The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1915-01-31

and the first few days of January We
exported 100000 worth of copper.
Among the big November export gains
were iron and steel, nickel, metal work
ing machinery, automobiles, automobile
tires, leather and skins. gasoline and
tobacco, all to England, and metal
working machinery, automobiles, furs
and skins. boots and shoes, and gasoline
to France All of these items showed
material gains over a year ago, and
you will note they are aside from food
stuffs Imports for December We're
STA, 1000, 600 compared with sf24.000,000
the previous month and s1S5, 600, 900 in
December a year ago. By comparing
these imports and export figures. we
find we created trade balance in favor
of this country in the month of Deem
Der OF almost 1882, 100000 which would
stand as the high record but for that
of October, 1913 when our favorable
balance for the month showed S139, 000,-
600. This is the fourth time on record
that we have created a favorable trade
balance exceeding 100000 900 in a sim
gle month.
The gold movement for the month of
December was $4,000, 900 in our favor,
indicating that our floating debt to
Europe has been paid or offset, and
that the principal European countries
will either be shipping gold to us from
this time forward or be borrowing
money from the people of this coun-
try. One such direct loan or credit
has already been negotiated and Rus
STA is settling for goods purchased in
this country by giving her notes for the
amount. These notes must be paid
within a few months, either with Inn
ports from Russia or with gold or
American securities.
The railroad situation shows decided
improvement since the freight rate de-
cision and while both gross and net
earnings of railroads are still far below
normal or satisfactory figures, the trend
is in the right direction and the rail-
roads are taking on a new activity
both in the purchasing and operating
departments. Complete figures for No
vember and December gross and net
earnings of railroads are not yet avail
able, but partial reports already in in
dictate that the earnings for these two
months were about in proportion To the
preceding months. Heavier railroad
earnings will undoubtedly be recorded
from the first of the year on but arm
ings cannot reach former totals until
the railroads have been able to restore
the service to what 1t was few
months ago. Taking off trains and lay
ing off employees eliminate some cur
rent expense and reduce pay rolls, but
liked charges remain, and 1t will, there
fore, be natural for the roads to re-
store their normal service as measured
against total earnings Thousands of
men have already been put back to
work, orders for materials and equip
ment are more frequent and inquiries
broader.
Pig iron production for December
was 1876 900 tons, against 1,51s,0Oo the
previous month and 1,984,000 year ago.
We began the month with 147 furnaces
in blast with a capacity of 49. 600 tons
per day, slight increase over the ca
pacity of the previous month, but no
change in number of furnaces in ac-
ton.
Business failures during December
numbered 2075 with total liabilities of
approximately s35,000,000 compared
with 1914 failures a year ago with liza
bilities of s31, 100000. Assets were
larger for the failed concerns this year
so that the actual loss to creditors will
be less than year ago, and the num-
Der of failed concerns resuming oper-
atoms under former management will
be greater Many failures recently have
been due to temporary financial en-
parra ssment. while in the failures a
year ago, actual bankruptcies were
more numerous
The total December first valuation
OF the crops grown III THIS country LOT
1914 was $6,044 100000, and the animal
product for the year s3,S2S, 000 900. This
crop figure covers all of the principal
crops, but by adding the minor prod
ucts in fruit and truck we have De-
cember 1 crop value of more than $780,
| 900, 900. 900. Even this amount will be
considerably enhanced as, on December
/. commodity prices generally touched
about the lowest point since the begin
| ming of the war, and are now nigher
than at that date. This means that if
all farm products of 1914 were sold.
the farmers would receive nearly SILL
000, 900, 600, but naturally a considerable
portion of these crops is consumed at
the farms on which they are grown,
the animal product bringing the largest
item of cash return to the growers.
Even now. we are importing at least
50, 900, 600 worth of goods every day
which we can supply for ourselves, and
it is this business particularly which
we must get and be sure of holding be-
fore the war ends and before We again