The Birmingham age-herald., 1924-12-04
INVESTORS FEEL NO UNEASINESS
 OVER OUTLOOK
Price Upswing Is Market Response To Message
 Of President
By. EDWARD J. CONDLON

NEW YORK, Dec. 3.-Resuming the advance in vigorous fashion, the stock market Wednesday gave little hint or uneas!ness on the part of the financial community and investors in general as to the immediate outlook for the main tenance, at least, of present prices in the security markets. Railroad shares more than quadrupled the gains scored by the industrial section, and we have to look no further than the Presidents message to congress for the reason.
 That the transportation act will not be dissected and pieced together again by fumbling fingers, is the essence of the Presidents reference to the rail roads. This, of course, was the stand taken in his election speeches, but the reiteration of his stand on this all-in- portant question did not escape the notice of those interested in rail securi- ties. Locally, traction shares and bonds swung rapidly ahead on developments which may presage a slight change, at least, in the political complexion of Greater New York. Brooklyn-Manhat- tan Transit closed more than points higher for the day, and Interborough Rapid Transit half a point up.
 Sentiments Approved
 The Presidents reference to railroad consultations, meets with the approval of most authorities on the subject.
 
 have lately been mentioned in con- nection with consolidatings, swing high CT in the later dealings.
 The mid-week market was also inn pressed by the weekly review of the iron and steel trade. Estimates that the thrilled orders of the United States Steel corporation, as of November 30, would aggregate more than 300,000 tons, were general and some market observers were inclined to put the figure higher. Even at 3OO,000 tons, the booking would amount to 3,s25,000 tons, the largest amount since April 30 last.
 Act After Close
 One of the most interesting develop ments of the day, development which Wall street had been awaiting with in terest, came after the close of busi- ness, when 1t was announced that the St. Louis and San Francisco railroad had declared an initial quarterly divi- dend of SIPS on the common. thus placing the road on a $5 annual basis. Four quarterly dividends on the pre- ferred stock for 1925 were declared. Els inmates on the earning capacity of the carrier would indicate that in the neighborhood of Il per cent will be earned on the common for 1924.
 The session in the stock market, which again was in the two million share class, was enlivened by the declaration of ex- tra dividends by several industrial con cerns. The dip in call money to per cent after renewing at 3h was in line with hopes, if not expectations. And new 1924 high for sterling added some strength to the situation.
 The quick sale of $10,000,000 French steamship bonds Wednesday morning was indicative of the interest in invest ment abroad. On Thursday morning this interest will be further tested by the offering of S30, 1000, ,000 Argentine gov ernment external 6s, on a 6.35 basis.
 Bradstreets Journal in it's monthly review of commodity prices, shows that the movement In November represented the fifth successive monthly rise.