The Birmingham age-herald., 1923-02-12
.B|G ADVANCES N STEEL INDUSTRY
 FEATURE IF WEEK
Reports for January Show High Daily Output, While Untitled Orders Are
 Filing Up

NEW YORK. Feb. 11.-(By Asso- ciated Press.)-Optimism over the do- nestle situation continued to be the dominating factor in the financial markets of the past week. Securities | showed much strength, and the pre- vailing impression in Wall street. was that the upward movement largely reflected the reports of increased in- dustrial activity and the satisfactory annual financial returns which now are being published. Meanwhile there was a tendency to feel less anxiety over the foreign situation. while distinct satisfaction was ex- pressed over the encouraging prog ress made in the British debt funding.
 Reports from the steel industry continue to be of particular interest. Pig iron production during January totalled 3,230,000 tons, which is prac- tlcally twice the tonnage of January year ago and corresponds to daily rate of 104,0 1000 tons. This is the high est rate attained since October, 1920, and compares with the all-time rec ord of l44,O0 tons, made in Septem- Der, 1918. Interest also was displayed in the fact that the Steel corpora tion's thrilled orders increased I65.- 900 tons in January. despite the fact that the corporations plants are now operating approximately 90 per cent of capacity
 Price Rising
 Increase in demand for steel prod ucts is so marked that some observ- CTS are alarmed over it's rapidity. As the mills are well booked for several months ahead and consumers are anx- ious to enlarge orders and secure early delivery, prices still show a tendency to rise. It is stated, how ever, that speculation is not a factor nthe larger demand and that all in terests are anxious to keep the situa- tion from getting out of hand Taken altogether, recent developments have led steel makers to take a decidedly optimistic view of their prospects. Whereas a short time ago confident prophecy did not extend beyond the first quarter of the year. it now em- braces the second quarter as well. while feelings about next autumn s business are hopeful. ,,
 Confirming other favorable indica . tions, the general level of commodity prices held firm during January. Both Duns and Bradstreet's indices rose slightly. The interesting feature of the movement was the disparity shown by different groups of com modities. Farm products reacted after earlier advances, but prices of com modities utilized in industry were generally higher.
 Near East Affects Cotton
 Effects of the vagaries of the Turk ish situation have been most appa- = rent, not unnaturally in the cotton market Liverpool has betrayed a certain uneasiness from day to day and this feeling has found reflection in the American markets. Wide fluc- tuations have prevailed accord ing as to whether the news has sug gested a clash, or has almost uni formly been the case, reported the avoidance of one. Meanwhile the southern spot markets have held firm and the undertone has been good particularly when the size of pre- vious advances is taken into account.
 Grain prices rallied appreciably during the week and reached new highs for the present movement. No change has been apparent in the sta tistical situation, but speculative sentiment is better than recently has been the case.