Evening star., 1921-05-18
STOCKS IRREGULAR;
GASSHARESSOFT
Rails Start Higher. But Soon
React-Some Passing of
DividendS-Notes.

NEW YORK. May 1S.-The response
TO the announcement OF the Railway
Labor Board. that wages of a million
workers would he reduced on July
/. was an opening jump of a half
point to d point and Il half in rail-
stocks.
This was followed promptly by
reaction and the nc; result MAS
gain. which for the most part Was
unimportant.
The reason why wall street did not
enthuse over the announcement WAS
simply that il left the main point AZ
iSSue-the amount OF the Wage r'
duction-quite as much in the dark
as ever. Very few doubted that the
labor board would make some con
cession to the necessities OF tue car
riers. this was the logical sequel 10
the lowering OF pay rolls IN oi"'f
lines. and to the defiatlon in prices
and in profits generally. But IN"
extent to which the railroads of the
country will he relieved rema in.7
quit" AS uncertain after yesterday ;
action at Chicago as it was before.
Back to Industriais.
Following the little furry in the
ais the market transferred us M
terest to the industrial section ana
especially to the shares of companies
today and within the next week or
SO.
The Republic Steel meeting was NOT
scheduled until after the close ol
business and the fluctuations IN tht
stock-first a decline TO new 10"
for the year and later an irregular
recovcry-refiected the vaciiAton OF
trading sentiment between prediction"
that the rate would be passed altog"ther
and predictions that something Wouh
still be distributed. The other evidence
Of tho dav WAS an TO the effect that un-
favorable. dividend action had becn
discounted.
Pacific Mail did what was expected:
passing it's dividend altoGether, ana
the shipping stocks promptly Wen
up. Directors Of Cuban sugar also
fulfilled anticipations. cutting their d.
dend in two and the stock. after a
small dip. more than reSalned l'S
loss.
Call Money : Per Cent.
There was no change in call money.
which again renewed at per cent,
and loaned at that figure most OF the
day. Sterling still showed some hesl-
tation around the four-dollar lever
but francs had a further rise, lnfu-
erced no doubt by the Illuminating
statement published yesterday of the
extraordinary progress made in the
last six months for liquidatlons OF
Frances floating debt in this country.
German marks held their recent gain.
but did nothing else. There were fur
ther indications in the movements OF
neutral rates of transfer of German
government funds from these coun-
tries to the allied capitals, in prepa-
ration for the $250,000,oo0 due May 81
Peoples Gas Reacts.
A sharp reaction in Peoples Gas Col
lowed the denial by the president
that any immediate dividend was
contemplated. Current earnings are
being used to pay off the hoatlng
debt. and it will not be until well
along in the autumn that DIVIDENDS
come up for consideration.
The statement by Mr.. insult that
when dividends were resumed they
would be small at the start. gave
chill to the speculative move in the
stock which has been based upon
expectations of 6 per cent rate. The
impression given by the presidents
remark was that this figure was TOO
high Peoples Gas used TO pay . per
cent in the old times.
This was reduced to 8 per cent IN
1915. and to 4 per cent in 1917, after
which the rate was passed aitogether
Consolidated Gas also dropped on
sharply. this as the result OF the uh-
expected announcement that the price
of gas would be lowered on August
from the present 81 per thousand
cubic feet to s1c5 The compensat-
ing fact. which is the reduction OF D
cents a gallon in the cost of gas oil.
was for the moment overlooked.