Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-05-18
RAILS ENJOYED
SHORT-LVED BOOM
BuIlish Influence Of Wage Cut
Decision Temporized by
Weakness Of Steeis

New York. May 1S.-Wall street was
given an unexpected bit of good news
this morning in the over night an
nouncement of the decision Of the Rail =
road Labor Board that railroad wages
must be cut. They failed to furnish the
amount of reduction TO be made, but
will supply that information on June |,
to become effective one month from that
date. From n market viewpoint. II
proved to be only a bubble, for after
the opening spurge in the rails the
same familiar irrcgulnrity developed
and II soon became q repetition Of the
same backing and filling game of the
preceding sessions
As speCulator- stimulator the pro-
posed railroad wage cut was somewhat
temporized by the paupcriZed condition
of the iron and steel industry. Passing
of the quarterly dividend by the Cam
bria Steel Co.. one Of the principal sub
salaries of the Midvalc Steel, and the
expectation that the Republic Iron and
Steel board will do about the same thing
at their meeting today naturally served
to advertise this unsatisfactory state of
affairs. Another reminder Of the de-
mbralized sugar market was supplied in
the cutting in half of the Cuban Amer
lean Sugar common dividend.
None of these offsctting influences
however. in the slightest way belittleI
from a constructive viewpoint The in
portance of the Labor Board ruling. ],
was anOthar big step in the right dircc
tiOn in the reconstruction program. and
il the market interests. or. porhap.
better speaking. if the professionals
who still enjoy an unoppoS"d domination
IS IA pt1yN yNN ,,I, eli trl,N ,sol
on the incident as market factor
eventually it is going to play every bis
part in shaping value much the sam,
as other constructive developments
within the last four weeks. and which
likewise were given such slight valua
tiOn as market factors.
Money rates continued rather stiff
with the call renewal rate again fXeC
at I per cent. On the other hand, cX-
change was decidedly firm indicating
little apprehension existing as TO a fna
amiCable adjustment of the Silesiar
question. The tirmness of exchange. il
fact, commanded more attention beCaus,
of caustic address of Lloyd George, re-
affirming hiss previous stand on thi
question and taking the French to task
The day started with bulge in tn
rails with advances of | to : points il
that group. Low grades, as well as in
vestment shares joined in the forwar,
swing with the most ConspiCuou
strength shown by Northwestern
Northern Pacific. New York Central
Reading, Baltimore and Ohio. Kansa
City Southern and st. Paul preferred
Additions to the early rise among rail
included Atchison. Great Northern
Canadian Pacific. Illinois Central an,
various secondary or reorganized issues
That division almost as whole re
! tanned or extended its gains during tn
! forenoon. In almost every other quate
| Of the list the movement became NOR
reactionary. independent steels. rail
way equipments. some of the motors an
the Mexican and European oils wer
lower by to points with gas shares
General Asphalt, United States Realt
and the obscure tobaccos were incline
10 harden. but attracted little interest
tShipnings, oils and several Of the steel
and equipments featured the active an
stronger stocks of the id-s"ssion. Th
movement was Of brief duration, how
ever. the entire list falling back whe
thp Mexican and European oils wcr
subjected to increased selling pressure