The Birmingham age-herald., 1923-01-23
LARGE TRADERS PLAY "WATCHFUL WAITING" GAME
By Associated Press

By Associated Press
 NEW YORK, Jan. 22.-Bear spec ulators endeavored to bring about another reaction in today's stock market, utilizing the -unfavorable week end developments abroad as an excuse, and while they succeeded In depressing a number of active issues they failed to bring out eny large volume of stock or to break through last weeks low levels. This was re- garded by some observers as an in- dication of the markets inherient strength but others were inclined to regard it as merely reflecting a "watchful waiting" attitude on the part of large traders.
 Opinion is general that the Euro pean situation is exerting a decidedly restraining effect on business. Some uEeasiness was caused today by the further depression of French and Belgian bonds, number of which established new lowSrecords; another slump in foreign exchanges, some of which are approaching their Novem- Der lows. and news of railroad and miners strikes in the Ruhr.
 Drop in Sterling
 Demand sterling was quoted around s4.6615. as compared with last weeks high of $4.67A. French francs drop ped to 6.34, as against Saturdays close of 6.4915 and the extreme low of 617 established last November. The high mark of TIA this year was made on January 2. Italian lire sold around 470 and German marks were selling at .0047 cents, only slightly above the low of all time. .0042 cents, which was established last week. The abrupt break of 56 points in Danish exchange was generally believed to be the indirect result of the weakness of German marks, which have been heavily traded in Copenhagen.
 Major activity in the industrial list centered in Baldwin and Studebaker, the former showing a net loss of s4 and the latter +. Pan-America is- sues were active and strong on off, ficial announcement that the com pany has no immediate intention of offering a s25,000.000 issue of ' per cent preferred stock, Saturdays re- ports to that effect arising from a misinterpretation of an amendment of the company's certificate of incor- poration. Pan-America A touched SS and then reacted to S7ss for net gain of IFS and the B closed at S0A for net gain of 1ss.
 Paper Weak
 Weakness of industrial paper, which closed at 49A, a net loss of | 9s was predicated on the speculative belief that the annual report would show a large operating loss. Reynolds Spring broke more than points on announcement that the company in- tends to put out another issue of 73,500 shares of common stock at SIP a share. Steel and Tube preferred touched 106s on a revival of reports that it was to be retired soon at 110. but it reacted later to 1031a for a small fractional loss.
 Fisher Body broke more than points on reports of new financing and Kelsey Wheel was off 6 points on small turnover. Wilson & Co., was strong on reports of higher earnings. Pressed Steel Car pre- ferred, which has been under pres sure as result of speculative un- certainty over the dividend, rallied 2i5 points on reports that the divi- dend would be paid.
 Rail Shares Easy
 Railroad shares eased off, the most activity in the low priced issues Southern Railway, which enjoyed a period of strength last week Was quite active around 29, closing at a fractional loss. New York Central dropped point to 93, or 215 points below the high of the year. Union Pacific established a new low for the~year at 1858, but rallied point later. Call money opened and held al per cent. All time money maturities are quoted at 4h and A. with few loans up to 90 days being reported at the lower figure. The bulk of the commercial paper business in prime names is done at A per cent.
 Days total sales 62S00O Shares.
 Twenty industrials averaged 97.25; net loss, .36, High 1922, 10S.4S; low, 1859.
 Twenty railroads averaged S5.1o; net loss. .26. High 1922, 9S.9s; low. 73.43.
 LIVE STOCK
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