The Birmingham age-herald., 1916-01-02
MONTHLY REPORT OF WELL KNOWN BANK IS FULL OF OPTIMISM
Birmingham Trust Points to Record Operations Being
 Made in Manufac- turing Lines

The monthly business and financial re- view by the Birmingham Trust and Saw ings company, compiled December 22 and made public yesterday, is as follows: Record operations in most manufac- turing lines, heavy increases in building | operations and railroad tonnage and un- usual wholesale and retail business gen. erally is. in brief, the story of the pres ent situation in this country. The total volume of commercial operations being recorded each day has never before been eoualed and instead of the usual lull or ]let-down in heavy lines it is evident that the present activity will carry right through the holiday season.
 November bond sales totaled 130 mil llion dollars against 32 million dollars in November, 1913. For the first Il months 1 of the year bond sales were nearly S4l million dollars compared with 427 million dollars year ago and 456 million dollars l two years ago. For the same period of 1909 bond sales tota1ed 1900 million dol lars, which remains as the high record. The average price of a selected list Of high-grade bonds is 92 compared with SS a year ago and 91 two years ago. The average price of 25 selected railroad bonds is nearly s4 compared with Y a year ago.
 Dividend and interest disbursements for
 December will amount>to 147 million dol lars compared with 133 million dollars a
 year ago. Dividends will total 57 million | x1rito mi a year ago and interest will be 90 million dollars compared with S6 million dollars for the same month last year.
 Maturities for January will amount to 66 million dollars, the total maturities for next year being less than 501 million dol
 jars compared with maturities for the
 current year amounting to S76 million dol
 lars. The major part of the maturities in
 January are railroad securities.
 Financing by corporations during No
 vember totaled IFS million dollars con-
 pared with 31 million dollars last year
 and ST million dollars two years ago.
 The number of business failures during
 November was 14S1 compared with 100 for
 the same month last year, and the liabil- ities of the failed concerns were less than IS million dollars compared with liabill-
 ties of over 9 million dollars for the con-
 cerns failing in November, 1914 The as- sets of the concerns failing last month covered more than one-half of the lia- biities, the net liabilities being only
 about million dollars.
 Building operations for November in 1GC cities aggregated 73 million dollars com pared with 49 million dollars a year ago, 8 million dollars two years ago and Il
 million dollars three years ago. Out
 of 160 cities 12S show gains over last year for the month and the decreases recorded in 32 cities are slight.
 Gross earnings for all steam railroads for October were 311 million dollars com pared with 274 million dollars for the same month last year, an increase of 37 mill lion dollars or nearly IA per cent. Net earnings were 19 million dollars com pared with S9 million dollars year ago, 8 gain of 30 million dollars or nearly 34 per cent. An increase of not quite per cent was shown in operating expenses. So far as reported, gross earnings for November show an increase of 30 per cent over last year with a very slight increa Sc
 in operating expenses so that when all re- turns are in net earnings for November will probably show an increase of between 35 and 40 per cent over the correspond ing month a year ago. The increased earnings of the western roads are largely due to heavy grain movement, and this applies to number of the big eastern lines. The cotton movement was small
 and yet the southern roads were able to make a better showing which promises well for earnings of the southern lines when the cotton movement increases During four weeks ending November ]27 we exported from the 13 principal cus- toms districts a total value of 3O9 million dollars, and imports arriving at these same ports totaled 125 million dollars, cre- ating a favorable trade balance for us for the four weeks of nearly 1884 million lar 10 tWn
 cember Il exports were 1S9 million dollars and imports less than "A million dollars, creating favorable balance for the two weeks of 115 million dollars. As these ports normally handle 90 Der cent of the country's foreign trade our total ex- ports for the six weeks ending December Il were about 548 million dollars and our imports 219 million dollars, leaving a fav- orable trade balance created in the past six weeks of approximately 329 million dollars. This favorable trade balance cre- ated in the past six weeks is greater than our favorable balance for the entire year 1909, the year 1910 or the year 1914. The importance of this tremendous favorable trade balance created in six weeks will
 be better understood when we remind our
 selves that just year ago we were much concerned regarding the paying off of our floating indebtedness in Europe amounting at that time to just about the same as this six weeks favorable trade ibalance
 The northern pine output for October was 69 million feet compared with 92 mil lion feet a month ago and 97 million feet a year ago. Shipments were "A million feet compared with 70 million feet a month lago and 73 million feet year ago, thus making a considerable decrease in the visible supply and tendency toward higher prices.
 l The southern pine output for October was 401 million feet compared with 40s million feet a month ago and 373 million feet a year ago. Shipments were 463 mill lion feet compared with 447 million feet a month ago and 3S0 million feet year ago. the result being a considerable in- crease in the visible supply and a ten dency toward lower price level which should partially but not wholly offset the northern pine situation.