The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1915-01-31
Prosperity or Lack of It De-
ponds on Decrease in the
Cotton Acreage
JANUARY PROVED
FAVORABLE MONTH
First National Review Says Coal
Trade Shows Improyement-In-
creased Demand for Fence
Wire Is Good Sign

The monthly industrial and financial re
view, issued by the First National bank
of Birmingham yesterday says January
was a favorable month and February
should ne still better. The review in full
is as follows:
With cotton so a bale higher than it
Was in the slump and sales exceeding
z.Wo,ooo bales in the last 45 days, condi-
tons in the south improved materially
during January. As the greater proper
ton of the crop yet unsod is held by
growers or their creditors the south will
continue to benefit largely by all advances
III prices hereafter.
Restriction of acreage is the pivot on
which the question of price turns. As
pointed out in d previous letter. the far
mer has the situation i'm his own hands
By diversifying his crops he can mako
money in two ways-from the sale of his
food crops and from the larger price he
will get for his cotton. The southern
farmer has proved that he is not lacking
in courage ~or intelligence, and with the
helpful advice and cooperation which he
is receiving from many Sources, it is be-
ports by the department of agriculture
show that a good deal more acreage has
been planted in wheat and oats, but the
real test will come with the spring plow-
ing
Exports Still Large
Exports continue to rum large and pile
up a balance of trade for u.s. 1t is stated
that this January, for the first time in
many years, saw foreign exchange on ali
countries in favor of New York. Instead
OF exporting gold we have had imports
| from China and other countries, in COM
paratively small amounts, it is true, but
llfficient to prove the strength of our
position. The loan of $15,O0O.Oo0 to the
Argentine Republic, by a syndicate of
bankers, while not a transaction of mag
nitude, Is one of the evidences that the
NInited States has entered a wider sphere
of influence in international finance How
lar We may go in this direction remains
to be seen, but it is reasonable to believe
there will be no backward steps.
In the meanwhile much of the money
required to move crops has returned to
the centers and rates are such as to en-
courage initiative In commercial and
manufacturing lines.
1.-THE tone of the stock market has been
satisfactory in the main. Industrials have
shown some strength and the interna-
tional list has held up WELL Selling for
foreign account was larger in the latter
part of the month, but the menace of a
dumping of American securities by Euro
pean holders has virtually disappeared.
Investment buying of approved securities
by our own people promises to be larger.
Railroad Men Optimistic
.srrt.
land equipment by the railroads in the
fore part of the month, but buying on a
large scale is yet to come. Railway man
layers, whenever quoted now, usually
speak enthusiastically With European
travel no longer safe or inviting, railway
passenger traffic should show large gains
This year, with corresponding benefits to
|all lines dependent upon travel within the
limits of this country
Whatever changes there have been in
the industrial situation are for the better.
IThe improvement is slight and slow, but
|perceptble. 1t is significant that resump-
lion of operations by small manufacture
M is being noted more frequently.
Movement of pig iron from the Br-
.minghafn district on previous sales con-
|tinues. with no increase in production.
There is said to be a sitter feeling as to
prices.
1.-THE coal trade of the district shows
Tome Improvement. Steam trade is about
~ per cent of normal and bunlled trade
about so per cent. Cold weather has in
creased domestic demand, 1t is stated
THAT some of the railroads operating in
.khe district are using more coal, which is
|an evidence that larger tonnage is being
banded
y Steel and Wire
II 'rhe steel mill at Ensley has kept
going through the month. Little com
|plaint is heard from the pipe industry
Except as toSprices. which have to be
figured closely. The chief executive
81 steel company which produces
barge amount of wire fencing states
.that orders for fencing are double what
fhey We're in October and November,
nd in fact almost up to normal AS
much of this fencing will be used by
|southern farmers it is a good line on
.the feeling in agricultural sections and
implies diversification of crops.
n Common grades of southern pine