Evening star., 1921-10-17
STOCKS DECLINE
ABOUT TWO POINTS
Strike Threat Increases
Weakness-WaIl Street
Doubtful as to Action.
BY 1. A. FLEMING.

Brokers' offices in this city with pri-
vate wires to New York were crowd
ed this morning. investors and specu-
interested in the past in the market
waiting for the opening of the New
York stock market and it's subse-
quent action under the influence of
the threat of nationwide strike of
railroad operatives.
No one looked for anything but a
continuation of the sagging trend of
Saturday. accentuated by the over
Sunday news.
All In all. the market met the news
of the day with nothing more serious
than q moderate decline and show
There was no panicky trend whatever,
nor Is any to be expected.
Local representatives of New York
Stock Exchange houses do not believe
rhat there will be a rail strike; they
hold that conditions at this time are
against 1t, while they do not hesi-
tate in their comment to express the
opinion that If a showdown must
come 1t might as well come now as
any other time: that there can be no
restoration of the normal until freight
rates are materially reduced. and that
like cutting of wages is the one thing
that will permit of wage reduction.
Therefore any compromise by which
the threatened strike may be averted
will but postpone eventual settlement.
The crisis. should 1t come. will be
similar to that of 1894. when Grover
Cleveland. then President Of the
United States, was forced to respond
to the strike with threat to bring
into opposition the entire Army to
keep mail trains operating and the
roads open.
Then there was no labor board. nor
even the Interstate Commerce Com
mission. but the United States courts
are open as they were in 1894.
A prominent New York commission
house wired its local correspondent
as follows:
while We do not look for a rail-
road strike. nevertheless this is the
situation which holds the keynote OF
the turn back to Industrial prosperity.
Railroad rates and wages must come
down and If a compromise is reached
now it will only mean postpone
ment of the whole question later.
The suggestion in the morning pa
pers coming from Washington that
the Railroad Labor Board allow the
cut in freight rates to stand and
leave the question of wages until
later on is not favorable and would
not be construed as constructive to
railroad stocks.
But this is only a suggestion and
as we see it will not have any infiu-
ence on the market until something
more definite is announced.
LAS a matter of fact the whole rail-
road situation is SO confusing at the
present time that nothing can be
said one way or the other. 1t seems
as if there is some way that the
strike can be averted and yet the
whole question Of industrial revival
hinges on lower freight rates as well
as wages"
New York Reserve Bank.
In view of the charges made on the
floor of the Senate concerning. eX-
cessive increases in the pay of Off
ciaIs and employees of the Federal Re
serve Bank of New York, followed by
an order for investigation. the fol.
lowing figures relating to salaries OF
the reserve bank named during 1920
o1 are interesting. They are from the
Manufacturers Record and were fur
nished to that publication by J.. 5.
Williams former controller of the
currency
List Of salaries paid officers of Fed
eral Reserve Bank of New York, In
dicating increases paid in salaries
from time of their employment to
1a0n-oI followS