The Birmingham age-herald., 1923-01-29
UNREST IN EUROPE
 BRINGS DUE TNESs IN MONEY MARKE ETS
Reports From Industrial and Trade Centers EnCourag- ing-- Business Reported
 Better Than Normal
By Associated Press

NEW YORK, Jan. 2S.-Quietness and marked irregularty in the fi- nanciai markets during the past week offered contrast to the en- couraging character of reports from domestic industrial and trade cen ters. The Ruhr still acted as brake on speculative enthusiasm.
 It also appeared that the security markets had entered into something of a resting period, the effects of the early January reinvestment demand having passed and the unusually large volume of new capital issues having taksn the edge off the bond market for 'the time being
 A firm undertohe was, apparent. Reports of good earnings come from & number of important quarters and expectations of good domestic busi- ness continue to be general. In fl- nancial quarters the opinion still holds that the French entrance into the Ruhr was ill-advised, but there is disposition to be hopeful with re- gard to the ultimate results.
 Trade Reports Cheerful
 American trade reports are dis tinctly cheerful Many signs indicate that business is considerably better than is usually the case at this time of the year. Prices are firm de- mand is active and the initiative is now stated to be by buyer rather than the seller.
 The steel industry production is being maintained at the best rate at tained during the present recovery. Consumers are anxious to increase their orders and in number of in- stances prices are higher as a result. Recent buying of fabricated steel is stated to be extraordinarily heavy, but the demand from the railroads from the builders of equipment and automobiles Is being well N main tained. Increased activities are>also reported by the manufacturers of az ricultural machinery.
 Rail Traffic Good
 Railroad traffic, continues at the peak for the season and railroad earnings appear to be improving AL lowing for seasonal tendencies, No- vember earnings were better than October's and the first few returns for December suggest that the gain has been progressive. This situation. with the improvement in the south ern position, as a result of the rise in the price of cotton is considered to lie at the bottom of the moderate re- vival of interest in railroad stocks which was shown on the New York exchange during the past week.
 One of the most interesting flea lures of the past week was the active speculation in cotton. New high rec ords were touched. with the principal futures around 29 cents. after which heavy profit taking and short selling resulted in reaction of center more. The census bureaus report on ginnings to January 16, which showed total of 9,964000 running bales was taken as indicating that the actual crop will fall slightly short of the 9,964,0OO bales of 800 pounds each which were predicted by the department of agriculture. Up to the time the advance was checked the market at Liverpool continued to play a leading part, and prices were notably strong in the southern spot markets.
 Money market conditions remain comfortable and the bank statements confirm the impression that there are ample reserves of banktaing power. The reserve ration of the fed eral reserve system as a whole made another slight advance and at 764 per cent stands at approximately the same level as a year ago.