The Birmingham age-herald., 1917-02-02
JANUARY SHOWS
 SLIGHT RECESSION
Birmingham Trust Review. However. Indicates That This Is Seasonal
 and Below Usual Average

The general letter on trade conditions and business forecast for February, is- sued by the Birmingham Trust and Saw ings company, is in part as follows:
 Although business totals for December show continuance of the advance made throughout 1916, it is, believed that the opening month of the new year has wit. messed some slight recessions. These are largely seasonal, however, and perhaps have not been as marked as is usually the case. In some leading industries few new contracts are being made, but pres ent bookings extend many months ahead and insure unusual activity over the major portion of this year.
 Bank clearings at 162 cities during De- cember totaled s27, ,00O, GOO, slightly above November clearings, and compared with s2o,o0O, GOO during December, 1915, gain of 34 per cent. Excluding New York city, December clearings totaled 1000o,0oo,00O compared with ss, ,ooo, ,0Oo, GOO in December of the previous year. the gain being approximately 2S per cent
 Exports of merchandise during Noyem- Der totaled 51S,0O0,0OO compared with $32S 000,000 in November. 1915, and inn ports aggregated s177,0O0,OO0 compared with $l55,o0O,000 in November the previous year. There was accordingly favor- able balance of trade during November of $S4l 100000 compared with $173, 3,OO0, GOO for the same month the year before.
 December business failures numbered 1901 compared with 1644 in December 1915. and, liabilities totaled nearly $15. . O00,000 compared with S2S, 0O0, ,00O the pre- yious year. The combined assets of the failed concerns totaed $S,OCO0 GOO compared with S,000,00 in December 1915 leaving net liabilities of about s7,OOO, 900 in De- cember, 1916. and Sl6000,000 for December of the year before
 The lumber cut for November. as in most of the previous month of the year was larger than lumber shipments and totaled sS9.0O0,0O0 feet compared with 956, . 0o000o feet in November, 1915. November lumber shipments aggregated 951 ,0OO, 900 feet compared with 1,040,0 900 feet in November of the previous year. The No vember cut was composed of 927 OOO GOO feet of soft woods and 62, 0O0,OC0 feet of hard woods compared with 900, 900 feet of soft woods and 56,000000 feet of hard woods cut in November 1915 November shipments consisted of S79, 0OO, 900 feet Of woods compared with 972Oo Oo0 feet of soft woods and es,0O0000 feet of hard woods shipped in November of the pre- vous year.
 Domestic consumption of cotton in De- cember totaled 537,000 bales compared with 555, ,0oO bales in December of the pre- vious year Stocks of cotton in consum- ing establishments on December 3l were 2.363 900 bales compared with 1853 GOO bales on December 3l 1915 and stocks in public storage and at congresses were 4,06o, 900 bales compared with 5,l96, 900 bales a year ago. There were g. .S64 .0O0 cotton spindles active during December, 1915. Cotton ginned to January from the 1916 crop totaled 11.o45000 bales compared with 1o,6S7 000 bales to the same date year ago and 14.443,0o0 bales two years ago.
 Many additional wage increase have gone into effect in January and these will serve to give strength and volume to practically all lines of retail trade. and perhaps also to delay little longer any marked decline in the prices of some commodities. Peace opinions vary greatly but irrespective of the cessation Of hos tilities in Europe, business conditions will hear close watching. as some de- cline from the present huge volume Of operations is already clearly indicated.
 Compiled January 22. 1917