The Birmingham age-herald., 1923-03-05
ADVANCING PRICES. FEATURE WEEK |N| r |NANC|AL C|RCLES'
Cototon Market Displays Remarkable Strength. Steel Prices Move To-
 ward Higher Levels

NEW YORK, March 4.-(By Asso- ciated Press.)-Continued strength in commodity and security prices and additional indications of great industrial activity have featured the past week in finance and com merce. Firmness in commodity prices was in the main reflection of the strong industrial situation. steel prices again moving toward higher levels and the non-ferros metals, particularly copper, making material advances.
 In steel, buyers are still anxious to obtain places on the manufac- turers books, and the makers have now raised their rate of operations close to 90 per cent of capacity while prices of finished steel pro- ducts have risen so that the Iron Ages Index stands at at $27.49 as compared at S1S.1o a year ago.
 There now seems to be a healthy disposition on the part of producers 10 scrutinize new orders with care and to climate those which appear of a speculative character. Some observers believe that the rise in prices is likely to halt in the near future, pointing out that &1 actual shortage of steel is unlikely with production maintained at the pres- ent high rate.
 Cotton Very Strong.
 Cotton is another ommodity which displayed remarkable strength curing the past week. New high records were achieved. the May fu- ture. reaching 30.S4 cents. Here again the movement Is partly a re- flection of large scale industrial &C., tivity, the census bureaus report on mill takings during January having established the fact that high prices have not prevented an extraordin- ary rate of consumption. Mean nile, reports on stocks of tho com Inodity, both at southern points and at the ports. confirm other indica- tions of strong statistical posi- ten and re-enforce the conclusion that supplies will be scanty before the new crop comes Into bearing. It Is estimated that crop of some- thing like 100000 bales. which Is 3,000.000 bales more than that of the past year, will be needed to restore the supply situation to and approxl- mately normal basis.
 Railroad car loadings continue to add their testimony as to the better sfate of business. Curren. figurss exceed all previous records for th. season of the year. Publication cf fair proportion of the carriers earnings statements for January re- fleet this better traffic and suggest that December's showing, wlen net earnings on valuation amounted to b.15 per cent, will be equalled. Thus the first 52 roads to report for Jan ua,y show net of over $44,000, 900 which Is nearly double the amount earned by these roads in January a year ago, when net on valuation came to 2.96 per cent.
 A consideration which is causing concern in some quarters Is the pos s,bl!ty of shortage of labor when out doors work increases in the spring. Labor supplies already are short In the steel indlst-y ard there Is talk of further increases in wages.
 Following the moderate ria. in 'n- teres. rates. which preceded and fol- lowed the lifting of .pe federal re- serve bank rate at New York, tis money market has settled down on tha Eew basis. The bank retur-s indicate that the action of The new Yorl and Boston banks In lrlag'ng tleir rates in line with those a. the o:te" reserve institutions re yulted i1 sarinkage of rediscoints at the former institutions. It also is con- s'darei significant that these banks gl.nel largely in their p.opor;ion- ate holcings of the federal reserve systems gold settlement find. Tak- en as whole. however. the bank i.y situation appears to have un- dergonedergone no marked change.