The Birmingham age-herald., 1914-07-01
BUSINESS GAIN IS
 SLOW BUT STEADY
Birmingham Trust Reviews Points of Developments
 of the Past Month

The Birmingham Trust and Savings
 trade conditions and business forecast for the month of July. It is in part: We have recently had a demonstra tion
 of the idea that sufficient pessimistic talk will bring about depressed business con dftions. In these reports a year ago we referred to the then general complaint
 about business and called attention to the
 unusually large bank clearings, high rec
 ord for exports, the small number of busi-
 ness failures of any consequence the
 small number of idle freight cars, the
 increase in railroad gross earnings and many other factors which showed that the month of May, 1913, was, in realty, remarkably good month of buslnes. Complaints were general at that time and without real reason. A year of tnis kind or complaining has continued to increase the business depresslon ana now, when we compare the past montn with May oI last year, we realize that business mas Tn reanty been smaller Tn volume than for some time past.
 IL IS hopeful to note that we gradually iapsed lnlo this business quietude and that more recently we nave begun to nrt ourselves out Of it. There are many lnul- cations of an improved situation, among them being decreasing immigration, ue- creaslng business fauures and the gen efaily reported line condition of crops.
 Most business men have noticed that the last few weeks of a congressional ses- slon usually witness a period ot uusatls- factory Dusiness and that the pickup al- most immediately follows. the adjourn. inent of Congress, even though such ad- Journment comes in midsummer This year the business improvement cannot be strong until the early crops which prom ise to be good Will put large amount of money into the hands of the farmers and they as rule know where to spend It to the best advantage. With ample money to move the crops and with ample cars Tn which to haul them, it is expected that this year crop moving will not be d hardship but pleasure and a business booster.
 During May the cearings of banks in the principal cities were about $1. .Ooo, ,oOO.- : OO0 less than for May, 1913 decline of 2 per cent. Three-fourths of this decline was shown in New York city, the falling off for the country outside of New York city being less than per cent. Nearly all of the principal cities showed a de- crease in clearings for the month Money in circulation on June totaled 3,4S0, ,O00, ,000, NVhiPditd WllI O,4fouUu,UuU a month and 3357000,0 GOO year ago. Money in cir culation per capita was $35.19, compared with S34.54 year ago.
 Dividends will probably be $2, ,O0O, GOO less ana interest payments about $12.00O 600 more than in July, 1913
 The earnings of all railroads for April showed q decrease of more than Der cent, while operating expenses were de- creased more than per cent, leaving in nc fatf f1,, !, <.f cent compared with April of last year. The decrease in operating expenses was largely accounted for, however, by the unusual and tremendous expenses occa- stoned last year through floods in the central states. Partial reports for May show decline in gross earnings as com pared with the previous May of about per cent. The decline in gross is shown by nearly every principal road and is general throughout the country
 The number of idle cars has continued to increase and the total number idle on June 1 was 242,572. This compared with 1S9,000 idle on January 1 and 215O00 idle on January 15, while a year, ago only 51, ,OO0 cars were idle The present idle state- ment includes 90,0o0 box cars and a5,OO coal cars. Suspension of operations in a considerable bituminous coal field ex- plains the lack of business in that line The coming grain crops will rapidly put the box cars into service and then We can look for considerably better report on railroad gross earnings. while the net showing will depend upon the freight rate rulings which, even if favorable, are com ing too late to bet of any material benefit to business generally. If il is to take the interstate commerce commission several months to decide each proposed change in freight rates. some new system must be devised or the patient may die while the doctors consult
 Building operations in so principal cities for May totaled S7000O, 900, being exactly the same as the figures of a year ago. This is the first month of 1914 in which building operations have equaled those of 1913 the total for these 80 cities for the first five months of the year being $500. .0O0,- 0o0, compared with s325 0O0, 000 for the same period last year.
 As stated last month. business will move along slowly but more steadily from now until September 1, after which a real im- provement will be in evidence, although no sensational business boom should be expected. Crops will be good. business will be better and the supply of money Is sufficient to take care of all legitimate needs. Respectfully submitted
 TRUST AND SAVINGS
 COMPANY.
 Compiled June % 1914