The Birmingham age-herald., 1915-09-02
MONTHLY REVIEW OF THE BANK 0F ENSLEY
Increased Prosperity in Uni- ted States in Next Four
 Months Forecast

The monthly statement issued by the Bank of Ensley (Ramsay & McCormack1 IS very optimistic and shows great im- provement in financial and industrial con- ditions and suggests the greatest era of prosperity the United States has ever known in the near future. The following Is the statement in part:
 There have been striking developments during the last four weeks testifying to the commercial supremacy of the United states. Shrewd observers look for in- creased prosperity during the ensuing four months. The country is going ahead rapidly. General business is getting bet ter although merchants are pursuing conservative course and refusing to carry larger stocks than they find quick mar ket for. The government crop report in- dicates the largest production of wheat on record, the second largest corn crop ever raised. and one of the largest yields or oats yet shown. The complications or the war have put a good portion of the old world in pawn to the United States. European governments are of fering exceptionally high interest rates to American bankers for liberal loans. The feeling is that there will be notable trade advancement in this country this autumn. In some branches it Is already under way
 Steel mills are running "at capacity'' with much higher prices for steel prod ucts and prospects of still better business during the balance of the year. Buyers of pig iron and steel products are not only providing for their requirements for the balance of this year, but for the first six months of 1916 as well. Furthermore the steel plants are equipped to make more money today, at identical prices ttan at any time in the last decade. The whole country is living solidly and thank ing God that it IS outside the war area The American people have been sobered by the distress of Europe. and instead "r s""ndnf sl50,G0o,O00 a year on foreign travel, as they usually do, they are using a portion of the money just now to be- come better acquainted with the unparal- leled beauties of their own continent The war is the worst thing with which the world has to contend. But the United States is the only nation that is richer and more powerful economically, today than 1t was year ago.
 August was an important month in the financial markets Crop developments were encouraging, notwithstanding excess siye moisture in many sections. Destruc- tion of the steamship Arabic on August 10. recalled the horrors of the Lusitania disaster. But the circumstances were much less revolting. Suggestive develop mentS were:
 Commodity prices on August 1 only one half of l per cent under the high record of July 1; wages in England at record high level. with men fully employed; country's July pig iron production 2,56S, ,- 42o tons. largest for any month since June, 19l3-daiy output this year S2.691 tons, as against 79,36f tons in June; national bank notes in circulation August 1, Ss04, ,6O1. .373 compared with ss19273,593 on July 1, and $l3O, O,90702l on August 1, 1914; July output of municipal bonds smallest for any month since last autumn, aggregating s26.- 9o0,0O0. compared with s30,700000 same month last year; immigra ton figures show 59s aliens admitted into the United States in June; same month last year 7i,72s arrivals; July interpretations to- taled S132, eco, compared with S230, 800, GOO in that month of 1914 important tons of precious stones in July were $500, ,00O less than same month last year and S4, ,0OO, GOO less than July. 1913: federal reserve board takes action to bring into general use trade acceptances:' London sells more American securities, and ''mobilizes'' others a basis for large credit bal ances at New York: during September o5.0O0o00 corporate securities will ma ture; United States Steel corporation shows unified orders of 4,92S 540 tons at the end of July, this being an increase of &o344 tons for the month; trade ad- vices reflect conservative retail trade countrv's idle car equipment reduced since July by il ,343 cars. the total being 264 243 cars against 196,665 cars a year ago; fur ther liquidation of American securities by Europe, as means of checking the decline in exchange, brought total sales during the year of world war up to $500, = 100000.
 The transportation industry, the great est American industry, is improving In creased business, and the prospect of ma terially larger traffic. in consequence of record-breaking crops and the prosperity which results from them. are forcing the railroads to give out very large orders for rails. cars and equipment By per- hitting the western roads to increa Sc freight rates the interstate commerce commission has added nearly S2. .000 GOO a year to earnings. which, with the in creases previously granted. will mean much larger revenues for the great sys- tems when business revival now under way. becomes general. The United States has greater cash resources with which to finance a trade revival than any other nation This Is the one great commercial nation free from war. It has in addi- tion, large gold holdings-more than two billion dollars-for use for constructive purposes. And they will be used for that as soon as the European excitement sub sides. Mexico presents a great problem: but stable government in that country seems nearer than it did a few months ago.