The Birmingham age-herald., 1923-01-31
PROFESSIONALS IN CHARGE OF BULK OF STOCK TRADING
By Associated Press

NEW YORK, Jan. 30.-Railroad shares were strong in the stock mar ket today, but the whole list turned heavy at the close in response to ex- tensive profit-taking by recent buy ing and short selling of number of industrials and specialties. opera tions on the short side of the market were influenced by the further weak ness of foreign exchange and foreign bonds.
 While the recent spurt in railroad shares has increased public participa- ton, the great bulk of trading is still being dome by professional interests. Several large operators are reported to have adopted a watchfulwaiting attitude pending more definite devel- opments in the foreign situation.
 The quarterly report of the United States Steel corporation, issued after the market closed, came as a surprise to Wall stree<, which had. expected that both the common and preferred dividends would be earned with about $2,150,000 to spare. Instead, the cor poration earned only SIC of the SIPS dividend on the common. stock as compared with 9Sc the previous quar- ter. The earnings on the cotton stock for the year were equal to S2.S5 share as against SPA in 1921.
 Wall streets expectation of sur plus over the dividends for the last quarter was based on reports of pro- duction at 80 to S5 per cent of capac ity, with a steadily rising price ten dency. Failure to earn all the divt- dends is explained in part, however, by the fact that more than $12,oO0,e0e was set aside during the last quarter against depreciation and sinking fund as against sS,290,000 in the last quar- ter of 1921.
 United States Steel shares were in- active, less than 10000 shares chang ing hands between 106... and 105Ss the low and closing price, represent ing a net loss of 3s. Gulf States Steel dropped 1 1s and Otis Steel rose 1b. Other steel shares showed onlyynomi nal changes.
 Rail Shares
 Railroad shares started off well with Iow-priced issues in good de- mand. Chesapeake and Ohio reached a new top at 7sas and then dropped to 743s. Other shares which suffered in the late reaction included Reading, Baltimore and Ohio, Norfolk and Western, Delaware and Hudson, "Soo" and Lehigh Valley, all off point or more Chicago and North western and Reading first preferred each closed 1A higher. New Haven touched 22k and then fell back to 21% for a net gain of %.
 Baldwin and Stakeholder dropped l and 1A points, respectively. Atlan- tic Gulf broke nearly points on re- ports that tho government was going to press it's claims for back taxes and other shippings declined in sympathy. Oils were mixed, California Petro- 1eum going to higher ground, while the Pan-American and Standard Oil issues fell back. Jones Bros. Tea, Jewell Tea preferred, American Brakeshoe and Steel and Tube pre- ferred were strong. Cosden and United Retail Stores were conspicu- ously weak.
 Sterling Recovers
 Demand sterling showed some re- covery, but other foreign exchanges were weak, French francs dropping to 6.02Hc, the lowest in two years and German marks dropping from .0025c to .0021c, another new low rec ord. Call money held at IA per cent. The time money market was quiet, some short term loans being arranged at f E per cent, with bankers demand ing A for the longer maturities.
 The commercial paper market was steady, the bulk of the prime names commanding Az per cent.
 Days total sales, 693,000 shares.
 Twenty industria1s averaged 97.75; net loss. .51. High 1922, 1o3 fl; low, 1889.
 Twenty railroads averaged S6,5s; net loss, .02.