tie farming dis tricts are in good shaTA and in this state an excellent start. has been mad., on the new crop. The keports from the wheat growing distrt.4s indicate as a certainty bumper yi'id of winter wheat