The Birmingham age-herald., 1923-02-19
IGNORING EUROPE NATIONS BUSINESS MARCHES ONWARD
Leaders Feel This Country Can Enjoy Prosperity in Spite of Anxiety Felt
 Abroad
SCHOONER PICKED UP.

NEW YORK, Fes. Is. e-(By 5Asso-. ciated Press.)-Evidence accumulat- ed during the week of an accelera- tion in the pace of the business re- vival. Although anxiety still exists over the potentialities of the Euro pean situation, the feeling has grown that this country can enjoy prosper ity, for some time at least, without regard to any improvement abroad.
 Some lines of business already have been stimulated as 8 result of the French occupation of the Ruhr.
 Steel prices have stiffened marked ly within the past week. Much of the present buying is due to a desire to obtain supplies against later higher prices, as the trade is beginning to fear that the market may get out of hand. Losses are inevitable when re- action comes. as it must sooner or later.
 Activity in steel has contributed largely to maintenance of record rail- road traffic for this season of the year. With the building boom un- abated with much coal still waiting to be moved. and with heavy retail distribution of goods. traffic pros- poets for the next few months at least are bright. The grain move ment has fallen off to some extent. but this has been more than offset by shipments of lumber, coal, coke. cement. automobiles and building materials.
 Rail Situation EncourasInx.
 An encoura ging feature of the rail- road situation is that. in contrast with 1920. the roads have been able to translate their increased business into larger profits A comparison of net operating income of 20 repre- sentative lines shows that in 1922 they earned a total net of s467 900, 900 a against s403,000,0 900 in 1921 and s45,00O, 900 in 1920. The class I rail- roaus as whole last year earned Al per cent of their tentative valuation as fixed by the interstate commerce commission as compared with BPS per cent in the previous year. In De- cember an even better showing was made. with net returns at the rate of , .i5 per cen on valuation. Early estimates indicate that January earn ings will show further improvement.
 The showing of the leading indus trial and public utility corporations is no less impressive. Twenty seven industrial companies which have pub lished annual reports for 1922 made net profits of s1S2.000. GOO. which com pares with s74o0o.0o0 in 1921.
 Leaving the reports of steel com panies out of the compilation. profits actually exceeded those for 1920, and this despite lower commodity prices in 1922.
 Cotton In Demand.
 Publication of these reports has had much to do with increasing pub lie participation in the stock and bond markets and the resultant forward movement of security prices
 fin the commodity markets the fea- ture was a resumption of heavy buy ing in cotton. under the stimulus of a favorable report on consumption, is- sued by the census bureau. The re- port shows that the mills consumed in January 610.375 bales. an amount which has been exceeded only twice heretofore. The price for May fu lures moved up to within points of the high for the year, with some re- action later on profit-taking.
 Money was somewhat firmer.i time rates moving up to per cent for all maturies, while call rates ranged be- tween 4 and $ per cent. Yhe ihcreas ing demands of business, higher prices and the cumulative effect of the heavy offerings of new bonds in recent months foretells, in the opin- ion of many close observers more firmness in the nearJfuture, Money, however, is still relatively cteap. and the banks apparently are able to take care of all demands Without re-
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