The Birmingham age-herald., 1915-12-01

for refunding, the remainder being represented by new financing. New issues by railroads and indus trila companies were s121, 100000 com pared with $91,000.000 for the same month last year.
 Gross earnings of all steam railroads for August were $2S0.000,000 compared with $275000,000 a year ago, an tn-i crease of per cent. Net earnings were S100, 100000 compared with $90,000000 a year ago, a gain of Il per cent. Sep- tember gross earnings so far as re- ported show a gain of 1 per cent. the grain movement being smaller and the cotton movement larger. Gross earn ings so Ar as reported for October show a gain of 15 per cent over a year ago, tremendous gain being made in the grain movement exceeding even the record tonnage at this time last year. The cotton movement also showed a material gain for the month.
 FEWER IDLE CARE
 The number of idle cars on the first of November was 26,000 compared with 78,000 month ago and 170,000 a year ago. It is estimated that the total number of cars without loads which are fit for service does not exceed 5000 while fully 100000 loads are waiting for cars. especially at heavy grain shipping points, although the car shortage is quite general.
 In October more than 34,00o freight cars were ordered, bringing 1915 or ders up to S7.000 compared with only S1.000 for all of last year. The figures indicate that more than 35 per cent of this years purchases were made last month and 75 per cent of that num- Der purchased in the last five days of October. So far for November more than 25,O00 freight cars have been pur- chased.
 Rails ordered in October totaled 49O, 900 tons compared with 360,0 900 tons month ago and 49,000 tons year ago. Rail orders to date for 1915 have amounted to 2,064,000 tons compared with 1,377.000 tons a year ago and 1,087.00 tons two years ago. During the first two weeks of November 250.- 900 tons of rails were ordered and S7 locomotives.
 The northern pine cut in September totaled 92000,000 feet compared with 10S, 100000 a year ago. Shipments were 7o,o00.0o0 feet compared with 71,000,- 900 feet a year ago. Mill shipments of western pine were 91,000,000 feet com- pared with 64,0O0,000 year ago. The output of yellow pine was 40S, 100000 feet compared with 400,000.000 a year ago. Shipments were 447.000,000 feet compared with 357,000,o00 a year ago.
 Commodity prices showed an in
 
 increased gold production and increas- ing money circulation. During the month, according to Bradstreet's index, 6S commodities showed an increase, 2S remained stationary and IA de- clined.
 Cotton ginned from the new crop to November first totaled 7,385,000 bales compared with 9,827.000 bales year ago and S,Ss0,000 bales two years ago. Exports of cotton for October were bales a year ago. The number of cot ton spindles active Is 31,379,000 com pared with 30.461.000 year ago.
 The labor situation has shown con- siderable improvement for the month While strikes are more numerous, set dement's are being arrived at in short CT time and aside from labor on strike the percentage of idle labor in the country is the smallest we have ever known, even during periods of our greatest prosperity. This is surely an encouraging indication as only through a full employment of our labor, req sonable hours and living wages can we hope to build complete and lasting prosperity
 with the largest crops in our his- tory. the largest amount of money in circulation and the greatest percentage of employed labor, the remainder would seem to be only matter of good planning and judicious management. Respectfully submitted.
 BIRMINGHAM TRUST AND SAVINGS
 COMPANY.
 Compiled November 20, 1915.