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saved $30,000 in one year by this and other, came to greet the commissioners from far and near means the movement grew more popular.

to give them hearty welcome, and to join in the Hazen S. Pingree was born at Denmark, devotional services of the opening hour. The Maine, August 30, 1842. At fourteen years of Assembly, convened at 11 o'clock A. M., May age he went to Hopkinton, Mass., and secured 16th, and was opened with a sermon by the rework in a shoe factory.

tiring Moderator, Rev. Chas. A. Dickey, D.D., Here he learned the trade of cutter, at which LL.D., from Col. IV: 11. he worked until August 1, 1862, when he enlisted When the Assembly was duly constituted in as a private in Company F, First Massachusetts the afternoon, the Rev. Henry Collin Minton, Regiment of Heavy Artillery. This regiment D.D., of California, was chosen Moderator, and was assigned to duty in the Twenty-second Army Revs. A. B. Temple, C. D. Wilson, H. G. Price, Corps and its first service was rendered in defense and Elder C. T. Thompson, were elected Tempoof the nation's capital. During General Pope's rary Clerks. The Moderator afterwards appointed Virginia campaign the regiment was ordered to Mr. Robert Pitcairn, one of Pittsburgh's most the front and participated in the Battle of Bull eminent elders, as Vice Moderator. In the evenRun on August 30, 1862. It afterwards returned ing the Assembly according to its usual custom, to duty in defense of Washington and remained observed the Sacrament of the Lord's Supper. there until May 15, 1864, when the time of service This was a solemn and tender service, and was of the regiment having expired Mr. Pingree, with participated in by the entire body of Commisenough others, re-enlisted to keep up the organi sioners. zation of the regiment, which was then assigned Friday, May 17th, was wholly devoted by the to the Second Brigade, Third Division, Second Assembly to special exercises 'in celebration of Corps of the Army of the Potomac and took part the advent of the Twentieth Century-a very in the battles of Fredericksburg, Harris Farm attractive program had been arranged fitly to and Spottsylvania Courthouse, Cold Harbor, commemorate the event. These exercises were North Anne, and South Anne.

held in the Academy of Music, the largest AsAt the battle of Spottsylvania Courthouse his sembly Hall in the city, which was thronged the regiment opened the engagement and lost 500 entire day by crowds which tested the capacity men in killed and wounded. On May 25, 1864, of the building, audiences characterized by the Mr. Pingree and a number of his comrades, while highest intelligence and the broadest culture. reconnoitering, were captured by a squad of men Mr. John H. Converse, of Philadelphia, Ex-Vice commanded by Colonel Mosby. Mr. Pingree was Moderator, presided at the morning session the confined for nearly five months at Andersonville,' chair was occupied during the afternoon by Dr. and for short periods at Gordonsville, Va.; Salis Burkhalter of Iowa, and in the evening Mr. bury, N. C. and Millen, Ga. At the latter place, John Wanamaker, another Ex-Vice Moderator, in November, 1864, he was exchanged, rejoined and far famed Philadelphia Ruling Elder, prehis regiment in front of Petersburg, and soon sided. The list of speakers for the day presented after took part in the expedition to Weldon a brilliant array of names, well known throughrailroad, and in the battles of Fort Fisher, Boyd out the church and country as “men of renown.” ton Road, Petersburg, Sailor's Creek, Farmville, The

opening paper was presented by Prof. Willis and Appomattox Courthouse.

G. Craig of McCormick Seminary, Chicago-"A From the battle of the Wilderness to the fall Review of the Nineteenth Century.” Dr. Henry of Richmond his regiment lost 1,283 men and C. McCook spoke of the Progress of the Presbytethirty-eight officers.

rian Church in the United States. Dr. George T. Mr. Pingree was mustered out of service Au Purves of New York had for his theme, “Probgust 16, 1865 and soon afterward went into the lems of the Twentieth Century." Dr. Henry C. boot and shoe business in Detroit.

Minton, Moderator, spoke of “The Divine Purpose In 1889 he was elected Mayor of Detroit on the Developed in the Progress of the Times." *Dr. Republican ticket, re-elected in 1891 and again Samuel J. Niccolls of St. Louis spoke on the elected in 1893 by a very large majority. In "Opportunity and Duty of the Presbyterian 1896 he was elected Governor of Michigan. As Church in the Twentieth Century," and Dr. governor he advocated the equal assessment of Chas. A. Dickey, the retiring Moderator, spoke corporations and railroads for taxation purposes. on the Needs of the Presbyterian Church; and He urged the municipal ownership of public Mr. Robert E. Speer, Secretary of the Foreign utilities such as the supply of water, gas, electric Mission Board, made the closing address on "The lights, telephone service and street railways. World's Evangelization.

Mr. Pingree was married in 1872 to Francis A. In the evening Dr. Brownson read the report Gilbert of Mount Pleasant, Mich. They had on the “Twentieth Century Fund." The comthree children, two daughters and a son.

mittee recommended that the sum of Twenty

Million Dollars be aimed at, and Dr. W. H. PRESBYTERIAN GENERAL

ASSEMBLY, Roberts reported that the amount already re1901, THE.—The one hundred and thirteenth ceived and subscribed, together reaches almost General Assembly of the Presbyterian Church in three and a half million, and the outlook full of the United States of America, held its sessions in promise. the Calvary Presbyterian Church, Philadelphia, On the same day, so full of precious memories Pa., May 16th to May 28th, 1901. It consisted of and bright promise, the Assembly, with simple nearly 600 Commissioners-Ministers and Ruling and impressive ceremonies, opened the Historical Elders-from 232 Presbyteries, and representing and Missionary Exhibit, in the Academy of Fine over a million communicants.

Arts. This event was designed to fit into the No General Assembly ever convened under day's celebration, by presenting to the commismore favorable auspices than this one. Without sioners and the public, an illustration of the progwere bright skies and balmy air, within a vast ress of Presbyterianism from its beginning up assembly of devout men, and throngs of the ear to the dawn of the Twentieth Century. nest Presbyterian people of Philadelphia who After the great day at the Academy on Friday,

the Assembly got down to business Saturday The popular meeting in the Academy at night morning at Calvary Church. The various stand will long be remembered as an eventful one. The ing committees haring been selected according to array of foreign missionaries, who were present the plan known as the “Peoria overture plan,' to tell the thrilling, story of work, of suffering, began the preparation of the various reports and of martyrdorn in foreign lands, touched ali which would occupy the time of the Assembly hearts. The receipts of the Board of Foreign Misfor the rest of its sittings.

sions for the past year were $1,300,000—the The Assembly adjourned at 12 m., to accept the largest in the history of the Board. invitation of Provost Harrison, to visit the Uni On Thursday morning began one of the most versity of Pennsylvania. It should be remem able and intense discussions possibly in the hisbered here that in the early history of the Uni tory of the church, during the progress of which versity the Presbyterian Church had a large not a syllable was uttered in the depreciation of interest, as she has ever had, in all schemes for our revered Standards or of the Calvinistic Systhe promotion of education.

tem. All of the speakers, on all sides of the On Monday morning the assembly assumed great question voiced the loyalty of our great business, and gave close attention to several Church to-day, to the Confession of Faith, the important reports. Greetings were received from changes suggested being very few indeed, and the General Assembly of the Southern Presby only for the purpose of emphasizing our testiterian Church, and from the General Assembly of mony before the world. After the reading of the the United Presbyterian Church, to which suit majority report by Dr. C. A. Dickey, the Chairable responses were made.

man of the Committee, and the minority report The report on the work of Missions among the by Dr. McKibbin, a motion was made to adopt Freemen, was read by Dr. Hulbert, and followed the majority report, which was duly seconded. by an able address by Dr. Cowan, the efficient Then followed à motion to amend, by substiSecretary of the board. The receipts of this tuting the minority report for the majority board for the past year were over $160,000. The report, which was also promptly seconded. Then report of Ministerial Relief was read by Dr. Mott, Dr. Geo. D. Baker of Philadelphia, having oband Dr. B. L. Agnew, the Secretary of this board tained the floor, offered a resolution-proposing the made a most eloquent plea for more ample support dismissal of the whole matter, in the interest, he and sympathetic care for the veteran servants of said, of bringing rest and peace to the Church, the church who were thrown in their old age and also in the interest of possible union with our upon the arms and heart of the church. The brethren of the Southern Church. The Moderator report on Education was read by Dr. Benham, then stated the question, and the debate opened. and an address was made by Dr. E. B. Hodge, the Addresses were first made by Dr. Dickey, Dr. Mcfaithful Secretary of this Board. Following this Kippin and Dr. Baker in support of the three came the carefully prepared report of the Special positions respectively, and the general discussion Committee on Sabbath Observance, and also the proceeded along these lines, but chiefly for and report of the Special Committee on Systematic against the resolution to dismiss, or the last Benevolence. Dr. Rice read the report of the amendment. The discussion continued until Fri. Special Committee on Judicial Commissions, but day evening at 5 o'clock, the Assembly listening its discussions was deferred until a later hour. with intense interest while the masters of debate

The two dominant interests of the church at presented their arguments. Then the vote was large center in the work of Home and Foreign taken on the Second Amendment, viz: "to dismiss Missions. These are counted the Chief Boards, the whole matter," which was voted down by an and rally to their support the almost solid force overwhelming majority. The discussion then of the whole church-in round numbers about turned upon the comparative merits of the maa million dollars are contributed to each of these jority and minority reports. Upon this the batcauses annually by the churches, and the work tle was waged with unflagging zeal all of the of each Board is constantly widening.

forenoon of Saturday, and when the vote was Tuesday was field day for Home Missions. taken the minority report was also defeated, but Both the business meeting and the popular meet by so small a margin as to show that the sentiing at night were full of interest. Dr. Hugh ment of the Assembly was almost equally Walker of California made the report and fol divided. There was a profound and widespread lowed it with a strong speech. Dr. C. L. Thomp conviction that something should be done to son, Secretary of the Board roused the Assembly secure if possible a proposition touching revision with one of his ringing addresses, and Secretary which would weld into one the sentiment of the Dixon and others made splendid short speeches. Assembly, and on Monday morning Dr. J. D. The work of Home Missions has had an eventful Moffat, President of Washington and Jefferson yearand full of encouragement, especially in Porto College, who had championed the majority reRico and Alaska. The Board of College Aid made port, and one of the clearest and most convincing a fine showing through the report of Dr. Ewing, debaters in the Assembly, proposed an amendand though the youngest of our agencies, has ment, which proved acceptable to all parties, and achieved an enviable place.

brought about a most happy and harmonious The report on Church Erection was presented solution of the question, uniting the Assembly at by Rev. Geo. V. Reichel, and the summary of the last on the majority report of the Committee on year's work made a most satisfactory showing, Revision, which, with the slight modification in the matter of church construction and in the made by the amendment of Dr. Moffat, and with administration of the affairs of the Board.

few dissenting voices was adopted amid great Wednesday was devoted mainly to Foreign Mis enthusiasm. sions. The report was read by Rev. Dr. Moffat, Thus ended the great debate-in some respects President of Washington and Jefferson College the greatest in the history of the Presbyterian one of the ablest reports presented to the Assem Church. bly--covering the wide field of our mission work The recommendations of the report, as amended in all the world, with a wise and careful review. and finally adopted, are as follows:

"A. We recommend that a committee as provided for by the Form of Government, Chapter XXIII, Section 3, be appointed by this Assembly.

“B. We recommend that this Committee be instructed to prepare and submit to the next General Assembly, for such disposition as may be judged to be wise, a brief statement of the Reformed Faith, expressed so far as possible in untechnical language, -the purpose of the statement being to give information and a better understanding of our doctrinal beliefs, and not with a view to its being a substitute for or an alternative of our Confession of Faith.

"C. We further recommend that the Committee be instructed to prepare amendments of Chapter III, Chapter X, Section 3; Chapter XVI, Section 7; Chapter XXII, Section 3; and Chapter XXV, Section 6, of our Confession of Faith, either by modification of the Text or by declaratory statement, but so far as possible by Declaratory Statement, so as more clearly to express the mind of the Church, with additional statement concerning the love of God for all men, Missions, and the Holy Spirit, it being understood that the revision shali in no way impair the integrity of the system of doctrine set forth in our Confession, and taught in the Holy Scriptures.

The members of the former Committee on Revision are to be continued. It is expected that all will serve, except the Rev. Dr. Stephen A. Dana, who has resigned. By a resolution six persons are to be added to the fifteen of the former committee. Dr. Henry C. Minton, the Moderator, was by rote of the Assembly made a member of the committee, and its chairman. Including there. fore the vacancy to be filled, Dr. Minton will have the appointment of six members of the new committee of twenty-one.

The Fifth Avenue Presbyterian Church of New York City was chosen as the place for the meeting of the next General Assembly on the third Thursday in May, 1902.

The remaining sessions of the Assembly, until the adjournment Tuesday, May 28th, were taken up with routine matters, and a few reports, discussion on which had been postponed on account of the Revision debate. The Necrological record for the past year was read by the Stated Clerk, Dr. W. H. Roberts. It showed that of 140 ministers who died, six were more than 90 years old; one was 97; 29 were more than 80; 73 more than 70.

A strong committee was appointed for the "Promotion of Evangelistic Work." A keen discussion arose on the question of the Relation of the Christian Endeavor Societies to the Gen· eral Assembly.

The report on temperance was read, also that on the “Assembly Herald” and both adopted. Then came the end, with a hearty Resolution of Thanks—the final Roll Call, and the Apostolic Benediction.


society. This statement may not appear true at first sight, but as society grows more complicated and the number of processes required to create a product increases the speculator comes to be a necessary agent in regulating the fluctuations that may occur in the passage from raw material to finished product. This point may be illustrated by a brief example: A railroad manager wishes 10,000 tons of steel rails six months from date, can the steel rail manufacturer make a price so far ahead? Upon request the latter sends the railroad man a quotation for future delivery based however upon the iron broker's price for iron delivered five months from date. By this system the three parties to the transaction are assured of a satisfactory future price. The speculator who offers to deliver future goods at a certain price tends to fix the price around that point and in his purchases to meet the future delivery the present price is affected. When engaged in by men of wide knowledge who are able to carefully estimate the available goods of the present and future, speculation is a great factor in securing stability of production and distribution.

All speculation, however, is not what may be called legitimate, some of it partakes of the nature of gambling. The price secured in a gambling contract is a reflection of the true price and no service is rendered to society since there is no delivery of goods. In actual form however no real distinction exists between legitimate and illegitimate transactions. Legitimate transactions are regarded by A. T. Hadley as analogous to insurance, in that society is insured against the losses that may occur without a system of future sales and deliveries. One other distinction might be pointed out that in the case of a legitimate transaction capital is put where it is most needed, while in a gambling transaction it is diverted from the real uses of commerce.

Speculation may be divided into stock and product speculation. The organization of vast corporations has brought into the market large numbers of stocks and bonds which are offered for sale on the stock exchanges. Brokers buying and selling shares for customers find it easier to go into the market and purchase them there at the price quoted. The stocks traded in on the stock exchanges are divided into groups known as the railroad and industrial groups. The first contains the stocks of the Trunk lines, Coalers, Grangers, Pacifics, Southerns and Local Transportations. The industrial includes the Trust stocks, Sugar, Steel, Iron, Tobacco, Gas, Rubber, and Mining Shares. The bond, a form of indebtedness, is also speculated in. These are usually in $1,000 denominations and are called mortgage, equipment, land grant, collateral trust, prior lien, debentures and income bonds. The buying and selling of stocks and bonds take place for speculation, investment, and to secure a voting control of properties.

The growth, production and distribution of products was a simple process in a small community, but a great industrial society demands foresight and careful adjustment in these processes. How much of a product will be needed a year from now is carefully estimated, and men stand ready to supply the amount at a future price. This brings in speculation, in consequence of which we have exchanges engaged in the sale and purchase of wheat, lard, pork, beef, flour, coffee, tea, and other industrial products. Commission firms buy and sell products on "change" with

SPECULATION. Speculation usually in volves the notion of investment of money at a risk of loss on the chance of some unusual gain not in the ordinary course of commerce. The speculator is distinct from the investor; the first buys to sell, the second to secure an income. In buying in anticipation of a higher price or in selling in the expectation that a lower price will prevail the speculator is rendering a service to

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the expectation of disposing of them to some claimed, at the option of the purchaser of the middlemen.

call, at any time on or before a future fixed date. In the parlance of speculation are many terms Option money is paid at the time the bargain is which must be explained for the comprehension made by the principal to the broker, when the of the layman. We may begin with the mem option expires the person who has paid the money bers of a stock exchange who are of two classes, declares whether he buys, sells, or does neither. operators and brokers. The operator deals in In the business of grain and cotton speculation stocks and shares as a buyer or seller at market almost all the trading is in futures, which is a prices, while the broker deals with the former method of buying cash grain or cotton and selling and receives a commission for his work. Here a specified amount for future delivery in a genanother classification is made in that operators in eral market. Such contracts terminate at some the exchange are called "change operators" future month, for example in wheat there are while those who belong to no exchange are September, December, March, May and July referred to as “curb” operators. They are also days of settlement. Sometimes it happens both divided into groups of bulls and bears the bull is in wheat and stock speculation that operators one who buys in order to sell at a higher price, sell “short,” in other words more than they have the bear hopes to gain by the reverse movement, in hand, the expectation being the price will be selling with the expectation of buying back at a lower and that they then can buy in and make a lower price. This operation brings in what is profit. “Caught short” is the term used to known as the option, which permits the operator express the situation in which a “bear” is when to buy or not as he pleases. Three terms are he has sold more shares than he can deliver. The used to define options, first the straddle,” which object of a corner is to catch the shorts" in permits the acceptance or delivery of stock at a just such a position, compelling them to pay a fixed price on a future day, a fixed sum being high price for the stocks needed to make the paid down for the privilege. The second, called delivery. When a corner is on the bears are forced the "put," permits the person who has paid the to pay a premium for stock. During the Third money to deliver or not as the price determines a Avenue bear panic a premium of 4 per cent. or specified amount of stock at a fixed date. The $400 per day was paid to borrow stock. "call," the third form, is the reverse of the sec "Money on call" is a necessary part of the ond; by it a specified amount of stock may be speculative machinery. By the possession of

securities an operator may borrow money from a bank depositing the seourities with the bank and agreeing to pay a small rate until the return of the money is demanded, which may be at any time. If he fails to this the financial institution may sell the securities, and if insufficient to pay the loan call upon the operator for additional amounts. This scheme of “money on call” makes it possible to do business on a smaller capital by using securities as collateral. On the other hand the money deposited with a broker by a customer is called a "margin.” Purchases "on märgins” are made by putting one cent on each bushel of wheat, ten dollars on the par value of railroad shares and twenty dollars on the par value of industrial stocks. The broker then buys the shares in the market, advancing the difference between the margin and the price paid and charging the customer interest and brokerage upon the transaction.

With the increasing speculation the Stock Exchange Clearing-house has come into existence. Its object is to offset the contracts by one broker to deliver securities, by the contracts made by the same broker to receive securities. Through this method the necessary transfer of securities has been reduced about ninety per cent. The New York Stock Exchange has added to the stock clearing system one of a money clearing, by which the accounts of two brokers are offset. It is estimated that this system saved the drawing of checks to the amount of $400,000,000 in a month. Without this clearing-house system the business of 1898-1899 would have required on the New York Exchange checks amounting to $9,537,000,000. This is the amount of saving in check certificates alone.

The following table indicates the growth of speculation in the New York Stock Exchange which may serve as an indication of the rate of growth throughout the United States in the various Exchanges.

Number of shares traded in 1890-1900: 1890.

56,126,365 1891.

66,045, 217 1892.

85,875,092 1893.

80,977,839 1894

49,075,032 1895.

73,000,000 1896.

66.440,576 1897

77, 248, 747 1898.

115,065,457 . 1899.

173,970.943 1900.

.140,350,000 Since January 1, 1901, to May 25th, the number of shares traded in has amounted to 152,294,281. On the one day of April 22 there were 2,400,000 shares bought and sold. This remarkable record has been due to the increase in the number and variety of industrial combinations and the formation of railroad alliances. To this last cause may be attributed one of the most remarkable stock panics known in the history of the United States, the recent Northern Pacific episode.

Community of interest (railroad organization) was the cause of the panic. The Northern Pacific and Great Northern railroads formed an alliance for the purpose of controlling the far eastern trade. It was necessary in the grand scheme of Mr. Hill (namely to exchange the wheat and products of the West for the mer: chandise of the East) to control the agricultural

regions traversed by the Burlington. The possession of this road placed the Northern Pacific in a dominating position in the northwest and relegated the Union Pacific to a second place. Kuhn, Loeb & Co., the nancial representatives of the latter road recognized the necessity of protecting Union Pacific stockholders. Efforts were made to conciliate the two interests by permitting the Union Pacific to own a part of the Burlington and to divide the traffic with the Northern Pacific, but this was refused. The Union Pacific syndicate then decided it was necessary to obtain by ownership a strong representation on the board of directors of the Northern Pacific. On Friday, May 3, 1901, the Union Pacific interests held $65,000,000 of Northern Pacific stock and then asked for representation, but the owners of the Northern Pacific would not listen to a divided management and at once entered upon the purchase of sufficient stock to gain absolute control. Under the buying the price advanced and stock was sold until the two interests owned every share. The delivery of shares was forced, which placed the shorts in a very difficult position, compelling them to deliver at any cost. This brought on the panic and Northern Pacific went to 1,300. The parties to the corner were unwilling to precipitate any prolonged panic and permitted the shorts to settle at 150. The question of control cannot be finally determined until the meeting of the Board of Directors of the Northern Pacific. Nevertheless large sums of money were lost to many operators and a general slump in stock took place as can be seen by the table shown below.

A statistical review of the transactions in the stock market on May 9, shows that at low water mark of prices forty-one principal stocks had shrunk to the tremendous figures of $698,388,407. This shrinkage, however, is largely offset by the recovery of the market towards the close. Selecting some of the more prominent stocks and apply. ing to them the low price calculation gives the following typical showing:

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