davidaulloa/AmericanStories huggingface dataset:
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13
IN FINAL Round.

PINEHURST. Y. C, April -
Mrs. Marion z. Jessup Of Whining
ton, former national champion, and
Miss Martha Bayard Of Short Hills,
y. J., won the seminal matches
Wednesday in the north and south
tennis championship and viii meet
in the finals Friday.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13

CHICAGO. April IA meeting
Of the Western Golf association 70
consider the barring Of the use Of
clubs with steel shafts viii be held
soon. according TO announcement; by
Albert r. Gates. president Steel
shaft clubs already have been bar
red by the United States Golf associ-
alton.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13
COLLEGE BASEBALL

Holy Cross 5, Navy O.
Columbia Q , Williams
army s. New York university e..
Princeton Q; Jrsinus @.
Boston university 5. Brown {.
Harvard Is. NIiddiebury I C -
iunings).
University OF Wisconsin 3: Missis-
slppI a. and II. 3 (game called end
gth).
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13
MatheWSOn Picks Giants
for Penndnt. Series 4

SPRING LAKE, y. Y, April "a
Christy Mathewson picks the New
York Giants 10 win the National
League pennant and the worlds Sc
ries. The former pitching star Of
the Giants has been following the
teams closely in the spring training
camps and believes his former team
mates have the best chance.
Mathewson, who has been mere
two years fighting tuberculosis hopes
TO be at the opening game next year.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13
MnNfEN MAY Enter.

NEW YORK. April 12.-The pros
pect that a team OF women fencers
would be sent 20 the next Olympic
games was held out last nisSt b.
Dr.. era enc NJ Hammand. presi-
dent OF the Amateur Fencers' league
OF America
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13
SCHOOL HEADS IN
VOTE ON PROPOSED
BASKETBALL RULES
100 High School Principals
Reply 10 Queries Asking
Opinions and Suggestions.

A rourh Frar- NJ sfrr+ ----oz-d
ruias Of baska.tsfr mae ss~- ~o-s-rlv
10 tho San rf-r --roor --i--.r,rs
fbrourbou- the s-sts ,e.tl ~e-ur,
card reouesfi-- s-egse-t.rs ana re-
actions More +rs- lad ~.or.ss were
received 20 This r.r---7- ana an AZ.
c,r7+e t7b1ila+tor If the reactions
sr5 srgrss-fors follows
Rulc Z 81 basketbsu cannes shall
b. -rava5 hv schools or --7vers rr.--
N 0o-ober = 81 each wear
Reaction. Favorable ssq. unfsvor-
ab1s ~. TOO e7-lv. =. Nov Z IS. OCT
r. 81 oct IS ID. oct % & Nov
m me- &. NOT f-,portart.
Rule > 40 basketbau rames shall
no rr7ves bv schools or PLAYERS after
the state tourney
Rc,rricn Favorable t76. unfavor-
able is. frter-rlass Is. interstate
cbsups after March TOO
technical q. mono after sectional. g
Rule 3. Tho maximum number n
any team shan be is.
Reaction. Favorable 247. urfavor-
able 81. ID games. &. is games. 90:
lee games. .. "a games. g. IS games.
1. TOO short .. too many
Rule +. The maximum number q
games for the regular schedule for
any team shall be- fve games per
calendar month. the month ~ March
20 be considered oue-haIf month
only
Reaction. Favorable ga. unfavor-
able. A.. per month. 10; Der
month. II. not necessary. too
many. 5. too rigid. I. Friday even
ings only. o.
Play i'm Two Journeys.
Rule 3. Teams may play in one
tourney not more than is teams. in
addition to the state tourney and IN
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13
RLUEs REAT Nh HENs.

TOLEDO, O.. April Ia Kansas
City defeated Toledo in the opening
game Of the season Wednesday, 10
in 10 innings. Brief OF Kansas
City. and Lamar. for Toledo. hit
home runs. Despite the cold weather
nearly 10. 900 persons saw the opener.
Score.
Kan city 200 600 100 Is I
Toledo ....OO1 OO1 200 O. 6 }
Norris and 1IcCarty. r. Wright.
Bedient and Kocher.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13
RICKARD OFF TO BERNfUDA.

NEW YORK, April 12-Tex Rick
ard. sporting promoter recently ac-
quilted by a jury Of a charge of as
saulting a 15-year-old girl sailed on
Wednesday for Bermuda with Mrs.
Richard.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13

American Association.
YEsTERDAY.s REsULTs.

Philadelphia, e, Boston. I
Brooklyn. &: New York. 3
81 Louis 10. Pittsburg J.
Chicago, = Cincinnati, 3.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13

Philadelphia 8 Boston. =
Washington. g . New York. :.
Cleveland. z: Detroit, Z
ST. Louis. q Chicago, .
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13
By BERTcN BRALEY.
By BERTeN BRALEY. --
THEY'RE OFF AGAIN
(Opening of the Baseball SEASON.

with his hands
The pitcher windeth
n
The baseball devotons
unapires
all the and happy hearted;
o
baseball
delicately
Which poIiccmen's
tells ay-ove
II
murdered that
lid
Andth there's a o. frenzy he bleachers
"A
horsehide
And, a o be
seaso S
CCopyrf ght. Service
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13

NOUfhern AsEoCIati0n-
Nashville. g Birmingham. 3.
Atlanta. o Chattanooga. 1.
View Orleans. = Mobile. 4
Memphis, - Little Rock. 4.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13

ningsl
Louisville, @ Minneapolis s. az in
llngsl
Kansas City. s; Toledo. 4 30 in
ningsl
ST. Paul. 8 Indianapolis. q.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13

AT least six women have made biz
regulations for themselves as his
torians.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13

Ninety per cent OF the foreign cor
rsspondence clerks in British export
firms are foreigners.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13
American League.

Philadelphia at Boston.
New York at Washington.
So Louis az Chicago.
Detroit at Cleveland
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13
ToDAY's CAMS.

Brooklyn at New York
Boston 40 Philadelphia.
PIttsburg az ST Louis.
Chicago ar Cincinnati
South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-04-13

A good name is better than rich-
es
New-York tribune., 1922-11-12
by Merryle Stanley Rukcyse

We recognize the social value of wild
eating and experimentation in indus
try. Economic progress, like all other
advance, is made to a large degree
through trial and error. Such expert
mentation is expensive, and it is in
evitable that losses should ensue. if
capital would not flow into such new
enterprises it would be desirable to in
yent method of compulsion. We say
that in no mood of extending comfort
to stock jobbers and venders Of blue
sky securities. Their crime is all the
more heinous because they confuse the
issue. They use speculative capital for
fraudulent purposes, and absorb funds
that ought to be used in the test tubes
of the laboratory of industry. No
crossing of the industrial frontier re-
suits from their campaigns Of misrep-
resentation. The takers tend TO dis
courage the flow of money into neces-
sary experimental work. OF course,
this advance to new knowledge and to
new industrial methods is not exclu-
siveIy the task of new ventures. Going
concerns, which are equal to their OPP
portunities, are perpetually allowing in
their budgets for research and expert
ment.
New-York tribune., 1922-11-12
Obstacles to Involuntary RaH Mergers
As Presented BY Northwestern, G1on,,
What Retailers Are Buying
BY Alfred E-antl

plenty
readily available let all their
essnsse p sspsay h ts the holidays
nsmhs are BENG made In 9rde dispose supplies
generally Of
and extensive advertising exercising
become manifest this winter
De seriously considered by he trade - - - : A "
Demand persists
nm materials and urs of the better
weather likely
expected Jacquettes box
OF materials
~ - N~'N'~e "AS s3D'sss ''A1 w ""o''ai
number manufacturers Of
cheny IN
three
Cloth being called in
cheaper
OF lots excellent in quality have distinctly
of
Waists offered include
nouses ahown in white bisqu god
snge In are some new skating blouses in duvyne krim
An attractive the
tThs the sixteenth of of
Wholesale markets Fanl, known
Financial and Business - N'NN
New-York tribune., 1922-11-12

two railroad systems, excepting only
the main line of the Boston & Albany,
which became the main stem of the
New York Central system from Albany
to Boston, and a north and south line
to connect the Grand Trunk Railway
with Long Island Sound. Similarly all
Of the railways in the northern half
of the State Of New York, excepting
only the Delaware g. Hudson, were alb
sorbed by the New York Central In
the southeast the Southern Railway
system contains number Of parallel
lines more or less potentially competi-
tive with each other. West of Chicago
in the Chicago, Milwaukee & St. Paul
system there was q consolidation of a
number Of lines similarly potentially
competitive with each other. Cons3i-
dation along such lines proceeded more
or less throughout the country.
1t is the belief of the writer that the
free forces of commercial competition
and of sound and intelligent self-in-
terest properly held in restraint by
the Interstate Commerce Commission
will be much more beneficial to the
public than compulsory consolidation
which will necessarily be of doubtful
legality for many years.
New-York tribune., 1922-11-12

mated total income for 1922 over the
actual for 1912.
Dividend Record
The Lehigh Valley Railroad was
chartered in 1886, the present title be-
dend OF per cent was paid on the com
mon stock in 1858. Thereafter regular
payments were maintained, ranging in
some years as high as TO per cent,
anhi the end of 1893. The next divi-
aena per cent? on the common was
paid IN 1904. The rate rose to 10 per
cent In 1911 and was maintained there
Tor some years, but i'm 1919 was re-
dnced to per cent, where 1t has since
remained. During the dividend paying
years there we're occasional extra divi
dends paid both in cash and in stock.
Inc company also has outstanding an
issue of si06,300 10 per cent cumula-
tive preferred stock. As the issue is 40
small 1T has been disregarded in the
compilation of the tables and it's divi-
aoho included with fixed charges.
Margin of Safety
The margins of safety above interest
and dividend payments shown in the
table below are figured on the basis
OF the percentage that earnings avail
able Tor interest and dividends would
nave to decline In order to just meet
the necessary requirements. Thus in
1918, If total income had been 10 per
cent less, only enough would have been
earned to cover fixed charges and divi
dends on the common stock If total
income had fallen TO the extent Of eI
per cent fixed charges Cincluding the
small preferred dividend) alone would
have been covered
The deficit shown in 1912 (minus 6e)
was caused by the payment of a 10 per
cent cash dividend out of accumulated
surplus. Total income of that wear
would have had to be SO per cent large,
in order to have covered the entire reg.
uiar and extra payments without show.
ing loss.
New-York tribune., 1922-11-12
aYears ended june so 4Estimatea


For many years, Lehigh Valley has
held ownership Of some very valuable
coal producing properties in the an
thracite fields Of Pennsylvania. On
December 6. 1920, the Supreme Court
OF the United States dec, eed that the
holding of these properties by the rail
road was not only in violation of Sher-
man antitrust law but also Of the
comm modities clause of the Interstate
Commerce act.
On October 6, 1927, the railroad filed
its segregation plan with the District
Court. The plan was objected to by
counsel for the government on the
ground that it did not properly carry
out the decree of dissolution. The
matter was scheduled for further hear-
ing but subsequently the hearing was
indefinitely postponed.
Until 1920, Lehigh Valley only paid
itself moderate dividends from its coal
companies. allowing their surpluses to
accumulate. But in 1920 and 1921
while it was recovering from the eff
tects of government control, it drew
heavily upon these resources to help
in tiding over. The company can un.
doubtedly do SO again this year if need
be in order to Offset in measure the
effects Of the coal strike upon earnings
New-York tribune., 1922-11-12
Along the Highways Of Finance

retiew of the work of the specialists
in an article in the current number OF
the quarterly published by the Ameri-
can Association for Labor Legislation.
"If all branches of our public works
aud construction work Of our public
ut;lities-the railways, the telephones
and others--could systematically put
aside financial reserves to be provided
in times of prosperity for the deliber-
ate purpose of Improvement and ex-
pansiop 30 times of depression we
would not only decrease the depth of
depressions, but we would at the same
time diminish the height Of booms. A
further advan 90 of the proposal is
that our plant .gd equipment would be
built in times Of lower costs than lis
row the case when the contractor COM
petes with consumable goods in over
bidding for both material and labor.
"Then come the proposals to i'm
prove the mechanism OF the labor mar
ket by setting mp system Of employ
ment Offices under public supervision
and to pay mer, out-of-work allowances.
The first measure is intended TO reduce
the reserve army of labor The sec
cnd measure is intended primarily to
reduce the sufYerings Of the unen-
pioyed, but it is also expected to pre-
vent the purchasing power Of wage
earners from shrinking as much as II
{Ioes now in depressions and to limit
the height Of the boom to the extent
that the parties engaged in industry
contribute to the reserve funds oul
of which such allowances are to b.
paid.
1t ia q hopeful sign TO perceive that
the problem Of unemployment ia receiv-
ing attention at this time when no
crisis exists. Too often folk have been
inclined to ignore the question except
when the situation became acute and
only emergency relief measures were
! possible.
New-York tribune., 1922-11-12

fnanciers now hope that the visit Of.
the American bankers will contributes
toward the realization of Swcden's as
pirations tc become financial and,
commercial clearing center for Amsri-l
can trade operations In Russia.
Swedish exports continue to devsIop
favorably, as shown by the official re-l
ports just published. Wood pulp ssiesl
are good, and many Swedish mills arei
fully booked with orders up to the enc
OF the year. Timber sales for export
are also progressing and it is ealeu-
lated that nearly 100000 standards
have now been sold, while foreign buy.
ers, especially England, are beginning
to buy more enthusiastically fer 1925
| shipment.
The Waterfalls Board has requested
new appropriations Of $500 900 kronor
{ahout ST, 400, ,0o0) for continuation OF
the work Of distributing electrical en-.
lergy throughout the country. Up to
the present over 70,ooo,000 kronor
(about SIT, ,000) have been appro-
priated for building plants To distrib-
Ute electricity. The result is that,
| nearly one-half OF the entire farrsina|
area of the country has been electrified,
and Sweden is at present the mosr
widely electrified country in she world.
New-York tribune., 1922-11-12
Caien l.. Stone to Retire
From Hayden, Stone & Co,

Hayden, Stone & Co. announced yes
terday that Galen L. Stone will retire
as a. partner on January / next. Con
corning his coming retirement Mr.
Stone said:
This action is in pursuance Of a
determination reached in the early
part of 1919 and the purposes and all
steps in connection with it have long
been known to Mr.. Hayden. It is the
outcome Of desire to spend more
time in travel and some related
pursuits. I shall continue to have the
keenest interest in Hayden, Stone &
Co, and shall make my headquarters
in it's Bostoa and New York Offices"
Hayden, Stone & Co. began business
on February Us, 1892. For many years
the business vas almost wholly that
of commission Stock Exchange
brokers, but within recent years the
firm has increased the scope of its
operations to include the purchase and
distribution Of investment bonds, pre-
fetred stocks and general corporation
financing
New-York tribune., 1922-11-12
u. s. Bank Heads Visit Sweden
Stronger Links Forged for Financial Co-operation
by National City Officials; Russian
Trade Discussed

Special Fores6. Fsnamciai Correspondence
STOCKHOLM, Oct. 28.-New and
stronger links in the financial coop
Grafton between America and Sweden
ara being formed through the visit In
Stockholm of the heads of the Ma
tionai City Bank of New York Charles
e. Mitchell, president; Eric r. Sven
son, chairman of the board, and George
X. Weeks, European vice-president.
During their stay ii, Stockholm the
representatives OF the American bank
met and formed personal connections
with their correspondents and clients
and were also granted the distinction
of personal audience with the King
Of Sweden.
Among the things discussed by these
American visitors was the question of
Swedish cooperation with Russia ard
Sweden's successful methods Of COM
! mercial exchange with that country.
| Recent reports show an increase in the
Swedish Russian trade. Russia has
been exporting quantities Of aspen
wood to Sweden, TO be used by the
Swedish match manufacturers. A corr
signment Of 1 ,7h5 bales Of Russian FAX
| has just beer received by the Swedish
Flax Spinners' Association. Swedish
New-York tribune., 1922-11-12
Wall Street Pathology

1t is about time for some one to sug-
gest the organization of a Wall Street
pathological club to clarity and sys-
tematize the language of the district.
Much of the jargon is utterly meaning
less to the outsider customer. The
Standardization of terms and the use
of pure English wherever possible seem
desirable.
The term Speculative" is used to
signify many things. To US it means
Ato involve business risk" A specu-
lation represents the placing Of funds
into a security or piece of property
with the understanding that, though
the risk is greater than in an invest
ment, the greater hazard is undertaken
in the hope of large profits. Speculation
and risk are inherent in ali business
and cannot be escaped, although they
can be shifted. In Congress "specula-
ton is often used as term of op-
probriunr. by the political scientists
from the agricultural districts.
In the investment column securities
are frequently dubbed Speculative"
The description does not damn them,
except for those unequipped with capi-
tai and intelligence TO assume the risk
involved.
New-York tribune., 1922-11-12

than a fair rate of interest, that is
the rate of interest you can get in the
marketplace. without risk, then you
must divide the surplus with US, but
IL you earn any less than fair rate
the loss Is entirely yours" Unquestion.
ably, the Supreme Court is bound to
hold that the railroad companies must
at least be entitled to the current rate
OF interest for the lean years as well
as for the fat ones and quite likely this
court will hold that 6 per cent is not
fair rate of interest where serious
risk is involved. Probably taking the
risk of the business into consideration
per cent cumulative would be neare.
right. The Steel Corporation would
probably not be willing to sell its own
ership in these railroads, which are OF
great service to 1t, at price which
the Great Northern directors might be
willing to pay, even If the law limiting
profits to per cent is constitutional
nor at a price to be fixed at which
these properties may arbitrarily be
purchased by third party.
Looking at the matter from these
angles, compulsory consolidation is q
long way off. If Congress should
enact additional legislation, it will
rarely be contested and finally come up
to the Supreme Court after at least
five years Of litigation. The question
therefore, is squareiy UP to the Inter
state Commerce Commas ion-shall ii
permit voluntary consolidation of the
three so-called Hill roads or shall IL
deny the application for merger? II
the application IL denied the Great
Northern would undoubtedly hold out
for high prices for its equity in the
G. B. & Q. and would probably prevent
the merger Of the c. B. & Q. with the
Northern Pacific.
The writer believes that the public
would be best served by maintaining
the independence Of the three through
lines between the Twin Cities and the
Pacific Coast; that is, the Great North
ern, Northern Pacific and Milwaukee
roads. These, together with the Cana
dian lines on the north and branches
Of the Union Pacific system coming
up from the South, would give the
Northwest a great variety Of routes
and would be certain to maintain COM
petition in service, as we'll as aid the
development of the country. OF course
there is great room for difference of
opinion on this subject.
New-York tribune., 1922-11-12
FIattenig1g the Cure

Instead of fatalism, studied at
tempt to understand and control the
business cycle is urged by committee
Of experts appointed by Secretary
Hoover to carry along the work initi-
ated by the Presidents Conference on
Unemployment, which adjourned in De-
tober, 1921 The committee Of experts
will enbody their scientific recommen-
dations in special report. Edward
Eyre Hunt, secretary of the Conference
Oh Unemployra snt. gives preliminary
New-York tribune., 1922-11-12

ened if the restrictions were further
removed Misrepresentation, false
statements, speculative advice--all
these might we'll BIO excluded in the
future without banning illustrations, a
note Of human interest in the copy
and language that will stimulate
interest. Integrity and desire to
serve social ends need not be clothed
in shrouds. The higher grade banks
and trust companies are showing the
way in artistic and persuasive financial
advertising.
New-York tribune., 1922-11-12

TEMPTATIONS in the financial world
are many, and even the virtuous
occasionally falter. Eli S. Newberger
member of the New York Stock Ex-
change, has been suspended for ten
days for what is perhaps the miidest
violation of the rules ever punished in
this manner. His firm placed an ad-
vertisement, purely complimentary in
Its nature, in the stadium edition of
"The Columbus Despatch" on the day
Of the Ohio State Michigan football
game and did not first submit +. for
approval to the business conduct COM
mittee of the New York Stock Ex-
change in accordance with the rules.
The purpose Of the advertisement
was to urge the Ohio State team to win
the game on the day their new stadium
was to be dedicated. Ii vas not an
ordinary business seeking advertise
ment, and because of this apparently
the man handling it assumed it was
unnecessary to get the official 0. X.
The Stock Exchange is to be COM
mended for it's zeal in insisting on
having it's rules obeged. On the other
hand, we feel sympathy for the sus-
pended member. whose error was ex-
ceedingly slight.
In asking for rigid adherence to
its rules the New York Stock Ex-
change is on solid ground. Whether its
present policy regarding the nature Of
advertising by members, which was
liberaiized some months ago, should
net be further changed to heighten the
artistic and human interest character
Of the copy Of members is perhaps de-
batabYe. We should like to see greater
use Of the imagination in brokerage
advertising. We think ethical Arms
could attain this desideratum without
sacrificing one iota of truth. The edu-
eational aspects of Stock Exchange cd
yertising could be enormously height
New-York tribune., 1922-11-12
Growth Of Revenues
Inc. (eo) 69So 1862
Estimated. fDecrease.

'Estimated. fDecreaae
Earnings for 1922 are estimated,
these estimates being based on the
normal seasonal variations of both
gross and net taken in conjunction with
actual earnings to date of latest
monthly report
The big decrease IN estimated net
revenue after taxes for 1922, compared
with the actual for 1919, is due to the
loss Of traffic on account of the coal
strike. About SO per cent of the total
tonnage hauled by the Lehigh Valley
consists of anthracite coal, and the lack
of this traffic naturally caused earnings
to fall off sharply, but the resumption
Of the coal movement in more than
normal volume with the ending Of the
strike should help the situation mate
rally. The large increase in the
amount of income received from the
company's coal properties in recent
years accounts for the excess of esti-