The Birmingham age-herald., 1916-03-01
INCREASE SHOWN IN
 RAILWAY EARNINGS
Birmingham Trust Review Shows That Labor Gener-
 ally Is Well Employed

The monthly letter on trade condition: company compiled February 19, and is sued yesterday, says in part:
 "The volume of domestic trade now being enjoyed is perhaps best evidenced by the tremendously increased railroad earnings. These increased earnings are in evidence in those sections where 8 lighter crop movement has obtained clearly showing that the volume of traf- fic is due to increased movement oi merchandise
 Tt is noteworthy that of the s1, 31o00 ooo-dollar increase shown in our exports of last year as compared with the veal before, approximately 8 per cent was made up of foodstuffs while 60 per cent of the total was in wholly or partly manufactured goods. Our increase in ex- ports, while 60 per cent of the total was in wholly or partly manufactured goods Our increase in exports to neutral coun- tries outside of Europe was s131 ,0OO, GOO Our exports to Germany direct declined $146 00,000, but to Holland, Norway, Swe- den and Denmark, being the neutral countries whose border lines reach Ger many, our exports increased by s154, 900, coo, from which it may be assumed that Germany is probably receiving the usua quantity of American goods, although indirectly.
 February dividend and interest dis bursements will total $131 ,O0,OOO, compared with s121, 0Oo,000 in February of last year Of this amount, interest payments will total $65000,000, compared with $62, ,OO0, ,O0( in February, 1915. A classification of February dividends shows s34,000, 600 to be paid by industrial companies, compared with $25000,000 in February, 1915, against $2f,0000O0 in the same month last year.
 Stock sales on the New York ex- change in January amounted to 16,OOO, ,0OC shares, compared with 14.000,Ooo shares in December and 100000 shares in January of last year. There was but one 1000 OO0- share day during January January bond sales totaled s117,OOo,OO0, compared with $122, ,000,00O in December and $56, 100000 in January of last year. The average price of 62 selected stocks is 101.7, compared with S32 a year ago. and the average price of 35 railroad bonds at the close of January was s7.S1. as against S5.02 at the close of January, 1915.
 There were 1890 business failures in the United States in January with lia- blities of nearly s22OOO, 600, compared with 2602 failures for the same month last year with liabilities of $50,00O,OOO Assets of the failed concerns totaled 100000 as against $35, ,000,000 in assets for the con cerns failing in January last year Net Liabilities were $12,00O,OO0, compared with $25, GOO a year ago.
 Building operations during January at 13e leading cities totaled S53, ,OO0, 900, as against $44,0O0,000 in January. 1915, gain of 20 per cent. Although January build ing was the smallest for Il months, it was the largest of any January since 1913 Of the 1S9 cities. 52 showed decreased operations when compared with January 1915. while ST. showed a gain.
 Domestic consumption of cotton in January aggregated 542, 600 -bales,7 com pared with 46S000 bales in January of last year. Exports of cotton during January were 539,000 bales as against 1,372.000 bales in January, 1915 while i'm ports were 57,000 bales compared with 5000 bales year ago. Stocks of cotton in manufacturing establishments on January 31, totaled 1875, 900 bales against 1,ol6OO0 bales year previous, and stocks in public storage and at con- presses were 4,546,0OO bales compared with 4,665.000 bales on January 31, 1915. There were 31,S42,050 spindles active during January, compared with 30, 556,OOO active during January of last year.
 'The trend of commodity prices and of wages has been strongly upward for sometime, the increases already effective meaning an increase of fully $25, 900, 900 in the annual cost of living of the people of this country. That this increase can not go on indefinitely is clear.
 'In spite of hundreds of voluntary wage increases shortening of labor hours and improvements in working conditions, numerous demands of large labor organizations are still pending. notably that of the organizations of railroad men. The present demands on the railroads made by more than 3OO, 900 employees would represent large out lay annually and as much of this in- crease will come directly out of the pockets of other laboring people, the majority of whom are not as well paid as railroad men, it is hoped that some middle ground for fair and satisfactory settlement may be found. Labor gener- ally is well employed and well paid and if 1916 shall prove to be year of peace and good crop year, it will undoubt edly set new prosperity record for the an,,