davidaulloa/AmericanStories huggingface dataset:
The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1916-06-09
mtth thr UhurrlrrH
SUNDAY, JUNE FOURTH
BE Sure to Attend the Church of Your Choice
SUNDAY, JUNE FOURTH

Sabbath Schuo. exercises and sermon
5y Rev. James H. Thaycr. Th ID.
The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1916-06-09

Continued on page 81
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
MASS. RULES AGAINST
MANAGERIAL CONCERNS
Lighting Companies of State Or
dered to Sever Such Contracts
Posto,, December %.

Tn. Gas and Electric Light Commis-
sion. in an order issued to-day, direct
cd ell lighting companies in the STATE
20 sever any connections which may
exist between them and managerial
corporations All contracts with sucn
corporations now in force are 70 De
permitted 10 run their course but must
not he renewed upon their expiration,
according TO the commission.
The order IS aimed directly at the
control Of such companies by two great
managerial concerns, involving multiple
salaries to officers and lawyers and
raising difficult questions as 70 return
on capitalization when the price OF
electricity furnished to Boston is under
consideration.
At hearings preceding the decision
OF the commission it was testified, for
instance, that James L. Richards re-
ceived one large salary for being pres
ident Of the New England Coal and
Coke Company and another for being
president Of the managerial company,
the Massachusetts, Gas Companies. One
company. it is claimed sold 70 the
other at a profit. The Edison COM
pany's contract for lighting with the
City OF Boston was also discussed at
the hearing.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
A. E.. BEDFORD NOW
HEADS NEW JERSEY
STANDARD OIL CO..
Brooklyn Man Succeeds to Posi-
ton Made Vacant by Death
Of John ID. ArChbOld

A. C.. Bedford. who for the past SIX
years has been vice-pres and treas
urcr Of the Standard Oil Company Of
New Jersey. was elected president yes
terday 10 succeed the late John d.
Archbold As he had performed the
duties attached TO the presidency for
the last year or two his election caused
little surprise in financial circles.
Mr. Bedford is cousin Of +. +. Bed
ford, head of the Corn Products Rein
ing Company, who was one of the early
associates Of John d. Rockefeller in the
building up OF the old Standard Oil
combination. dissolved By order OF the
United States Supreme Court.
The new president Of the New Jersey
unit has been factor in Standard Oil
activitos since April, 1882, when he en-.
tered the employ OF the Bergenport
Chemical Company, subsidiary of :he
original parent organization. He wa
born November (. 1864, in Brooklyn
and received his early education at the
Adelphi College, afterward pursuing his
studies in England. Germany and
Switzerland
Mr.. Bedford entered business lie
with the drygoods firm of f. s. Jaffra7
& Co, OF this city. He was elected 70
the bosrd Of directors Of the Standard
Oil Company OF New Jersey In Janu-
airy. 1907. and became treasurer in Jan
uary. 1910.
lie is member Of many business and
social clubs. In January. 1890. Mr.
Bedford married Edith Kinsman Clarke.
OF brooklyn. They have two sons,
Alfred Clarke and Dean.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
NEW HIGH MARK
In EXPORT TRADE
November Shows Gain Of
$4,000, O0O-Total for II
Months $4,961 200, 900
rFron n, Trihune Bureau j

Washington. Dec. %. The export
trade Of the United States reached a
new monthly high-water mark IN Mo-
yember when il 'otalled 100000
this total being S3.OOO,O0O greater than
the previous high record made in Sep
TENDER The export trade for the hrst
eleven months Of the present calendar
year totals s4,961 100000, r gain Of APP
proximately Sl.sO0,000,0Oo over the
same period in 1915 and 100000, 900
in 1913. which was the largest total for
normal years.
The import trade FOR November
valued at Sl77.OOO.0O0, represented q
slight decrease as compared with Octo'
Der. 1916, but an increase Of s2l.500. 600
when compared with November Of last
year and OF $50. 100000, or % per cent
in comparison with the November
average from 1911 10 1915. The eleven
months imports we're valued at s2,lS6,-
100000. rs against sl.606,800.000 in
1915 and s1,6746OO,OoO in 1914, the
former high record year in imports.
or the November imports SIS per cent
entered free Of duty, being about the
same proportion as that for Novem-
Der, 1915.
The United States entered upon the
last month OF the year with for
eign trade Of S7,143,0Oo,ooO for eleven
months and with prospects that the
years trade will approximate $500
10000 in value. This estimate Is
based on actual results for November
The favorable trade balance for NO
vember was 100000, or about
twice as much as for November, 1919,
and four times IS much as for NO
vember, 1914. The excess Of exports
over imports for the eleven months OF
1916 was s2.774.40O, 900, compared with
81 $500 900 in 1915 and Sl93.400 1000
in 1914.
The net inward gold movement
totalled $50, 100000 Tor the month anu
s399.6OO.000 for the eleven months
ending with November. Like periods
OF 1915 gave s57 100000 and $685., ooo'-
600, respectively, while in 1914 there
was a ne. outward gold movement OF
s7.10O 900 for the month and sl69,2Oo,-
600 for the eleven months. Gold i'm
ports in November totalled s46,5OO,ooO'
tho smallest with one exception during
the last six months, and representing
a drop from sl22, 900 in June. COLD
exports in November aggregated 500
100000. the largest igure shown BY
anv earlier month Of the year. Inc
eleven months show gold imports OF
s527 100000 and gold exports to the
value of s127.s00, 200.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
Argentine Monetary Reform

From the monthly circular Of the
British Bank OF South America it IS
learned that the proposed reform Of The
Argentine monetary system is really 70
be taken into consideration. Al pres
ent there is double currency gold
and paper and until the European war
broke out these currencies were inter
changesble At the conversion Office,
which gave a cents gold for each paper
dollar, as we'll as paper against gold
in the same proportion viz, 227 cents
paper for each gold dollar. The object
Of the new Law is 20 abolish this double
currency and establish gold currency
on the basis of gold dollar worth
90 cents in United States coin and
1853 pence in English currency. Gold
would be received at the conversion Of
fec for the purpose OF minting and
convertible notes issued in exchange.
The coinage Of gold would be unlimited.
but the coming of silver, nickel and
other tokens would be in accordance
with the country's needs. and only by
decree of the executive. The amount
Of gold in the conversion Office and
held abroad on September 30 was S3l6.-
s2s.319. or about sll 100000 more than
al the same date in 1915. The paper
issue amounted 70 Sl.6l3,0s2 $50, so
that the gold. converted at 50 cents per
paper dollar. was short OF the paDer
issue by 1926, 100000 paper, and the
whole % the paper which by law is
convertible into gold could not there
fore be converted The gradual amor
tization Of this excess OF paper is al
ready provided for, and the new project
will hasten H.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
by the Interstate Commerce Co.'s
sion.
Dividends

Indiana Pipe Line. Extra dividend Z,
share. in addition 70 tire regular ei-s
payment Of s.. payable February u . =
OF record January %.
City Investing. Regular quarterly 4
dend OF r.. per cent on the preferred Il
payable January 70 stock OF recors
cembcf -.
American Piano.-Regulsr quarterly
dend OF 3. per cent on the pr-,s'rec =
paysble January I 20 stock Of recer
cembcr 30.
Battery Park National Bsnk.-ESun
dend o. : per cent and regular serits
dividend OF , per cent, payable January
Kansas Gss g. Electric Regular CARR
dividend Of a. per cent on ~ pr-SI
stocA. payable January ? To stock Of ~
Dccemosr 20.
Amo.ksag Mfg.-Senii-sunusi d'vfds
Se.25 share on the preferred ehare :. !
quarterly dividend Of - cents shar
common shares. payable January
OF record December -.
Submarine Signal. Dividend 81 ~
PAYABLE January I 20 stock OF recoH
ccmber a..
L. :. Mortgage & Trust Regular asin
~ dividend OF : per cent and an e,us
dcnd OF per cent. both payable Decsn'
10 stock OF record December 70
Aeolian W eber Plano a Pianola.-pns
Of per cent on the preferred s,osf, ~
January ? 90 stock Of record DecsnM
Notice 10 stockholders said Inns
resumption Of the regular 9uArtrly ~.
nut a special dividend % b appAo
amount nov in arrears
sp,eer Mfr. Corpora tior.--Dfvfd
rer cent on The frs. preferred and J 81
on the second preferred s,oeks, oo'1
January I TO stock OF record pse>nao0S
Corn Products Rehnins-piv'esnd o. =
,.r. on account Of ,ccunuIst,ons on w n
ferred stock and quarterly diNcena
per cent on the preferred stoei. pAy.o''
uarv IS 70 stock Of record January D.
Iehish Coal Sales Regular Sr,rsrv n
dend OF - per cent, paySols 'An'~'
stock Of record January :.
East Bate Copper Minint-inun
dend Of 81. payable January ~ !"
record December 80. -
Cerro Gordo Mines Co.-Regunr 80
OF 2ia per cent and an errs d'',oen 49,
per cent. payable January 10 "
record December 81.
United Gas q Electric C"rp.,s
quarterly dividend Of ~ per c.
first preferred stock. pAyse:e 'A
holders OF record December IL
MacAndre~s 4 Forbes.-hssuS' go,
dividend OF ~ per cent on nv -. 81
stock and 2i1 Pc cent on ne $3.50. }
an extra Of IN per cent on NV rscor< ,
payable January 10 10 s'oeA "
cenber 81.
Oklahoma Natural Gss.-Rssuln Jsss
dividend OF \. per cent psss
20 % stock Of record January
Usage 4 Oklahoms Gss.-RssI. iss'
'y dividend OF per cent p'sS
10 10 stock OF record January
Central and South American is =,
Regular quarterly dividend OF ,o..,os ,
payable January 10 70 stock OF w.
ccmber 90.
Hanover National Bsnk.-hesIhi. issx
" dividend o, . per cent
3 % stock OF record December ."
Mexican Telegraph - Regular ,.snr
dividend OF ~ per cent psysseo''
90 stock OF record December ~
Ola Dominion steAmshiD.-ReSaX. Z
annual dividend Of per cent FL
nary ; 10 stock OF record peceno~
InterIase Steamship. 49, kesri ia,vsJ i
dividend Of > per cent, paysoie .
Marriage Bond Quarterly 81 )" '..es
nor cent. payahle December ~
recofd December -
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23

Corn Products. Action OF the Corn
Products Refining directors in declaring
an extra dividend Of per cent on the
29.s26s67 Of per cent cumulative
preferred on account Of back dividends
in addition 10 placing the issue on the
full per cent basis, Was not entirely
unexpected President Bedford int.
mated this few days ago when he is
sued a statement estimating net profits
for the year at S5.OO0,O0O and said tha'
payments on account Of dividends in
arrears might be begun in the near tut.
ure. The preferred is now on q Z per
cent basis for the first time since 1907
Earnings on the ss9. III 1893 common 10.
nine months ended September 30 last
were equal 10 5.2S per cent, or e.97 PEI
cent for the year. as compared With
2l7 per cent in 1915 Accumulated iivi-
bends on the preferred now amour, C
about - per cent.
Directors OF Corn Products Refining
Company have been notified that Charles
f. Hughes has been appointed TO nc,
in conjunction with O'Brien. Board.
mann & Plat. chief counsel Of tie
company in the appeal to the United
States Supreme Court from Judge
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
Relevant
Information

Bethlehem Steel. Bethlehem COM
mon recovered 26 points yesterday, adj
vancing to SIS on dealings OF 1000
shares. The remarks OF Eugene G.
Grace. president Of the company, at
the dinner given in honor OF Charles
VI. schwab Thursday evening attracted
wide comment in Wall Street. Presi-
dent Grace said:
Since the price OF Bethlehem Steel
stock rose in few months time from
$50 to 5000 a share, the question has
often been asked. What caused it? The
answer is Charles VI. Schwab not
Charles W. Schwab, market manipu-
lator but Charles W. Schwab. con-
structive genius. When Mr. Schwab
came TO Bethlehem the town had 10000
inhabitants. To-day the employees OF
Bethlehem steel alone are sufficient 20
make city Of 10000 people. Ten
years ago the annual sales of Bethle-
mem were 100000. Last year they
were s230.000.000. When Bethlehem
was selling at about $500 most al
Turing offer was made TO Mr.. Schwao
and his friends 90 sell their stock -
carrying with 10 control of the conf
pany for $500 share. II would have
meant more than s5O.0OO.OO0 to Mr..
Schwab But not share would he
sell Failing that, it was urged that
VIC divide each existing share into six
shares without par value. In view OF
the extraordinary legend which had
come 10 be attached to Bethlehem and
its supposed profits. any such plan
might have resulted in boosting the
equivalent OF an old share Of Bethle-
hem 20 an absurd figure in the stock
market. But Mr.. Schwab again took
the position that under no circum-
stances would he agree that the policy
Of Bethlehem should be guided by con
alterations of the stock market. The
management would do nothing TO IA
cilitate speculation IN its stock. 1t
has often been suggested since that
Rothlehem's shares should be divided
into many parts, and transactions IN
the stock thus made easy. But II Is
expressive Of the character Of Charles
81. Schwab TO say that At no time IN
.Lo f,,4ure vhiie the presept manage
ment is in control will any financial
plan Of Bethlehem Steel be for any
other purpose than the development OF
the property along sound and con-
sentative lines. and without any refer
ence TO speculative considerations. MI
Schwab's interest has been and is to
create values, not opportunities for IN
fation"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23

\ column and half Of good Loaded
BREWER type in The Evening Mail
is composed on the subject Of THE
Wall Street Upheaval.' 1t is de-
runciation Of the methods by which
the people who come TO the Stock EX-
change to get something for nothing
are induced to exchange their money
FOR experience. One cannot be sure
neither the writer thinks the people
ought TO be allowed TO win Wall
Streets money or abandon once for
all the silly game in which they are
always outplayed. His sympathleS.
however, are on the side of the PEG
pie. and he undertakes to tell what
happened TO them. The properties
o. his tale are very old. There is
first the great club, then the big
bankers and brokers, then the taxi
cabs in which the brokers hurry
downtown at midnight to prepare the
sacrifice. These brokers are sup
POSED to he the heads Of wire houses,
and he explains that wire houses
are those brokerage establishments
which have branches in other cities,
and private wires TO the branch Of
hces." To question that definition
would be 10 emphasize trivial de-
feet. If you can accept the picture
o. great bankers and brokers sitting
down AZ a club and arranging a
panic for the morrow, AZ the expense
e the brokers customers. it does not
matter what you think a wire house
s.. THE loans Of some brokerage
houses says the writer. amount on
busy day 70 S5,OO0.000." His
Imagination has played him a shabby
trick. The loans Of some brokerage
houses on busy and other days run
from S25,00O.O00 TO $4,000, 900. If
the BREWER writer had only known
that. But for the rest ne makes
crime specific. a spectators sale
Of a block Of $4,000 shares Of Steel
TO break the market. wreck values
and throw blind fear into a market
deserted by those vino should hold
financial leadership is little short Of
a crime" A spectators block Of
10000 shares Of Steel common would
be a thing TO see. On the opening
Thursday morning the ticker re
ported $4,000 shares Of United States
Steel common at running price Of
104i2 10 1851. That was not one
Transaction. II was punching"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
Money and Credit

Money on call at the New York Stock
Exchange was in moro liberal supply
yesterday. with only a moderate de-
mand. The ruling rate was per cent.
Tn the afternoon the banks offered
money at 9 per cent. and a considerable
amount loaned before the close at that
level. This compared with low for
the day Of per cent and high Of :.
The market for time money on bro
kers' Stock Exchange collateral was
rather firm yesterday. despite the IL
ouidation in the stock market the pre-
ceding day. Quotations were as rule
unchanged. Industrial loans were
quoted at to per cent for all ma
turtles
Ruling rates on money yesterday,
compared with year ago, were as
follows;
Yesterday. Year ago.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
Henry CIews { G

-. -. Is. II ard - BROAD n
MEMBERS Y. Y. STOCK ExCuA,,
Stocks, Bond, and luyet,sst xr.
bought and sold on commission. Also a..
On conservative terms. Deposi, Aeesuk ,
:.iycd ,ubjec, to check At sight.
Interest pad on daily balance.
BRANCH OFFICES
S2T Flf,h Ave ,si Tk,rt |.
1872 Broadway " wsrrr
IS Union square is Court 81. IL,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23

e many orders, by practice well
known TO any ore competent to write
about Stock Exchange phenomena,
as THE Evening Mails" critic is not.
He talks Of a raid on stocks. en-
rineered By all the machinery Of the
stock Exchange. and berates the
Wall Street banks for not having
utilized the discount privilege OF
the Federal Reserve in order to get
the money with which TO support the
stock market. The resources Of the
Federal Reserve bank cannot be
loaned on stocks and bonds, and II
the Wall Street banks that do lend
ON stocks and bonds had not been for
many weeks before restricting credit
20 spectators the panic Thursday
might have been ten times worse.
The obsequies of bull market are
always ugly and very often disgrace
full. Everybody has been to blame.
Nobody wishes to accept his share.
The air is full Of violent recrimina-
tons. The public denounces Wall
street. and those in Wall Street
Who had lost their heads or their
morals. or both. and so carried the
exploitation Of stocks to a frenzy,
denounce the bear spectators who
old for a fall. The liquidation of
.he last ten days was brought about
by no conspiracy either Of brokers
and bankers or Of bearish specula
tors. 1t was a work of German
frightfulness primarily and was
possible only because Of things that
had gone before. The possibility of
J eacc was suddenly thrust into an
orgy of speculation between Wall
Street and the public based on the
ecstasy Of war profits. For long
time before the bubble burst con
sentative authorities. including a ma
iority Of brokers, had been calling
attention to the pyramiding risks and
people to go slower. But
people were reckless and deaf. Brok
ers especially do not profit by such
smash-ups. Their business is halved.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
7S0 WEALTH MARKETS AND COMMERCE rs

Hands decision i'm the dissolution suit.
The company has been allowed l20 in
stead Of the customary sixty days IN
which 10 enter an appeal and has fled
a bond.
The Closing Ycar-Robinson ( Co.
in their current letter on the general
outlook say:
The year drawing to a close - the most
remarkable in all recorded history. within
it's span. by reason Of The progress made
toward the elimination of those forces which
heretofore have rendered permanent in
tornational peace ,mpoe ible there has been
made the most profound contribution TO hu-
man advancement the world has eyer re-
rcivcd. In few days there will be cele-
brated. literally throughout the world the
birth Of the Lowry Nazarene who. nearly
. 600 years ago. taught the sound and
wholesome doctrines. economic a. well as
moral. Of peace on earth. good will toward
men do unto others as you would they
should do unto you. and love thy neishoor
rs myself Yet during all these centuries
there Is not a nation subscribing 10 these
tenes which has not gone out in battle
against its neighbors on matters which could
have been sottled by arbtrsl methods. bias
phemousy calling on the Great Philosopher
~ though He we're a tribal deity. 10 aid II
in the gross violation Of His noble teach
ine-. Through the request for peace nego-
tiations rendered by the chief offender the
most vociferous adhercnt to the doctrines
referred TO- the end OF the conflict II al
least IN sight, but to insure lasting peace its
termination must provide for voluntary OF
compulsory disarmament. the abandonment
~ the bsrbaric idea that might makes rignt'
and the adoption Of other safeguards when
shall eliminate 70 an extent far greater
than ever before the risk of resort IN arms
when conference and arbitration would bet
ter serve all parties concerned. Thus the
closing year has thrown this ray Of light
across the murky horror OF the past two
and half years.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
Location OF Farm Loan Banks

Washington. Dec. %. The Federal
Farm Loan Board has definitely de-
cided on the location Of eight Of the
twelve farm loan banks to be estab-
lished throughout the country From
Official sources 1t was learned that the
following cities have received the ap-
rroval Of the board as locations for the
banks: Hutchinson. Kan; New Orleans.
La; Houston. Tex; Charlotte, y. c.;
Baltimore, Ma; Springfield Mass;
Billings, Mont, and Sacramento, Cal.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
BIG BOSTON BANKS
EXPECTED TO MERGE
Deal Between National ShaWmut
and Merchants National
Is Reported
Boston, December %.

Boston, Decemoer -.
Negotiations are in progress for the
merging of the National Shawmut
Bank, the largest in New England,
and the Merchants National Bank.
Colonel William A. Castor, president
o. the Shawmut, intends to retire, and
Eugene V. r. Thayer, president OF
the Merchants and the youngest head
Of national bank in Boston, would
oc his successor. Should the consoli-
dation be carried out. the combined
bank and the First National Bank OF
chicago would be rivals for the honor
of being the second largest national
bank in the country outside OF New
York. The combined resources would
be s2l1 100000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
Britain S Coinage Of
Silver Increases

Since the var began England has
coined approximately SS0OO0.OOO in
silver, the actual sum coined in 1915
being S39,075,00O, while this year TO
date more than $4,000 600 has been
used for this purpose. In normal
times the average amount OF silver
made into coin in England is only
about $4,000, 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
Corporation Returns
Cuba Sugar Cane Corp;-i 49, 80
IT G Treasury Finances

Washington. Dee. Zs:-lns - !.
OF the United States Treasure ~,
close Of business to dsy. s as 90 vt' !
ance in general fund. ~ 20. 80
ordinary receipts, $3.50
dinary payments, s2,si2.444. !. d
The deficit this fiscal yea. 80
225. 4ss. against a deneis Of I'd
last year. exclusive OF fAns"
and public debt trxnssefienA
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
The Dollar in Foreign Exchange

The feature Of the foreign exchange
market yesterday was the decline IN
German marks. which vent TO 80 cents
for four. compared with to11 the DAY
before. Russian and Austrian bills
also worked lower. Rates elsewhere
we're steady. -.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23

The above rates express the cost Of
foreign money in terms of the Ameri'
can dollar You buy an English pound
sterling for s4.75La; tho intrinsic par
ity is S4.s6Ss per pound. Thus, you
say either that pounds are at a dis.
count or that dollars are at a pre-.
MUM, which is owing 10 the fact that
in England the demand for dollars
with which TO settle accounts in thi.
country is greater than the demand in
this country for pounds with which to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-23
Weeks Money Currents.-Tbe re

Weeks Money Currents.-The re-
ported movements Of currency this
week indicate gain in cash by the
banks Of about sl5.O00.O0O, according
20 the Dow, Jones & Co. estimate.
Much Of the gain accounted for by the
heavy gold influx was Offset by the
drain 20 the interior through the Fed
eral Reserve banks. The loss 10 the
interior on the weeks operations was
M,li7000 Gold imports from Can
ada, actually paid out by the govern
ment Offices, amounted 10 s2s,60o. 900.