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The New York herald. [volume] (New York, N.Y.) 1920-1924, March 12, 1921, Image 4

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414? Italian leather gueaf books,
various desifriB. $3.50 to $10
HOW many of the
rare and charming
things which are to be
found today at Oving
ton's, will be prized as the
heirlooms of the future?
"The Gift Shop of 5th Avt."
314 Fifth Ave., nr. 32d St.
HOUND tJ*wy]
War Tax 24 ccim
Sundays: Mar. 13; Apr. 10, 24; May 8
L'-avp W. SSU St., 8.17 . Liberty St.,. 8.o0 AM.
JMckcon Ave.. Jersey City, $.R1 A. M.
Bread St., Newark, 8.17 A. M.
Atlantic City Excursion
EA.STER, March 21, 93.40. Tax 29c.
8, 12, 16-Button
French Kid,
Suede & Mocha
For Women:
Tli" World's Greatest Ueatlior Stores
4N 1 iftli \\e., New York Hrrmdwuj
HohIoii?145 Tremont street
London?K0 IJeeent Street
Dealers Throughout the World
Dr. Grant i
j During Lent will speak on
? ov
? SUNDAYS, 4T 11 A. M?
f ON
At Church of the Ascension
Vvr. .iiici 10th
Easter Gifts
Finely Bound Bibles
Prayer Books, Etc.
681 Fifth Avenue
Oppc^t* St. Thomas's Ckutrk
Just one trial convinces you Sloan's
Liniment helps drive away
rhium it r tuinftes
WHY endure pain when you know
Sloan's Liniment will relieve
it promptly? It couldn't re-)
rityin the World's Liniment for 39 years,
if it wasn't highly beneficial in relieving I
rfc^urr.atic aches, stiff joints, sore
-noscles. lumbago, lame back, neuralgia,
stains, bruises and the results of ex-*j
poKure to bad weatehr.
'Ycnftratr* without i.-bhini), leaving no
stained skin, clogged pores, mussiness.
\ .T>ain and aeh"*iniment that stands
*}?ne in doing what it is meant to do.
<?4t a botth? today and kerp it handg.
VII druggists. Thrw sizes 35c, 70c,
$1.40. '1 he largest is most economical.
?* ?" *
Keep Your Skin-Pores
Active and Healthy
With Cuticura Soap
r??rywhgrt F>rwmyTn
yjrtrt?: CqMc<?raL*b*r*f rhu wy X.
"? f!
If you have money to in
;;vest and are seeking op
??portunities in the busi
ness world, either as a
;partner or as an owner
;;of business, consult the
Business Opportunity col
? Junius of The New York
Herald both daily and
;; Sunday, which usually
!Jappear daily among the
; {classified advertisements
; .iind in the Want Direc
tory on Sunday.
Oil, Steel, Tobacco, Beet Sugar
and Motor Also Hard Hit in
Holders Become Frightened
and Bargain Hunters Appear
at fnloading.
The stock market yesterday was
again the scene of drastic liquidation
and severe attack which sent prices
down to new low levels for the year and
in many rases below the extreme lows
of the terrific smash in values of last
With the first attacks directed against
the railroad shares, as they had been on
the preceding day, the selling of stocks
broadened as the day progressed, and
In the early hours of the afternoon the
oils, steels, equipments, tobaccos, some
| of the motors and a number of special
ties were let go by disquieted owners
with very little regard for the price
which had been originally paid for the
[ same securities. Not a little of the
selling of securities yesterday is under
stood to have been for the purposo of
| securing funds with which to meet in
| come tax payments due on March 15.
Trading for the day aggregated more
than 1.000.000 shares for the first time
since January 11, and was within fewer,
than 100,000 shares of the highest total '
1 for this year, which wits 1,160,980 on
' January 10. The selling was not of the j
indiscriminate character which marked !
| the violent declines of last December, j
i however, and more attention was paid to j
current financial position and other fac- ;
tors with respect to certain issues than
j'i# usually the case in a rout such as j
>onif of the Henry l.oirri.
Many s*.?cks which recently have made >
statements showing their financial posi
tion to be very secure, or whoso tech- t
nlcal position iu the stock market made
bear raiding inadvisable, were not sub
jected to the pressuro that the majority
of the list was forced to withstand.
Declines in the active list ranged from
small fractions to a* high as 12 points,
| the latter being the day's loss at the low
I point of Mexican Petroleum, which was
| the subject of particularly sharp attack
; in the last two hours of trading. Trad
ers learned or" a largi* number of stop
loss orders in Mexican Petroleum around
150 and under, and once they had broken j
it through that point it fell, with no
apparent support of any kind.
Other heavy losers were American
Sumatra Tobacco, American Beet Sugar,
American Tobacco, Baldwin Locomotive.
California Petroleum, Consolidated
Cigar, Hock island, Atchison. Southern
Pacific, Norfolk and Western, Strombcrg
Carburetor, Kndicott Johnson, and in
numerable others. Very few were the
gains recorded on the day, and most of
these were in very inactive stocks.
The following table gives tho closing
prices of a number of stocks which suf
fered severe declines yesterday, with the
closing flgure of Thursday and the lows
reached in December:
Dec. |
Frf. Thurs. 1920
\ close, close, low. I
S;ates Steel 78 7'JV? 78',4
'IVWiblA 8tS1i W, 70
rts'dwlri 84. i 87', tr
Amorican locomotive H'2'A 8."'i 7t I
Mexican Petroleum 144>; 154% lftOVt |
Pan-American ft" 76ft'i
Sludciiaker r>K (>n r.7V
Chandler Motors 7<>v. 71>4 M>>,
American Beet Sugar 40-,i
American International.... 40V, 41' .10'*
Allied Chemical 40-, 41'; 41U
Kearilns fit>H ?0' , 74>i
Grest Northern pf 70 70'2 70Vi
Holders Become Frlthleneil.
The day's decline was precipitated
by heavy selling from one commission
house, which was reported to have sold
an aggregate of more than 100,000 shares
during the day. This, it was reported,
represented the throwing: overboard of
a weak speculative account held in this
house by a customer who had failed
to meet recent calls for more margin.
This kind of selling, helped along
by tdje bear operations of the profes
sionals, produced cumulative weakness
in tho entire list, and many holders
of long stock, wMle amply protected
in the way of margin, became fright
ened at the extent of the decline and
ordered their stoc ks sold for whatever
they might bring.
This went on right through the en
tire session, with the result that at
the close there was little of a construc
tive nature to reflect upon In going
over the day's happenings. It was re
ported from many commission houses,
however, that the old time bargain
hunters were in the stroet in sizable
numbers, and that much buying of the
character usually called "good"' took
place while stocks were breaking to
new low levels.
Pmii,*I)eijh!a, March IT.?The direct
ors of the West Jersey and Seashore
Railroad, which comprises the Pennsyl
vania Railroad lines to all southern New
Jersey points, to-day decided to defer ac
tion upon the semi-annual dividend "un
til the business and financial condition*
for the year can be more definitely as
certained." A statement Issued by the
directors said ;
"Since the wage Increase granted by
ttie Labor Board, effective May 1, 1920.
there has been a marked < hange In con
ditions; wages of employees in general
hr.ve been materially reduced, and the
cost of living has fallen off. which war
rants a readjustment, of the present
mage ecale."
The present notice excepts those
classes of employees covered by the
.previous wage reduction of March 3.
addressed to all laborers.
The Weet Jersey and Seashore stock
has been paying 5 per cent, annually.
Atlanta Strike Likely to Go
Before Harding.
Atlanta. March 11.?KfTorts by two
Federal mod la tors to settle the wage
strike on the Atlanta, Birmingham and
Attaiftlo Railway came to a sudden end
here late to-day, when, after refusal of
R. L. Rugg, receiver, to enter Into the
proceedings, the tw6 commissioners an
nounced they would return to Washing
The mediator#. Tj. C. Chambers and
Whitehead Klutts, If was ine dated, will
place the matter before President Har
ding In an attempt to restore service on
th# roa*. which has been psraljrtcd stnc<
the strike began, a week ago. Their
'tatemefit was made < ontemporaneously
with a prediction by Col. Rugg to the st
reet thst praeM'-ally normal MTYke
mleht be resumed next week with new
In finally declining to enter into set
tlement negotiations through the < om
mlssloners Col. Rugg said:
"No muttT wli;<t conclusion might be
readied by arbitration. 1 eou:d not pav
any more n r nsy thsn the roitd earns, for
tlie obvious rra'-'>n Hint I wotiM haV'- n.j
Kane with which to pay. Thl" prop"?i
ilon Is no mere sus'septihle to compromise
thsn the multiplication table.''
t >
Colorado Plant to Add
1,000 New Steel Workers
pUEBLO, March 11.?The Colo
rado Fuel ami Iron Company
?to-day announced that owing tc>
Improved conditions in the steel
industry 1,000 additional men
will be employed commencing
next Monday morning. Four
idle mills will reopen, 'running
two eight hour shifts.
Continued from First Pane.
glad to ni?et any one llr. Davis desig
"If Mr. Davis can get from the pack
ers assurance thai they will maintain
the status quo. not enforcing' thei wage
and hour proposals effective Monday,
we in return will be glad to defer our
vote for a strike."
The labor chief said the strike ballot*
would probably be mailed out to-mor
row, "unless the status quo is agreed to."
he said. The executive* board probably
(would name labor's two representatives
to-morrow, the secretary said.
A statement issued by the American
Association of Meat Packers to-day
said the possible strike of Stockyard
workers has liad no effect on the meat
"While live slock prlpes have risen 7
cents a pound in Chicago in two weeks
there has been no change in the other
big meat centres. 'Plie local increase
was due to suspending of pork killing
by several .smaller packers and the re
sultant competitive bidding oC butcher,
who wanted to lay In a large stock."
Thos. E Wilson Cites Byprod
ucts of His Business.
Thomas E. Wilson, president of the
Institute of American Moat Packers,
declared yesterday that certain definite
signs of healthy recovery can be noted
here and the?;e in the meat packing in
"This improvement T regard as sig
nificant," said Mr. Wilson, "because it
is occurring in such staple lines as
wool, leather and hair, always a good
index to general business. Also, it is
developing in a way to indicate that it
is not a slight spasmodic spurt of buy
ing, but the result of bare shelves and
eleaned out back stocks.
"Kor example, dealers who have been
out of the market for months are bu.v
ii?? three and five sides of leather,
wftjreas formerly their orders would be
for twenty-five to fifty sides. They an'
coming back more than once with these
small orders. This means, of course,
that their surplus supplies have been
exhausted and that they have been j
forced to come to the markets. This |
experience is happening in a number of j
our lines. You .might call this <n hand ;
to mouth business, but to the'expert- j
enced eye It is substantial evidence that i
>5he low point of the depression has been I
passed in soma lines at least."
New York SlHtr I* blithe \l*?
Imlorxe HI nti lin ni t <> n *'Courii|tr."
Syracvse, March 11.?The Now York
State Publishers Association, at a meet
ing here to-day, adopted a resolution
opposing n working basis of less than
forty-eight hours a week in the printing
trades. Tffc? association adopted a reso
lution Indorsing the "courageous'' stand
of the publishers of the Blnghamton
Homittfi Hun and the Blnghamton J'rcaa
in suspending publication because of the
"unwarranted" demands of the typo
graphical union for "very large Increases
in pay and reductions in hours of labor." I
The action of the publishers followed
the adoption of a resolution "unalterably ;
opposing" the forty-four hour week by !
the Second District Typothetse Kedera- j
tion, which includes 230 master printers. :
This resolution declared that the forty
four hour week would Increase produc- j
tion costs and the selling price of
Washington. March 11.?The National i
livestock Association announced to-1
day that it had filed with the Inter- ,
state Commerce Commission complaint j
directed against all leading railroads |
attacking the present rates on ordinary
livestock throughout the country.
Continued from h'irtt Page.
ins time and waiting to see what is be
ing done elsewhere.
Krom the laflor Bide there was little
comment on the action of the roads. |
B. M. Jewell, chairman of the Railway i
Labor Department, said He hud known
the i<ioposals were coming for some time
and that lie would have to wait until he
received more details before issuing a
formal stuiemcnt.
Other officials questioned the right of
the roads to confer with their employees
b\ iiidh idual crafts, as the Pennsylvania
Railroad recently announced it would
do. The union men said each road
would have to hold one conference with
representatives of all employees whose
? \-{,Cos were to bo cut and could not deal
ndividu' lly v itli different unions.
J. Luhrsca, president of the Ameri
r:,n Train Dispatchers Association, de
nial (led t.iat Senator Cummins, ohair
? ilit it of tie Senate Interstate Commerce
i .?ni'i.itiec.? make a Senatorial investi
-tation f the situation.
"Notices of proposed wage reductions
i,n individual railroads have been ex
i voted since the meeting of the railway j
? .-utiv< s here on February 18," said
1 \\. Jc:t l>auck, former secretary of the
j War ,1 ..tbor Hoard and now consulting
i i>eonomist of the railroad unions. "It is
part uf the plan to deluge the United
Slut' s Labor Board with a multitude of
.ionn'ilaints and cannot bo of much fi
nancial benefit to the railroads.
"One complaint after another must be
considered by the Labor Board and o,
] considerable period of time must
elapse before a sufficient number of
decisions, even if favorable, can be se
cured by the railroads.
j "The New York financial distrct al
ready h. recognized this tendency. In
j spite of the fact of the proposed wage
: reductions and the sanction by the
' tSo\ eminent to advance payments of its
; guarantees to the carriers, railroad se
curities liave reached another low level
on the Slock Exchange.
"Thi- wotpd not be so if the railroad
executives were straightforward and
sincere in their labor policy, and if
. their plans v ere directed by the most
intelligent and far seeing of the heads
of tho roads. If financial relief and
not the breaking down of the labor or
ganizations were the object the rail
roads In a certain area or district would
notify their employees of proposed
wage cuts, invito tliem to select repre
sentatives to meet the representatives
jot the carriers in conference nnd then.
if no agreement could be rcached, a
i complaint covering a. large number of
! railroads nnd their employees would be
; taken before the Labor Board."
Uusto.v, -March 11.?The Boston and j
Maine Railroad Issued notice to-day of |
a proposal to reduce wages to certain ?
classes of employees, including clerks, :
maintenance of way men, machinists
and carpenters, on April 16. It was an- j
nounced that conferences would be ar
> ranged with representatives of the cm
p'oyecs to discuss the situation.
Bethlehem, Pa., March 11.?Officers !
of the ljehigh Valley Railroad and rep
resentatives of more than 0,000 of its
employees discussed a proposed wage
reduction for common labor here to-day
and agreed to meet again on March 22 I
for further consideration of tho com
pany's proposal.
1'oRTi^AN'o, Me.. March 11.?The Maine
?'intral Railroad management said to
day that'a reduction of wages would be
proponed soon to certain classes of em
ployees including clerks, mechanics, j
. achinlsts. maintenance of way men,
*iation men and heads of departments. !
It is estimated that 4,300 employees
will be affected.
Omaha, March 11.?The Union Pacific j
Railroad has proposed a reduction of IS
cents an hour in the wage scale of com
mon labor, it was announced to-day. The
decrease would be from 4S to 30 cents j
an hour.
St. Paul. March 11.?Wage reduc
tions ranging from 48". cents an hour to j
a minimum of 2j cents are contemplated (j
for unskilled workers by the Northern \
Pacific and Great Northern, it was al- !
leged late to-day. | j
Denver. March 11.?Officials of the
Denver and Rio Grande Railroad Com
pany to-day announced a further lay
off of 700 shopmen. The road has laid
off moro than 2,700 employees since Jan
uary 1. No action lias jet been taken
to reduce wages. It was said at the com
pany offices.
Continued from First Page.
resignations did not cause grief in times
such as these.
Itnuila Mind) lo MnUe i'leas.
The railroad executives are ready to
state their ease to the labor board at
once. They are prepared to produce
statistics, and records to back their
contention that wages must be reduced.
Just what tlic railroads intend doing
in case the I-abor Board concurs In their
arguments for lower wages remains to
be seen, but It is not taking great
chances of error to predict that one of
the tirst thing the roads Intend Is to
promise a proportional decrease in
freight and passenger rates. And an
other of the early moves is the abolition
of the surtax on Pullman rates. With
freight rates as they are, the railroad
executives contend, no decrease in wages
will alTord relief, for the simple reason
that shippers will still refuse to ship
and there will be no revenue to pay
any sort of wages?high or low.
The briefs of tho railroads will con
tend that when the roads were returned
to their private owners there were 261,
000 more persons on the payrolls than
at *Jie end of 1917. Since September 1
approximately 1'89,000 workers have
been laid off?the shop crafts, mainte
nance of way branches and clerical
forces being the principal sufferers. It
is the contention of the railrwtds that
13 per cent, more traitio was handled
in 1S20 than in 1917 with 1,500 fewer
employees in train services and with
virtually the same number of locomo
tives and ears.
They go on to say that 17.6 per cent,
of the locomotives were in bad condi
tion when the roads were turned over to
the Government, but that 26.9 per cent,
were in this disorder when the Govern
New Spring
Lightweight, durable
calfskin in black or tan
features the new season's
Oxfords of medium or
da-rk tan calfskin with
narrow or round toes.
Also sonic tan or black
vi~i kid with medium
toes and ,7rain leather
p RMStSTS M*in K,""r *?lcon>. ?
U KtrffI, Rmr. ^
? m ? ? nc
v . i; t ? ? - ?> - \r ,
; ' i&u ??
N " :WM, - '??;;/
1000 Brief Cases
These smart, serviceable brief c ascs arc made of the finest hand-boarded
cowhide, carefully sewed throughout, with one *or two partitions of the
same leather. The short straps are Hewed on, and the ring handle is
reinforced underneath to prevent sagging and preserve the fine appcarancc
of the case.
The extension lock permits the case to be fastened in
three different positions, depending upon the bulk of the
contents. Lock is solid brass, gold plated.
For business men, lawyers and school children a good brief case is almost
indispensable. The extreme utility and smart appcarancc of these cases
combine with their pric e to make this offer an unusual one.
Two sizes:
16x11 ins. 15x10 ins.
Two Colors:
Light Brown and Black
y JfX; ?lifth riMir. .14111 Hear.
?7,,r. J
to it it .>'? .??, ;< i, X.u ?& ? u *4U A'u iflft Ji
mant handed the roads back. The con
tention is, furthermore, that the present
percentage of out of order locomotives
is 33.5, and this reduction, the road ex
ecutives seek to prove, is due solulv to
the fact that the roads were able to
shop out their repair work to locomo
tive builders.
PYeight earn In bad order amounted
to 6.2 per cent, of the whole when the
Government took possession of the
roads. There were C.o per cent." in bad
shape when the Government ? relin
quished their possession. But Just now
9 per cent. o? the ears are out of com
mission, with no money to replace or
repair them.
The 'New York. New Haven and Hart
j ford Railroad chiefs conferred with rep
! resentatives of its unskilled labor yes
: terday in New Haven. C. L. Bardo, j
I general manager of the system, made j
1 the roads' appeal to the men, but no
percentage decreases in wages were :
i stipulated. The men promised to con- (
? suit with their colleagues and report
back later. The road proposes a wage
reduction approximating 1*0 per cent. 1
Representatives of 3ft) employees of
i the New York, Ontario and Western
Itallroad conferred with their employ*
| ers In .Middletown, N. Y.. and It was
; said that the chances were good that
! tlio men would submit to the decision
j of the l^abor Board If it goes against
{ them.
Monthly U'Rvr of f 1 to to H<
The strike of the Boatmen's Union*
I .ocaI 847. International L.ongt>li?remen'4
Association, which occurred yceterdii y,
practically van ended last night, nci
cording to a atatement of Jamn
Muthewa, a delegate of the union. I t<J
said that nearly all of the hipgest boot
owners had acceded to the demands o(
the union that a wage scale of flit)
a month be maintained.
The strike followed the announcement
of boat owners that wagca had bico
reduced from $110 to $00 a month.
nro JummgKjj un \y nr
e Ready
A Presentation of tlw Newer Styles
for Men and Young Men *
Tliese early Spring days, when tlie
breezes blow cold as often as they
do warm, a topcoat is your com
fortable protector.
Our new Spring Topcoats are made of
lightweight fabrics of unusual durability
and shape-retaining qualities.
Fabrics include knit cloth of Jine texture: cansimeres in
diagonal and herringbone u:eaves, in the popular
shades of brown and gray; and a conservative
model-in Oxford gray, sillc lined throughout.
f5to&BSr&?Fifth Floor, Front
& srss sanam tigaaag-;- m arag?m ^
-"where there's smoke"
?there's The Herald!
See how The New York Herald, since its amal
gamation with the Morning Sun, has jumped
from fifth to SECOND place in lines of tobacco
advertising carried, as the chart below shows:
liaurd on N. V. Kirnlng Po?t I'leuroi.
In January, 1921, The New York Herald was
. FIRST in lines of Tobacco Advertising carried.
Most advertisers and agencies realize the important change in
the New York Morning Newspaper field. They realize that
The Herald's quantity-quality circulation of more than 200,000
reaches just the kind of people in and around New York who
make the most desirable customers.
The Herald should be on YOUR 1921 Schedule.

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