davidaulloa/AmericanStories huggingface dataset:
The Clayton news. (Clayton, N.M.) 19??-1954, 1921-12-17
Bin Cut i'm Rail Waves

New York, Dec. 9.-Chlef ODerat-
ing officials of eastern railroads,
meeting today TO consider wage cuts
for train service and shop and main
tenance Of way employees agreed
upon schedules calling for reduc-
tions of from 10 to 30 per cent. The
proposals must be submitted to the
railroad labor board for rejection or
approval.
"The railroads propose TO request
employees to agree to a reduction
in the wage scale 50 as TO establish
them practically upon the basis in
effect prior to the increases which
were granted by the United States
railroad labor board, effective May
1, 1920 said a statement issued to-
night by the executives.
"The railroads feel, il said, "that
they are justified in asking the en-
ployees to agree to rates of approx
imately 81 cents an hour for skilled
workers in the shop crafts: for the
semi-skilled wOrkmen, such as
freight car repairers and inspectors
SO cents per hour; for leading signal
men OF gang foremen, 81 cents; sig
nal men, 62 cents; helpers, az cents;
for telegraphers and clerks, practic-
ally the remaining portion of the in
creases granted by decision No. 2
with some adjustments to eliminate
inequalities in the present scales of
pay.
an so far as the occupations in
outside industries are comparable
with those in the railroad service,
the rates in such industries have
been taken into account in deciding.
upOR the rates which the railroads
The Clayton news. (Clayton, N.M.) 19??-1954, 1921-12-17
PYTHIAN LADIES WILL
ENTERTAIN KNIGHTS

The Pythian Sisters will hold an
entertainment on next "Wednesday
might in the lodge hall, to which the
public is invited. 1, is expected of
every Knight that he will be present
and lend his moral and financial as
sistance in making this first en-
tertainment given by the Pythian
Sisters a success. This lodge has
been organized but a short time. and
the few loyal members are having
a hard fight to keep things going
until they can get -,Eiv established.
The Knights are requested to bring
cakes, pies, sandwiches or other ar
ticles of like nature to make mp the
feed.
The Clayton news. (Clayton, N.M.) 19??-1954, 1921-12-17
will request" the statement said.
Rnte Slash on Cnilnn Gnnhs

San Francisco. Cal. Dee. 9. Re
.duced freight rates ON cotton Jump
ers, overalls, work pants, children IS
rompers and Other rough clothing
from eastern to co9,l points. were
announced Ay lhc Southern Pacific
company today subject lo the con
.currcncr of the lines east of Chira-
20.
The old rates ranged from SGIGl2
for one hundred pounds from New
York, 10 $3.50 from 81. Louis ON ship
menls of any quantity. The new
rate ranges from $it6ia 10 S3.56la
from the same cities, aud applies To
less than carload lots.
The new rates will be effective as
soon as they can be published, ful-
lowing the expected concurrence Of
the eastern roads.
The Clayton news. (Clayton, N.M.) 19??-1954, 1921-12-17
MANY CITIZENS ATTEND
SPECIAL COUNCIL MEET

The Clayton Board of Trustees
held a special meeting Monday night
Tor the purpose Of hearing protests
against the work outlined i'm the
two Improvement district projects
recently adopted by the board. About
sixty of the citizens of the town.
most of whom were property own
crs, were present and the interest
IN the meeting was very pronounced.
It, seemed as though the plans had
not been thoroughly understood.
and many of the citizens had been
seeing things i'm very exaggerated
light. and many had visions of pro
hlbtive assessments, nut upon the
explanation of the members of the
board these visions vanished like
a dream, and at the conclusion of
the session, almost absolute har-
mony prevailed
These projects consist of two sep
aratc Improvement districts. the
first providing for the grading. gul-
terlng curbing and graVeling of
Main street. At present, no definite
estimate has been made on the cost
of this pgljcct, but the expected cost
Will average perhaps so or $50 per
lot. The other project calls for the
grading and the putting in of cul-
vcrtS and abutments ON the streets
IN the residence district other than
Main street The assessment nece.-
sary tO DO this work has been esli-
mated at - for corner lots and -
for inside lots ON the streets so inn
proved. There has already been con
siderable work done and 1t was tIo
"plmon Of many that the people li>-
ing on the streets already grad.
would be- exempted from this assess
ment, hut such is not the case. The
cost Will fall on everyone alike and
each property owner will be- re-
quired to pay according to the above
named assessment on the streets
that have been graded and those yet
Ia be graded.
There has been considerable grad
lug .iJnc and ihe streets where grad
ing was most essential have been
given the first consideration. 1t has
been the object of the Board and
the city manager to grade the
streets ST. that the water may be
carried north away from the lake
and keep it out of the business Sec
ticn. Grading will be carried on
A. fast as possible until cVclv street
in town will be- put in good condi-
'iOn. The present board has accom-
f,1i :.
considering their finances, than has
been accomplished by an, previous
!uaId. We are inform. nat tn.
ely manager Is now pr'paring IA
'tg tcment r"garding the work that
has been done during the past year,
and when it is completed the News
will give it To the public, 50 that
every citizen can know just what
has been done.
The Clayton news. (Clayton, N.M.) 19??-1954, 1921-12-17
Another Santa Fc Reduction

Wichita. Dee, o. Employees of the
Santa Fe railway are to receive a
Christmas present in the form of
another cut in wages of approx
mately 10 per cent, effective De-
cemher %, according to notices post
ed al the railways offices here and
at different points along the road.
Conferences to consider the pro-
posed reduction have been called
hy the railroad officials for Topeka
beginning next Monday and conliuu-
ing untA December 80
The Clayton news. (Clayton, N.M.) 19??-1954, 1921-12-17
SOME OF THE THINGS
RAILROADS ARE DOING
Railroad on the Way

Hutchinson, Kans., Dec. 2.-Is the
Santa Fe getting ready to push on
southwest, with the Elkhart extern
sion2
Reports coming from Elkhart in
dicate that this is the case. One re-
port is that surveyors are now max
ing the preliminary surveys for the
extension, which is said will go al
most due southwest from Elkhart,
about through the inland towns of
Hidalgo, Garrett, and KentOn, i'll
Cimarron county, Okla, and thence
through the northern edge of Union
county, New Mexico, to Des Moines,
N. NJ, where it will connect with a
branch now owned by the Santa Fe,
hitting the main line at Ration.
The HugotoR Hermes, in speaking
of the rumored extension southwest,
says:
This paper has been informed
that the Santa Fe surveyors are
making some maneuvers that look
suspicious to those who are watch
ing the men. The story is this, that
}. w. Stewart, surveyor for the San
Ia Fe railroad, has been spending
some time in the vicinity of Elk
hart
"E. H. Fischer of Elkhart, who had
a part in the surveying of the Santa
Fe road when it was put through
here several years ago, has been
making trips with Mr.. Stewart out in
the country southwest Of Elkhart
and indications are that there is
some probability of the road being
extended south and west with Ration,
N. NJ, as an objective point. RumOr
also has it that instead of the road
striking Boise City that it will go
some twelve miles north of that
point and that a station will be made
there.
If this report is true it will mean
some good towns out in Oklahoma
and will put Hugoion in direct con-
nection with the coal fields of New
Mexico and COlorado-Albuquerque
Herald.
The Clayton news. (Clayton, N.M.) 19??-1954, 1921-12-17
WORST IS OVER FOR THE
FARMER, SAYS WALLACE


. frankly discussing the present plight
of the American farmer. Secretary
Wallace tells the president i'm his
first annual report today that there
seems to be good reasons for believ-
ing that the worst is over and that
We may reasonably hope for gradual
/ Improvement from now on" He
adds that "A clear recognition of
the conditions rs they exist should
help us To realize this hope"
! in large part the troubles of the
farmer today are due to Worldwide
/ conditions and the inevitable result
INf The world war. the secretary of
agriculture says. adding that il is
/ rot To- he expected that by some
miraculous transformation" the
period of adversely may he turned
over night into a period of prosper
Iity.
/ High freight rates, big crops pro-
duccd in the face of high costs. un-
/ icmployment i'm other industries in
the country with attendant lessen
/ ing of fOudstuffS, and the lack of
foreign markets for the farm sur
/ plus are given by the secretary of
agriculture as the more immediate
causes for present conditions i'm ag-
/ Iriculturc. He lays particular stress
Iupon the lack of foreign markets
and high freight rates.
1T is a terrible indictment Of
modern civilization he asserts,
that with such abundance here
there are millions Of people overseas
suffering for The bare necessities
ana utIler millions starving to death.
Ana surely we are sadly lacking IN
. our understanding ol economic laws
/ or III our adjustment OF lhem when
the promotion oI bounteouS crops
EEfnWu ny the hard labor 0i l3,OOO-
iAn farmers ana farm workers and
their famllles Is permitted to play
Slch large part M paralyZing Our
Industries and business at home.
arEe advances IN freight rates,
Whllt bearable IN TIME of high pric-
cs' MI WalIar" says II continued
are Doultd to involve a rcmaklng Of
( me american agricultural map.
me simple process OF marking
up the transportation cost a few
/ cents hundred pounds, the sccrc-
! iarN writes, has the same effect
ION lhe surplus-pruduclng state as
/ picking II mp and setting 1t down
loo tn 5'm miles farther from the
market. Agriculture Is depressed
untl the rates are lowered or until
population ana industry SHIFT to
meet inns new condition.
With the heavy consuming popu-
lati0n Of the country masscd near
the eastern coast long distances
from the producing areas. Mr.. Wal
lace says. substantial advances in
The transportation costs have the
effect of imposing diffcrential
against American producers i'm favor
Of their competitors in foreign lands.
particularly those to the south Of
this country who have the advan-
tagr of cheap water transportation.
More Production Per Acre
The agriculture secretary things
that when the country finally en-
crges from the present condition it
will find itself at the beginning of
IA new agricultural era, pointing to
the large increase in the couhtrys
population and the fact that most
of the easily cultivated land has
been taken IN he says the time is
not far distant when home needs
a
The Clayton news. (Clayton, N.M.) 19??-1954, 1921-12-17

which may help to distribute proc
.duction risks more cquilably.
The amounts asked for This work
lin the coming fiscal year have been
reduced TO the minimum, the sec
rotary says, adding that in the nl-
turc the appropriations should hr
increased just as rapidly as need
cd.
Would Combine Bureaus
In this connection, Mr.. Wallace
draw, attention to thc advisabilily
Cf congress granting permission for
the combining of the bureau of mar
kciS and crop estimates and the Of
flee or larm management, into which
would be merged all the forces OF
the department that are engaged in
agricultural economic work.
In his DISCUSSION of present con
ditiuns, Mr. Wallace declares that
he dilnrultics of the farmers are
matter of national concern AMI
lnc that should be- eiVcn by every
thoughtful citizen.
We must accept the cold fact"
he declares, that agricultural pro
duction in adequate measure can
not be- continued for any length of
time. or basis which does not giyr
the producer a fair price. and pro
.cCeds to show how inadequate price,
H. the farmer lessons the nations
buying power, throwing men out Of
work and creating what he called
q vicious circle" that il Is diff
.eAlt,tO .hreak hrn.
Congress- has aided IN improying
tbS sitSIatiGn be says, by passiay
The Clayton news. (Clayton, N.M.) 19??-1954, 1921-12-17
Texas Railways Net Profit S27, ,699, ,I58

Austin, Texas, Dec. iO.-During the
nine months Of this year ending on
Sept. 80, the railroads of Texas op-
Grated at a net profit of S27,699, 1853,
a report of the railroad commission
showed today. This was an increase
of $3i ,872, ,i9S over the same period
of the preceding year. The roads
operated at loss of Si,l733iO for
chat year.
The total operating revenue for
the nine months of this year
amounts TO Si6A957,ll while the
expenses were Si37, ,257, 800.
New-York tribune., 1921-11-18
Tone Is Steady
In Irregular
Stock Market
Evidence Seen of Definite
Passing of Abnormally
High Money Rates; Reac-
tion After EARLY Gains

The ticker yesterday told q mixed
story regarding the days development
in the financial markets, vet behind the
| fluctuations certain fundamental fac
tors, such as the definite passing of
the period Of abnormally high money
rates, stood out In clear visibility. The
doings on the New York Stock Ex-
change were irregular in results.
For tho first hour of trading there
was continuance Of the previous days
sharp upturn, which reflected the
cheerful feeling incident to the prom
Use Of tho Conference on the Limita-
tion Of Armament to bring tangible re-
lief to world overstrained by the de-
mands OF war. After the first hour
professional spectators began to sell
industrial stocks in which they had
made large paper profits in order to
convert their gains into real funds.
Against these realizing sales there was
continuation of buying enthusiasm,
though on diminished scale. Moved
by contradictory forces, industrial
shares closed with marked irregularity,
but with no display of weakness. The
railroad shares, on the other hand, at
the end of the session. had retained
their gains. The new Interpretation
of railroad policy in regard to lowering
rates as made by the Association of
Railroad Executives was looked upon
at the marketplace as development
favorable to security values. Obviously,
railroad rates could not perpetually re-
sist tho worldwide defation movement,
and the sooner the readjustment is
made the better from the standpoint
Of further encouraging business.
Cotton remained negatively firm, but
the forces making for strength were
powerful enough only to Offset ten
denotes to react. Prices were steady
at the close, with net loss of ! to 16
points. Wheat quotations fuctuated
widely and closed with losses of ~ to
1h cents. The foreign exchanges
were steady, though French, Belgian
and Italian exchanges moved slightly
lower.
Among the strictly financial develop
ments of this period the relaxation in
money rates eclipses all others. There
are many indices Of the changing po-
sition. The combined ratio Of the
Federal Reserve system in the current
weekly statement is 71.8 per cent, COM
pared with TIA week ago and AL a
year ago. Moreover, brokers were able
to arrange ninety-day time loans at
5A instead of 5, the previous days
rate, and not SO long ago brokers were
unable to get time money by bidding
z to 9 per cent. Bankers acceptance
rates on eligible bills of all maturities
declined Is to Az per cent yesterday.
The peak rate in 1920 was 61a per cent
for ninety-day bills.
Behind the present marked easing of
money rates, which explains the great
rise in investment securities, is
thawing out of frozen loans. Hitherto
financially paralyzed debtors are COM
ing around to a point where they are
able to discharge their bank loans.
The trend of money rates marks q
new phase in the after-the-war read
justment and recession in trade.
New-York tribune., 1921-11-18
C. & O..Hocking Valley

Resumption of dividend payments by
Hooking Valley directors yesterday was
followed by active buying of Chesa-
peake & Ohio, which owns $8,825, 900
Of the $11, 100000 Hooking Valley stock
outstanding. AS C. & o. directors are
scheduled to meet to-day it was thought
that they will resume the 81 dividend
rate, which was discontinued last June
when the Hooking Valley board dis
continued dividends. After opening at
55B C. & O. shares moved up to 59A
and closed at 583a. net advance of
2as points. The action Of the Hooking
Valley directors provided the stimulus
for general buying movement of the
rails, which advanced pretty much all
along the line. Southern Pacific went
through 80 and Northern Pacific made
new high on the present move at
79A.
New-York tribune., 1921-11-18
Industrial Alcohol Dividend Passed

After the close Of yesterdays mar
ket announcement was made that divi-
dend payments had been discontinued
on the common stock Of the United
States Industrial Alcohol Company.
This action followed q reduction in the
rate last August from the quarterly
rate of 81 share to 81. A statement
issued after the meeting explained that
decided to omit the declaration of a
ing the opinion of the board that it
was more to the interests of stockhold-
ers to do so. 1t has been rumored for
several days that the directors were
planning to omit dividend payments,
and there has been considerable selling
of the common stock on that belief.
The stock closed yesterday at 421s, a
net decline of 11a points.
New-York tribune., 1921-11-18

New York yesterday were: Exchanges,
$724 100000; balances, $70,500,00O.
Silver-London. 3SNd; New York,
domestic bar, 99Ac; foreign, 68Ac;
Mexican dollars, 52%c.
New-York tribune., 1921-11-18
Steel Institute Meeting To-day

Members Of the American Iron and
Steel Institute will hold their twen-
GemmaSosa t!e1 general toass meeting at the Hotel
opened at 10 o'clock by Ebert H. Gary,
chairman, with an address which Is
expected to deal with business condi-
tions. The morning and afternoon ses-
sions will be largely taken up with dis
cussions and the reading of papers re-
lating to technical subjects. At the
banquet in the evening Marshal Foch
will be the guest of honor. Among
the post-prandial speakers will be
Charles M. Schwab, who promises to
deal with the Washington limitation of
armament program and its probable eff
feet on the steel industry.
New-York tribune., 1921-11-18
American Smelling Offer

Directors of the American Smelling
and Refining Company have decided to
offer to holders of American Smelters
Securities Company preferred ga"
stock the right to exchange their
stock for first mortgage per cent
par for par basis. The offer will re-
main open until December 81. Series
"a" preferred stock Of American
Smelters Securities has priority over
the preferred "B" stock only as to
dividends. Both share alike as to as
sets. Of an original issue of ST.
100000 there has been retired ST.
426,900, leaving $15,573, 100 outstand-
ing. In the event that all the pre-
ferred "a" stock is converted into
American Smelling bonds the Securi-
ties Company will be left with only
$30,00O,000 preferred "B" stock and
$18,000,000 common.
New-York tribune., 1921-11-18
I'm Wall Street
May Change Methods

In view Of the hugo oversubscription
Of the $50, 900 900 New York Telephone
Company Offering, involving endless
trouble for the syndicate in working out
an equitable basis for allotments, in
vestment bankers pointed out yester-
day that so long as the present boom
in the bond market continued it might
be advisable to shorten the period dur
ing which subscription books are kept
open. Ono house In experimenting has
found that good way to handle the
books at noon and close them
the following morning rather than
KEEP them open for full twenty
four hours. This gives the Far West
chance to come in as we'll as the East
and at the same time lightens the task
Of tho Offering syndicate.
New-York tribune., 1921-11-18
Conner at 1885, Cents

The persistent demand for copper in
recent days has resulted in an advance
in the quotation to 1875 cents pound
by some producers, who are entirely
sold out of copper available for No
vember shipment. One large consumer
is, reported to have purchased 49,
100000 pounds during the last few
days, and this has caused producers
to hold aloof from the market. Ac-
cording to the Engineering and Min
ing Journal" the export demand from
Germany, France and England has been
satisfactory and Japan has again ap-
peared in the market. The price of
electrolytic copper in London is now
higher than the Continental parity,
though this condition is likely to be
only temporary. The Copper Export
Association has raised the Hamburg
price to 1919 cents, coincident with
the increased firmness in the domestic
market.
New-York tribune., 1921-11-18
Pullman Haskell & Barker

Active buying in Pullman and Has
kell & Barker shares continued yester-
day with the result that both issues
made new highs for the year. Haskell
& Barker advanced to 80% and closed
1A points higher at 80, while Pullman
spurted 3A points to 1137s, with the
high price Of the day at 114N. Chicago
dispatches to the financial district
stated that Pullman directors have
called special meeting Of stockhold-
ers for December 20 to act on the
merger proposition. AS has been pre-
viously Indicated, Haskell & Barker
stockholders will receive three shares
of a new holding company for every
four held, while Pullman stockholders
will go in on share for share basis.
New-York tribune., 1921-11-18
GOODYEAR Common

One of the strong and active spots
in the curb market during the last
few days has been Goodyear Tire and
Rubber common, which is responding
to the improved outlook for the COM
pany, which recently went through
drastic reorganization. The New York
Stock Exchange house of Arthur Lip
peg 4 Co. in special analysis of the
position of the junior stock issue says:
zone of the most favorable factors for
the common stock is the fact that the
good will Of this great company, show
ing assets of s17O,o00,ooO, is repre-
sented by common stock, of $4,000
shares, having a present market value
of only $11 100000. This is far
smaller common stock value than most
new companies doing smaller busi-
ness with fewer assets and no trade
value to their name can show" The
stock is presented as having excellent
speculative possibilities in view of the
outlook for the company.
New-York tribune., 1921-11-18
The Dollar in Foreign Exchange

Although demand for bills on Euro
than on Wednesday, foreign exchange
rates held fairly steady, declines being
confined to small fractions. Cable
rates on London at the close were un
changed from Wednesdays final figure
at $4.001s. German marks were slightly
firmer.
French and Belgian francs and lire
again ruled easier, while "neutrals"
were firm to strong. Only nominal
quotations were given on Rumania.
Far Eastern rates were again strong
and changes in the South American
group were higher.
New-York tribune., 1921-11-18
Money Available for Pools

One Of the things that arc making it
easier for speculative pools to operate
in the stock market is the growing
abundance Of money. Not only are call
rates working downward, but the
bankers yesterday made the most liber-
al offerings Of time loans in months. For
the successful working of pool an as
tial, and there is nothing pool man
ayers like better than to be able to
obtain loans for fixed periods at rea-
sonable rates.
New-York tribune., 1921-11-18
Money and Credit

Call money held at Az per cent at
the Stock Exchange yesterday, which
was also the renewal rate.
The feature Of the money market
was the increased offerings of fixed
date funds and the lowering of the
rate on ninety-day loans from 5A to
per cent. Acceptance rates also eased
off.
New-York tribune., 1921-11-18
Transactions Yesterday in Listed Stocks


Copyright, 1891 New York Tribune lnc)
New-York tribune., 1921-11-18

Gables ......... 80 10 1.l8
FINLAND (par 1913 cents a mark)
Demand ....... 2.02 2.02 221
Cables 2.02 2.02 2.21
FAR EAST
CHINA (ShanEhai par unsettled)
Demand .......77.5o 1880 e09S
Cables .........7S.00 77.00 01O0
CHINA (Hong Kong par unsettled)
Demand .......54.00 $500 $3.50
Cables .........b4.S0 $3.50 $3.50
JAPAN (par 49.8 cents yen)
Demand .......4S.O0 1900 $3.50
Cables .........4S.25 1926 6o75
INDIA (par 1856 cents a rupeel
Demand .......27.12M c7.00 5000
Cables ..27.37M 27.25 1880
STRAITS SETTLEMENTS (par 56.S cents a
dollar)
Demand .......As.tE %6,oo
Cables 1850 1925
New-York tribune., 1921-11-18

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