The Birmingham age-herald., 1915-11-02
BIRMINGHAM TRUST
 MONTHLY LETTER ON TRADE CONDITIONS
Pig Iron Production Nearly Double That of November, 1914-Business Fabric
 Is Solidifying

IS OUllully utS
 The general letter on trade conditions and a business forecast for the month of November, 1915, issued by the Bir-
 mingham Trust and Savings company, is as follows:
 Business men who study the causes of the advance or decline in their own
 individual lines or in general business are paying particular attention just now to three factors. To these factors we
 must for the time look for indications of the trend of business in any line or in all lines and they are. named in the order of their importance, labor. trans portation and building operations. The labor situation is tense. First, because many labor organizations have
 taken advantage of the opportunity brought about by war orders to enforce better working conditions, shorter hours, higher pay, or all three. It is but natural that some of these demands are just and some are unjust; if at all reasonable, they have as rule been granted, as the loss occasioned through granting them was less than would be occasioned through a delay in produc- tfon or a total stoppage of operation. Strikes and lockouts are all too nu- merous for the good of general business and they are injuring not only the lines in which they occur but all other lines as well. If reasonable demands are met by the employers and if unreason- able demands are not made by the em- ployes, the next few months will be a period of practically full employment. The laboring people of the country num-
 Der perhaps 21,000,ooo of which number from to per cent, that is from 400,000 to S00,000 are always unem-
 ployed. They may be taking vacations, they may be i'll, they may be moving from one point to another, but for one reason or another an average of per- haps 3 per cent of our laboring men and women are always idle. Aside from
 strikes and 1ockouts, the idle labor at this time is hardly in excess of 1,000.- 900 persons, nearly one-half of whom will find employment during the next few weeks if they desire it.
 Building Operations Increase In 160 cities building operations for September were slightly over $70,000,00 compared with $54,00o,000 for the same cities last September. The number of permits increased IS per cent over last year and total operations about 80 per cent. The average price of building materials increased considerably dur ing the month of September and is now higher than year ago.
 Cross earnings of railroads so far as reported for September were nearly $T.- 000,0 900, compared with $76, 900 a year ago, an actual increase of s709,000 or nearly per cent. In September of 1914, however. these roads showed a falling off from the previous year of more than ' per cent. Gross earnings for August, so far as re- ported. showed a decline of about per cent from the previous year. Full re- ports for July show gross earnings of $26S, COG, 600, compared with $261, ,0o0,00O last year, gain of nearly per cent. Net earnings for July were $88,0O0,000, com pared with $7S,000,000 year ago, an 1n- 1 crease of nearly $10,000,000 or nearly 1a per cent, largely brought about through decrease in operating expense of about 4 per cent. Gross earnings for the first half of this calendar year of all steam railroads were ST. 407, ,000, GOO, compared with s1, AT, 600 for the first half of last year, a decrease of $40, 900, or nearly per cent A reduction in operating expenses of $SS, ,00O, 900 or per cent made possible net earnings of $3s5 000,OO0 compared with S47. .OOO, 900 for the first half of last year, gain of nearly IA per cent, bringing net
  The September production of pig iron was 2,S53, GOO tons, compared with 1889, ,oOC | tons year ago. The daily rate Of pro duction was 95,0Q0 tons, which exceeds l the previous high record made in Febru- ary 1913. There were 26S furnaces in blast l on the first of October against 249 month ago and the daily capacity is now 9S,Oot tons, more than 5000 tons higher than any previous record Iron and steel exports ] in July set a new high record at $36,OOO, 0o0 | compared with S17,O0O000 year ago. Con- siderable increase was made In macnln- 1 cry exports, which were more than Sll,- | OOO. 900. Total firearms experts were less
 than s2,000,OOO, but large increases were
 made in wire. structural steel pliiees 1 sheets and plates and ingots.
 l The production of gold at the Rano mines during September was nearly 7,0Ot | fine ounces, compared with 702OOO fine | ounces for the same month last year. The value of the September production was | over SIS 900, 900, compared with produc-
 ton valued at less than $15,000,000 in Sep 1 tember, 1914
 Living Expenses Less
 While the average commodity prices + much higher than a month ago and great l ly higher than a year ago, and While tnt l present average quotation on all commoo 1 ities combined is higher than at any time I | a whole is likely to be misleading. During the month Bradstreet reported an advance in the price of 50 articles, decline 1T 1 20. with S6 remaining stationary. Tht
 whole group comprising live stock ant l the whole group of metals declined dur l ing September. A comparison Of price levels of the present date and veal ago shows breadstuffs, live stock. provi l sions and naval stores to be cheaper thar i a year ago In fact, living expenses ar' less than they were a year ago and build | ing materials only slightly higher. Tex tiles are materially higher and metal' | have recorded a big increase during th' wear A still larger increase has beer shown. of course, In the chemical ant
 drug lines.
 Reports from all of the smaller GUS
 l toms districts are not yet available
 | but the 13 principal districts handling
 90 per cent of our foreign trade show
 imports for the seven weeks from Au-
 I gust 30 to October 16 of $216,000,O0 O0t
 | and exports of $428,000,0O0. leaving :
 net favorable trade balance of $2l2.
 900 900 for that period.
 I Bank clearings for September fol
 the 16O principal cities were nearly
 s16, 00O, ,000, 900 compared with $lO,0O0, GOO 900 year ago, gain of b7 pel cent. The gain outside of New York city was IA per cent and New Yorl
 city taken alone gained lOS per cent