The Birmingham age-herald., 1924-01-30
MARKET MARKED
 BY UNCERTAINTY
Traders, Find It Hard To Analyze Situation In
 @ Fluctuations
By wiLt JOHNSON fl ssssa Wtrs e Ths Aae AAratd

NEW YORK, Jan. 29-Traders In the stock market continue to feel the dis comfort of strange winds and fearing that storms may be brewing, are peg ging in hard for "blow.' It Is practically impossible to analyze the present market. It becomes buoyant on moderate favorable news and when these morsels are exhausted sells off with a vengeance only to recover to- ward the close. The net result is that speculative manoeuvering are getting actual values nowhere.
 The explanation offered on many sides after the close of the market Tuesday was that expected develop ments in Washington constitute the primary incubus. Some market observ- CTS believe that more big figures in the financial and political world will be in- volved before the Teapot Dome affair Is cleared away.
 hint as to fundamental matters was read by some in the statement is sued by Judge Ebert H. Gary of the United States Steel Corporation after the board of directors had enlarged the extra dividend to 50 cents on the com mon.
 Says Conditions All Right
 The business condition is all right If 1t is permitted to pursue a natural course" he said. Industry generally, with some exceptions, of course. is try ing to deal fairly and justly and in ac- cordance with the laws of the land. The business situation looks bright to me-"
 Then he added: q think one thing will be generally agreed upo1f-at pres ent the administration of government affairs by the executive and those erect and constructive"
 Frank H. Alfred, president of the Pere Marquette railway. Is optimistic, but he has a condition. Never in the history of American affairs since the War Be- tween the States has there probably been brighter outlook for good bust ness in presidential year. Conditions ent promising conditions depend on what transpires at Washington in the next few weeks"
 Steel Dividend
 Well so so," was Wall streets at- titude when 1t was announced after the close of the market that the steel directors had raised the extra from c- to 50 per cent in addition to declaring the regular $1.25 dividend. This places the junior steel issue on a S7 basis. sentiment regarding the extra dividend had been divided and the declaration LOOKS like compromise. Three months ago, steers extra declaration served to tuAh thc WnOle StOCk market from a bearish mood into one of enthusia stic bullishness. Part of that movement still underlies the recently interrupted up- ward swing.
 Perhaps the most cheering part of the steel statement to operators for a long haul was the earnings for the December quarter. There was a decided surprise in net of 49,95S,9S0. It was the best showing by the big corporation for any quarters since the war.
 Wool was conspicuously weak Tues day, due to curtailment of earnings, brought about by moderate weather and the endangering of the dividend rate. Scme specialties were brought down. But in the late afternoon American Can assumed the leadership of the market. making new record high after a re- markable advance. This development had a steadying effect upon the whole list.
 Steel was uncertain all day. Active buying of Erie shares was a feature in the last hour and directed interest again into the low-priced rails. Even the specialties like Davidson Chemical and Cast Iron Pipe recovered a large part of their earlier losses.