The Birmingham age-herald., 1915-04-01
BIRMINGHAM TRUST MONTHLY LETTER ON TRADE CONDITIONS
Business Today Stands at Highest Point Since May l, 1914-Expansion Is
 Taking Place

The general letter on trade conditions and a business forecast for the month of April. issued by the Birmingham Trust and Savings company, is as follows:
 During the later weeks of 1918 and the earlier weeks Of 1a14 scarce money handi- capped the financing of new enterprises and assisted in slowing down operations generally. the really slow point being reached in May of las, year in stock ana bond transa aetons. During the period mentioned complaints were universal and the easing of the money market. although apparent, was slight after which the outbreak Of the European war caused an other stringency. The beginning of oper- ations of the federal reserve banks on November 16, 1914 marked the beginning of freer money and our unusually heavy commodity exports and smaller imports during the past four months have ma terially aided the improvement.
 ''The fear of a wholesale liquidation of American securities by European owners is gradually passing. Some selling of this character ia going on, bun 1t is not large enough to offset the credit balance which we are building up through our excess of
 
 Europe and Asia to this country So far as the mere supply of money is concerned our situation is improving week by week, and the cry has already been heard in more than one section of the country that the banks are loaded with money which they cannot loan to advantage. Even this condition must right itself as the crop season goes forward and as the se- curities market improves and its activity increases.
 Expansion Under Way
 Our condition was bad enough before the outbreak of hostlites in Europe which, temporarily at least multiplied our business handicaIs. Within 60 days, however, after the beginning of the war, a slight improvement was noticeable, and. slow though it may be, that improvement has steadily gone forward. TIindrances 10 shipping, rumors of other countries be- ing drawn into the European conflict fear of climax in our Mexican diplomatic ne- gotiations and a general feeling of uncer- | tainty-those things make business men | cautious, but expansion is taking place, | more men are being put 70 work as the mills resume, and the erection and ex- tension Of factories has started
 Tn the clearngs of banks we once had q fairly good index or business ana fi- nancial operations. After a few years. these figures will again be n dependable index but the change caused through the operations of the federal reserve banks makes comparison of present clearings with those of the corresponding periods of previous years hardly fair February exchanges amounted to $l1 ,907 COG, ,000 being about per cent less than the same month last year. For the country outside of New York, the decline was only about per cent but the decline was general as l05 of 159 cities showed a falling off The large increases shown by Minneapo- lis, Duluth, Galveston, .I1l Paso. Kansas city, Wichita, Fargo and q number of other cities indicate that the increase in activities, when it has occurred, has not beer confined to any particular section of the country.
 Financing in February totaled S264, ,OO0- Coo, the largest months showing since April of last year. while February, 1914, figures were only $i76,0OO,0O0. Railroad financing for February amounted to $l75,- OO000o, which equalled the total of all Financing in the same month d year ago. AThe new issues were almost entirely bonds. about S50,000,000 of notes going out and not much more than $l,0Oo,OO0 in stock issues
 Dividend and interest disbursements for March are estimated at Sl20O0O,O00, compared with SI50o0,00 a year ago. AL most $eo,0OO0O0 of this amount is divi- dends. and more than s60,0Oo,0o0 is interest