The Birmingham age-herald., 1916-08-01
BUSINESS HOLDS UP
 IN GOOD VOLUME
Birmingham Trust Review Gives Outlines of General
 Conditions for Month

The monthly business and financial re- view of the Birmingham Trust and Sav- ings company is as follows:
 Commercial transactions are maintain ing substantial volume through a sum- mer period which usually witnesses a is to be noted in some quarters, and there are definite evidences of readjustment and closer approach to normal.
 Building operations during June at 142 cities totaled ss3,OOo,OOO, compared with s6S, ,OOc,000 in June of last year, a gain of S5 per cent. Building operations have been larger in each month of 1916 than in any corresponding month last year. and for the first half year the aggregate iu- crease is about 25 per cent.
 Lumber cut in May was again larger than lumber shipments, the cut being 100000 feet, compared with 9S5, ,O00,00j feet in May of last year, and shipments, ,l7O,O00,000 feet, compared with 995 100000 feet in May year ago. This excess of cut has prevailed for many months The lumber cut in May (549 mills reportingy was composed of 1,087000,0OO feet of sor. woods and 117,o0OooO feet of hard woods. compared with SS3,000,OO0 feet of soft woods and 102, 100000 feet of hard woods cut in May last year. May shipments consisted of LOTS, 100000 feet of soft woods and 92,000,000 feet of hard goods, compareS with shipments of 920, GOO feet of so11cc woods and 75,000,0O0 feet of hard woods in May, 1915.
 Railroad earnings are not yet fully re- ported for May, but May gross earnings of 173 roads totaled $500, ,0O0, 900, compared With 237O00, GOO in May a year ago, a gai1 of 26 per cent. Net earnings of cAeEe roads aggregated 1030OO,00O, compared with s7o,O00oO0 in May year ago, a gain of 47 per cent. Gross earnings of 46 rail- roads in June were SIS, 0C0,0O0, comparelf with s62, 100000 in June last year, a gain of 26 per cent. The railroads are not on;.s benefiting by the general business ac- tivity, but the movements of grains and cotton have been larger during recent weeks than in the same period a year ago.
 There was a net surplus of 52,o0o idle cars in this country on July 1, compared with 55,00O month previous. This de- crease, which was principally in flat cars, follows successive increases for the previous three months.
 June business failures numbered 1239 with liabilities of $10000000 compared with 1922 failures in June a year ago with liabilities of nearly $19,000, ,000. As the assets of the concerns failing in June this year were less than $5,000, 900 compared with not quite $11,000, ,000 in June year ago, net liabilities were $5,000,000 compared with SS,000, 900 last year.
 Financing by corporations in June totaled $150.000,000 compared with $67,OO,oo0 in June of last year, an in- crease of nearly 125 per cent. Esti- mates of the percentage of this amount used in refunding vary from 20 per cent to 30 per cent. July maturities will total s54,o0o,0O0 compared with SS5,o00,000 in June and $64,000,00o in July, 1915. Preliminary estimates of securities maturing during August place the amount at $22,00,000 com pared with $21 100000 in August of last year.
 during June have total capitalization of $32S.000,000 compared with 231,e00,- 900 dollars in June of last year, an increase of AZ per cent.
 Dividend and interest disbursements during July will total s292, ,oO0, 900 compared with $27ooo0.00O in July, 1915. being the largest July dis dend disbursements will be $108, ,OOO, GOO compared with $94,000,000 year ago, while interest payments will be s1s4,- 000,000 compared with $176,000Oo in July, 1915.
 Money in circulation on July in the United States aggregated $4,018, ,000, 900 compared with $3,924,000,000 on June l and $3,5s5, 0o0.0o0 on July 1, 1915 This is the first time that the circulation medium has ever passed the $4,ooo. .ooo,- 900 mark. The per capita circulation on July 1 was s3923 compared with $38.36 a month previous and $35.59 a year previous. The population of the United States is estimated at 102,423, 900 persons compared with 10O,725, 900 a year ago.
 A final report places the quantity of cotton seed crushed from the crop of 1915 at 4,201,0 tons compared with 5,7S0,000 tons in 1914 and 4.76S.O00 tons in 1913. Domestic consumption of cot ton in June totaled 507.000 bales con- compared with 515,000 bales in June Of last year. Cotton exports in June were 546,000 bales compared with S23,0OO bales in June. 1915 Stocks of cotton in consuming establishments on June 30, were 1,S25,000 bales compared with 1,624.o0o bales year ago and stocks in public storage and at comprcsses were 1,530,000 bales compared with D. 0S6,000 bales one year ago. There were 32,259,000 spindles active during June compared with 31,226,000 in June, 1915.
 Although the crop yield of 1916 bids fair to be better than average, it is probable that 1916 crops with few ex- captions will fall below the product of 1915. The exceptions will be white po- tatoes, which may show an increase of 10, 100000 bushels; rice, the crop of which will probably be 5,000.000 bush els greater than last year; cotton. of which we hope to produce a.00o,0Uo bales more than last year. and tobac- co, which should show an increase over last year of at least 125.000,000 pounds Some large lines of trade report q scarcity of labor and it is quite possi' ble that the aggregate of wages paid will continue to increase. As com modity prices are already on the de- cline, and may be further affected by a somewhat decreased gold production, the price tendencies of all commodities may be watched with profit during the coming months.
 The most apparent recessions th's , month are In the metals trades, which is hardly an unfavorable sign, consid- ering their former abnormal activity. Other lines are keeping up we'll and all lines will undoubtedly present satisfy ing totals. throughout the latter half of the year. Respectfully submitted, ! BIRMINGHAM TRUST AND SAVINGS
 BANK
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