The Birmingham age-herald., 1915-04-01
FIRST NATIONAL
 MONTHLY REVIEW Optimistic Over Business Conditions During March OUTLOOK PROMISING April Should Bring Us More Closely to Normal Conditions"-Cotton
 Increases Independently of
 Speculation

|
 Speculation
 The first monthly resume of business \ conditions by the First National bank un- der the regime of Oscar Wells as pres ident, was given out yesterday. Mir Wells, in the review, points out that the com l mercial world had during the past month | witnessed quite an increase in cotton sales
 and that exports totaled 5.000ooo bales
 for one week. the greatest record ever
 made. In speaking of the local condi- tions, it was pointed out that industrial operations here had been quite satisfae tory and that indications pointed to a very gratifying period of operations. The complete review follows:
 The commercial world witnessed a
 humber of records during the past month which were calculated to give an opti-
 mistic tone to prevailing conditions. Ex- ports became materially increased. until the figures of one week totaled in ex-
 cess of s5oooo.0oO constituting the great est volume In the history of the coun- | try. Cotton advanced in price, notwth- standing the. government report placing the crop of the season at the largest ever grown, being 15,S73.002 bales. not in- cluding linters, and despite the restric- | tive condition of the export market The
 volume of the stock market became ma | terially enhanced, both as to the number
 of transactions and prices, reaching it's highest level since the reopening of the | stock exchange.
 
 Many Encouraging Evidences Other encouraging evidences than
 these were found to exist. Bank clear
 ings were larger. liquidation seems to
 nave gone beyond the acute stage some Improvement is felt in the industrial sit
 nation, with prospect of more with the opening of the spring months and its
 consequent increased activities in build
 ing and other developments. Already con
 fidence is being expressed more freely
 the daily concrete transactions among
 business interests The future outlook is
 more promising. and people are already mentally calculating beyond the war Whether it may continue, or shall come
 to sudden and dramatic close the 1 commercfald activities of our country
 must play an important part in the con sequences of that conflict. During the
 war We may expect an urgent demand for our supplies. regardless of blockades and abnormally high insurance and freight l rates, and many see in these increasing exports the first step towards the United States becoming a creditor nation Should peace be declared, and the work of re- construction in Europe replace destruc- ticn, it is quite probable that our prog ress toward that enviable position will l be greatly enhanced. It seems quite certain that We are to obtain larger share of the worlds trade than we have 1 ever before enjoyed, which will also be 1 . powerful reflex upon our internal com l mercial and industrial -centlitions.s..zNy We l may profit commercially by the contin- uance of the war, but we will doubtless profit more greatly should peace bless the hostile nations. Tn the meanwhile. the healthfulness of less waste and closer attention to details is quite apparent. Conditions In the south continue to improve with the marketing of the un- absorbed portion of the cotton crop | at Increasingly higher prices, and While this section. depending as it was l upon favorable export market felt 1 the effect of the European war moro 1 keenly, it has responded with a won
 derful degree of resiliency. and in
 manner very gratifying to the business
 and commercial interests of the world.
 Reduce Cotton Acreage
 Tt is true that March is a specu-
 lative month in cotton, but larger
 portion of the recent advancement in
 price Is due to the inherent and in- trins1c value of the staple, rather than l to the Influence of speculative ten.
 dencies. Definite figures have not yet
 been obtained as to the extent of the reduction i'll acreage, but taking Ala
 bama as an example, the increase in the planting of both wi,eat and oats, sales of fertilizer and other data, in- dicate reduction in cotton of from 1 10 to 20 per cent. The government bulletins show that in this state the increase in winter wheat is 6S.00O acres
 in excess of last year and in oats 285-
 900 acres The cotton mills of the south have been busy and it is be- lieved that their operations have been 1 profitable. The cotton seed oil in- dustry is in healthful condition
 There has been some increase In the production of yellow pine, and an inn provement in the price of the lower grades of lumber. Mercantile collec- 1 lions are somewhat improved over February,s while trade, especially in the smaller towns, with the approach of the planting season, has become more brisk.
 Sales of pig iron in the Birming- ham district are reported to be keep ing up with the production, with q les l sening of the stocks on hand. Prices l are still unsatisfactory, but the pro- ducers are exhibiting a firmer atti- | tude.
 The operations of the wire mills, both at Fairfield and Gadsden, have been increased, and while no announce ment has been made of the schedule l of the steel mill at Ensley for the ap- preaching month. the results of the
 last three months have been fully up | to expectations.
 "The coal trade remains dull and | inactive. but the railroads are said to be using more coal and the early op- erations of the ice plants in the gulf 1 states will doubtless contribute toward a greater improvement
 Due to more favorable climatic con- ditions for the laying of pipe and the 1 recent disposal of issues of municipal i bonds, the cast iron pipe industry re- 1 ports a larger volume of business