davidaulloa/AmericanStories huggingface dataset:
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-05-10
TWO |NFANTSOF JAY
DIE IN COUPLE DAYS

Jay, Fla, May 9-Our town this
week was in gloom and trouble. There
were two funerals. Two little child
rem had succumbed 10 flux.
The first one was the two and halt
years old little girl of Mr. and Mrs
Thompson, who lives out OF Jay 1t
had been in i'll health for some time,
yet it was not thought to be in a seri-
Gus condition. 1t rapidly grew worse
and died Sunday, and was buried in
our cemetery here. Rev. w. j. Peters
pastor of the Baptist church here, con-
Quoted the funeral services, the burial
taking place at ii 80 Tuesday morn
ing.
The other one was little Olivia Helen
daughter Of Mr.. and Mrs. H. w. Har-
rison, of this place, aged about Is
months. This little girl was taken sich
Wednesday and her parents carried
her to Selma to be treated but the dis
ease could not be overcome and death
occurred at 80 Sunday afternoon. The
remains were brought back home for
interment. The funeral was conducted
at the burial ground by the Methodist
pastor, Rev. j. A. Crew. The burial
took place at 2 o'clock.
These good people have the sym
pathy of all in the loss of their little
girls.
Build New Church.
The Baptist church building here Is
nearing completion. Last Sunday d
movement was put on foot for raising
the funds necessary to complete tho
building 1t will be one of the hand
soonest church edfices in the county
when completed. The membership has
been using the school building for their
L.
church.
The Girls Glee Club is preparing
to give our people a high class enter
tainment in the near future. Our peo-
pie here are looking forward to the
date of the play.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-05-10

Individual safety de-
post boxes for the safe
keeping of valuable pa
pers, d e e d s, Liberty
Bonds, insurance papers
and other valuables-
nominal rentals.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-05-10
FIRE DAMAGES
LOCAL WOOD YARD

Early yesterday morning fire was
discovered in the storage yards of the
Export Fuel Company, and considera-
BILE loss was entailed. An clubhouse
and some wood had been burned.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-05-10
Daily Weather
Report
u. S. Department or Agriculture.
Weather Bureau.
Charles F. Marvin, Chief.
nAJJy WEATHER RILLETIN.


Pensacola's Data
Pensacola, Fla, May y, 1910
TEMPERATURES Highest on record ZOE
May, AZ degrees.
Day temperatures in May usually rise
to so degrees.
Night temperatures in May usually
fall to 81 degrees.
Highest temperature "a hours enainS
p. M, rs degrees.
Lowest temperature "a hours enoln5
p. m. II degrees.
Accumulated deficiency this year to
date, 20 degrees.
RAINFALL for "a hours ending p. IA,
o inches.
Normal rainfall for the month OF
May. 2.6S inches.
Total rainfall this month to p. m,
o inches.
Accumulated excess this year to May
ist, 1.42 inches.
HUMIDITY: p. M, 90 per cent.
BAROMETER: p. m, 1896.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-05-10

Galveston, cloudy. 29s6, s., is.
New Orleans. cloudy, 1892, S. w.
Mobile, PIT. Cldy., 29.9l, S. w, Ii.
Pensacola, PIT CIdy, 1896, s. w, 10.
Tampa, clear, 1000, w.
Miami, clear, 1000, f.
Jacksonville, clear, 1896, n. E.
Hatteras, clear, 1896, N. E.
Tides, May 10.
Navy Yard .......i 10 40 a. m.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-05-10

Weather at p. m, temperature al
I p. m. and highest yesterday. Preelp-
itation for % hours ending 7 p. m.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-05-10
CHICAGO CASH GRAIN.

Chicago, May 9.-CoRN-No. 2 yellow
No. 3 yellow, si.6061.63: No
q yellow, $3.50
OATS-No. white, II 3-4G79 i-2
RYE-No. 2 nominal.
BARLEY-sf .356ii61
50067s.00.
CLOVER-si8 OO6 1920.
PORK-Nominal
LARD-25.40.
RIBS-23 20G23.S2.
New-York tribune., 1918-03-06
Record Profits
For Industrial
Alcohol in 1917
Surplus Equal to $3.50 a
Share on Common
Stock

After all expenses, including a re-
serve of $5,239, $50 for Federal taxes,
the United States Industrial Alcohol
Company in 1917 earned a surplus of
S7,108,892. This was the largest sur
plus ever reported by the company.
In 1916, when no allowance had to be
made for excess profits taxes, the sur
plus available for dividends was S4,-
Se4,587, which was the previous high
record
Preferred dividend requirements con-
sumed $42O,000 of last years net in
come, leaving balance of $6,68S 1884
equal to 55.7 per cent on $4,000, 900
common stock outstanding, compared
with 36.14 per cent earned in 1916. The
1917 earnings, after dedlcting operat-
ing expenses, repairs, depreciation and
administration charges, amounted to
S12,511, PIT, compared with S6,727, DAB
the preceding year. The total profit and
loss surplus on December 81 last stood
at S13,4l4,247, an increase of $2,72O,422
The principal feature of the balance
sheet was a reduction of $6,512,344 in
accounts payable, this figure on Decem-
Der 81, 1916, standing at $7,773 ,92O
Cash on hand increased from 81 1862 OF 4
to $2,270,016. Frederic NJ. Harrison
president of the company, stated in
the report that the net earnings last
year included the profit on the sale of
steamship by one of the subsidiary
corporations, ard also the profit de-
rived from the operation Of the rest
of the ocean going steamships. of 20.
proxlmately $4,000 tons
New-York tribune., 1918-03-06

Finance Economics
WALL STREET OFFICE: re!ephono
Mills Building 15 Broad ST Hanover eb14

In an interesting review of the
banking position the Guaranty Trust
Company concludes that our bank
ing structure is still solid, and that
therefore there has been no credit
initiation, but merely Expansion of
credit based upon sound founda-
tions." Undoubtedly it is true that
up to the present the expansion of
credit has not been in such degree
as to impair the solvency of our
banks; but that alone does not war
rant the conclusion that there has
been no credit imitation. Bank
credit is the currency on which
most business transactions are
based, and when the supply in
creases faster than the turnover
of business the effects are little
different from those which would
be produced by issuing so much
currency. Statistics indicate plain
ly enough that the supply of bank
credits has expanded faster than
production, and that is the chief
reason for the extraordinary spiral
Of higher wages and higher prices
which now is one of the most diff
cult problems we have to meet.
New-York tribune., 1918-03-06
Production Well
Maintained by
Republic Steel
Profits Increase in Spite of
Large Provision for Ex-
cess Profits Taxes

Though earnings were heavily re-
duced by radical price reductions and
S9,S78,657 was set aside for excess prof
its, taxes and other contingencies, net
profits available for dividends of the
Republic Iron and Steel Company in
1917 were at the peak in the company's
history, exceeding those for 1916, when
no extraordinary deductions were made
and prices were uncontrolled, by more
than 81 100000
Working constantly at the greatest
speed obtainable under such handicaps
as fuel shortage, inadequate and inetfi-
cient labor supply and transportation
congestion, the company succeeded in
producing almost as much pig iron and
finished and semi-fnished steel prod
ucts as were produced by it in 1916,
while in some departments output
gained as will appear from the follow
ing comparison Of production, in gross
New-York tribune., 1918-03-06
War Finance With Music

Finance with music seems to be an
other of the wars innovations. Wall
Street learned of the novelty in a
striking manner yesterday afternoon.
when the band of the U. S. s. Recruit
played patriotic music in front of the
Stock Exchange for twenty minutes,
The free concert, which attracted many
hundreds of busy persons, just as the
STOCK Exchange was closing for the
day. was given for the purpose of
calling attention to the first large
war thrift concert, which will be held
at the Metropolitan Opera House on
March II: Thus the art of music was
enlisted in the campaign to help the
government finance the war through
inc sale OF war savings and thrift
New-York tribune., 1918-03-06
News Digest
Foreign

Japanese Bonds Under Pressure in
London LONDON. March 5.-The
selling of Japanese bonds, which
started on the Stock Echange late yes
tcrday, continued to-day on fears that
the Eastern situation will check re-
dcmption purchases and further de-
clnes will be registered. The market
otherwise was dull with the chief at
tention given to Nigeran mines and
Russian and other speculative issues
at irregular price changes. Gilt edged
securities were neglected, while Chi
nese bonds were better. Money was in
increased demand for investment in
war bonds. Discount rates were quiet
New-York tribune., 1918-03-06
Demand Deposit
Int ere S t Not to
Exceed 3 Per Cent
Frew Calls Clearing House
Committee Meeting to
Consider Limitation

A meeting of the New York Clear.
ing House Association has been called
for next Monday by Walter 4. Frev
chairman of the Clearing House com.
mittee, for the purpose Of voting on
an amendment to the constitution pro.
Viding that no member of the associa.
ton, or any bank or trust COMPANY
clearing through member institutions
shall pay on demand deposits an in
terest rate in excess of 2 per cent less
than the existing Federal Reserve
Bank ninety day rediscount rate. 1t is
proposed, in any event, that the maxi.
mum rate on these deposits shall not
exceed 3 per cent. There are ffty-nine
voting members of the association.
The Federal Reserve Bank rate on
three months paper is now Az per
cent, so that under the conditions Of
the proposed Clearing House amend.
ment the maximum rate on demand de-.
poslts could not exceed 2ja per cent
The proposed limitation of the interest
rate on deposits was suggested by the
Federal Reserve Board, and the Clear.
+ ing Housef committee believes that
bidding for deposits through competing
interest rates "may weaken the bank.
ing structure and lead to serious re.
suits according to the preamble Of
the amendment
Most Comment Favorable
If the amendment is adopted as writ.
ten, violation of its provisions will be
punishable by a fine of $4,000 for the
first offence, and on the second offence
expulsion from the association will
result.
After the terms of the proposed
amendment became known in banking
circles yesterday opinions were some
what divergent. 1t was the general con-
sensus, however, that the Limitation
OF the rates on deposits would work for
the general good. Where criticism
was heard it was that it might have
been better to make uniform rate,
and make this compulsory. instead Of
leaving decision as to whether the
charge should be the maximum Of "a
per cent or less to the discretion Of
the banks. In some quarters it was
also felt that the imposition of maxi
mum rate should apply to time de-
posits as well as to demand deposits.
Harding Opposes High Rates
When it became known recently that
several New York banks and trust com.
panles. in order to take advantage OF
the high money rates now existing
here, had offered to raise the rate on
out f-town balances, w. p g. Harding,
governor of the Federal Reserve
Board, issued a statement deprecatlng
that practice. In this connection it was
learned yesterday that in the recent
competition for accounts one bank
offered as high as 4 per cent for the
cash balance of a large industrial cor
poration.
New-York tribune., 1918-03-06
New York

To Discuss Reorganization of Bank
rupt Firm.-Judge julius M. Mayer, of
the United States District Court, yes
terday signed an order to call meet
ing before him on March Is Of the
creditors of the bankrupt Stock Ex-
change firm of Kerr G. Co. Those who
attend will discuss a plan of reorgan-
ization, which has been formulated by
committee representing so per cent
OF the total claims against the firm
The proposal which will be taken I'D
calls for cash payment of 40 per cent
of all allowed claims to creditors. and
for the reservation of the other so per
cent pending the reinstatement of the
concern on the New York Stock En-
change and the resumption of business.
Moreover, not less than $175,000 in
new money shall be put into the firm
of Kerr & Co. at the risk of the bust
ness, according to the suggested pro-
gramme, thus providing the rehabii-
tated concern with adequate funds for
the conduct of its business. The COM
mttce which has drawn up these pro-
posals represents more than $500. 900
in claims, it is understood, and consists
of Bernard p. Bogy, Charles w. Yates
and William Adams Nissan.
After hearing all the proceedings on
the part OF the petitloning creditors
and the entry of an order of adiudca-
ton staying further actions in the
bankruptcy court, Judge Mayer will
consider the offer of composition and
make such orders for its confirmation
as may be necessary
More State Banks in Reserve System.
The Federal Reserve Bank of New York
announced yesterday that the following
institutions had become members Of
the bank during January and February:
BLOOMFIELD Trust Company, Bloomfield.
n. j.; Trust Company Of Fulton County.
Gloversville, n. Y; Lincoln Trust Com
pany,, New York City; Peoples Bank
and Trust Company, Passac, N. j.:
Peoples Bank and Trust Company.
Westtield, N. j.; Hudson Trust Com
Ty; Ramy; We Wsst Hoboken: N. j.; Alliance
trust and Guaranty Company, Hacken-
sack, n. j.; Bank of Hammondsport,
Hammondsport, N. Y; Farmers Loan
and Trust Company. New York City:
ford. n. j.
New-York tribune., 1918-03-06
American Woouen
Plants Are Busy
On Govt Orders
Contracts for More Than
$1OO,0O0,0OO Placed in
Past Year

Within a few months after the en-
trance of the United States into the
war over SO per cent of the American
Woolen Company's machinery was en-
gagged in the manufacture Of fabrics
required by the army and navy. The
company has since secured additional
government contracts insurng the en-
ployment of approximately that same
proportion Of plant facilities we'll into
the year 1918
In bringing these facts to the atten-
ton to the stockholders in the annual
report issued yesterday William NJ
Wood, president of the company, added
that since March l, 1917, total con-
tracts received from the government
amount to over $100,O00,00O To facili-
tate the completion Of this business
and to provide against possible delay
cash advances aggregating $16,400, 900,
against which deliveries are now being
made.
Untitled Orders Doubled
At the beginning of 1917 untitled
orders on the companys books totalled
$40, $50, 900, while on December 81 last
The company's income account
showed net profits for 1917 of SIS, ,664,- :
9S5, compared with SS,2l0,76l the pre-
ceding year. After setting aside re-
serve of $3,000,000 for war taxes, S3,-
2O,S29 for depreciation Of plants, ST.
100000 as reserve for the insurance
fund and $1,250,OOO for the pension
fund there was q surplus of S6,S44, Sc
Preferred dividend requirements abb
sorbed S2,S00,000, leaving a balance of
S4,044, 1856, which was equivalent to 202
Per cent on $20.000,000 common stock,
compared with 1873 per cent earned in
1916.
In addition to the advances received
from the government on contracts to
supply the army and navy with uni
forms the company's balance sheet
showed that $40, ,1S4,550 had been bor-
rcwcd from banks. Other liabilities
included S2,6lO,O00 acceptances dis
counted by the Federal Reserve Bank
and $2,527,223 in vouchers. Against
these were current assets of SS,715,725
in cash, S24 GOA 299 accounts receivable
and S3,O74,999 in Liberty bonds.
Prices Mount Rapidly
Wool prices during 1917, stated Mr..
Wood in the report, showed an almost
continuous appreciation. From Jan
uary to April the average increase ap-
proXimated 10 to 10 per cent. BY
July there was average increase of
about so per cent over the January
prices. On July SO Mr.. Wood said the
government began purchasing wool for
its own account at fixed prices, which
had the effect of stabilizing the mar
ket, the margin of advance from that
time to the close Of the year being far
less pronounced.
Generally speaking" Mr. Wood said,
"thc cost of supplies has greatly in
creased. Not only are supplies difficult
to obtain. but owing to the congo ted
state of the railroads it is IN many
cases necessary to have them sent by
express to avoid long delays en- route,
thus considerably increasing the cost
of transp sportation."
New-York tribune., 1918-03-06
Regular Declarations

American Bank Note CO. Quarterly dis'
dend OF ] Il per cent on the preferred s'ocA;;
payable April l to stockholders of re'c'o
March Is.
American Telephone & Telegraph Co..
Quarterly dividend of 81 share. paya,esis
April 10 to stockholders Of record March 10
Buffalo General Electric Co-Quarter'lly
dividend of l$, per cent on the commoy, %,
stock, payable March 80 to stockholders 0'
record March ~.
Kelly Springfield Tire Co. Quarterly oN, F.s
dend OF Sl.3o share on the pre,e''sfI pa ~
stock. payable April to stockholders u
record March Is.
Nova Scotia Steel &: Coal Co.--Qua;'e.SS
dividends of per cent on the preferred s.'s Nh
a per cent on the common stocks, VA ssJ
payable April - to stockholders OF reeo'
March so.
Swan & Finch Co.-Quartery dividen,di i..s ..
500 a share. payable May TO stockhoice'
of record April I.
Todd Shipyards Corporation. -0uarseeSs "a
dividend OF $l.,5 n share. payable Mafeh y
to stockholders OF record March II.
Yukon Alaska Trust CO.. Quarterly "a S',s -
dend of ST a share, payable March " :"
stockholders of record March :.
Brooklyn Union Gas Co.-Quartery s"s %
dend of L per cent, payable Apr'i
stockholders of record March IL.
Howe Sound Company Initial oua,.se'suo ~ "a
dividend of per cent payable Aprh -
stockholders of record April |.
Utah Consolidated Mining Compshs,,r s.r.
Quarterly dividend OF 80 cents per '.ari s's,i
payable March % to stockholders oi fess'
March IS.
Bingham Mines Company. Dividend ',a.s. o.
cents per share, payable April 10 S'''
holders OF record March 20.
International Trust Company. Qns',,1tus b
dividend of per cent, payable Aprh
stockholders OF record March 10.
Dominion Tcxtils Company. Qpsssss.Al
dividends OF Ia, per cent on the pre.sh IN
and common stock. common dividend nass il,
April to stockholders of record Mares, Il
and the preferred dividend payable Ap1n
to stockholders of record March 80.
New-York tribune., 1918-03-06
Big Gain in Gross

This production resulted in a gross
volume Of business for the year of
S7S.325, ,461. compared with 2,844, ,017
in 1916 and 500 9916,22S in 1915 Out
of the gross the company saved, after
deduction of expenses, charges for
maintenance, etc, S2S,329,7lS, almost
as much as the gross business two
years before, and exceeding the net
operating earnings of 1916 by $11, ,7So,-
OS3. Interest and dividends received
during the year, amounting to $429,302,
brought the total profits up to S2S, ,769,-
021, but heavier charges for deprecia-
ton and renewals, for exhaustion OF
minerals, the provision for taxes re-
ferred to and fixed charges reduced
the net profit applicable to dividends
year before. After payment of pre-
1erred dividends, which required ST.
100000, this was equivalent to S51.SS
a share on the common stock, and COM
parcs with S17.o5 share earned IN
1916. At the end of the year, the net
surplus carried to balance sheet was
S3O,711,9SS. Net current assets on
December 81 amounted to $25 5945 .536.
The assets statement shows that the
company has more than SID 100000 IN
vested in government securities, while
inventory increased from 800 IA 900 10
S13.475,652 during the year. That
collections were good is evidenced by
the fact the accounts and bills re-
ceivable decreased nearly S50O,0O0.
Decline in Last Half
The most unfavorable feature Of the
report was the shrinlagc in profits ap-
plicablc to dividends in the last two
quarters of the year, shown below;
First quarter. $4, ,346,9 ,927.25
Second quarter 7,130, ,406.60
Third quarter. ............. l,ooo,UO4.53
Fourth quarter. 2,811,859.67
Much Of this decline was due to the
fact that the greater part of the excess
Lrofits tax was provided for during the
last half of the year, while it was dur
ing the same period that the most acute
weather and transportation conditions
were felt. 1t will be observed, how
ever, that the last quarters eIcnings
were substantially larger than those for
the third quarter,
New-York tribune., 1918-03-06
Cerro de Pasco
Stops Operations

! L1MA. n Peru. March 5.-The Cerro
de Pasco Mining Company, of Cerro
de Pasco, in the copper and silver
producing region, 40 miles northeast
OF o Lima, has suspended operations.
More than 5000 men are out of en-
ployment.
The Cerro de Pasco Mining Com
pany, reported in the above dispatch
to have suspended operations. is a
$lo.oo0,0oo New Jersey corporation,
entirely owned by the Cerro de Pasco
copper Corporation, New York insti-
tuition, Of which l.. 7. Haggin sis the
head. The stock of the holding com
pany is listed on the Stock Exchanre
The properties are in the Andes Noun
tains, and yield copper, coal, and some
silver and gold. Officials of the com.
pany here declined to discuss the re-
port Of the suspension.
decline in production is reported
by, the company for the month of
February, the output being $3.50 900
pounds; p son aao In January the output was
6,79S.O00 and in February 1olT,
$3.50 900 pounds. .
New-York tribune., 1918-03-06
Current
NurTOIL
exchange Intrin sic
Bank Acceptance
Rate Increased

The increase in the rate from 4 to
Az per cent, at which the Federal Re-
serve Bank will purchase bankers ac-
ceptances, advances the cost to bor-
rowers of the $10O,000,00O Cuban sugar
credit to 8A per cent, according to the
terms under which the credit was ar
ranged. 1t was stated in the syndicate
agreement that the rate at which the
Cuban sugar growers notes would be
discounted would be l per cent in eX-
cess of the Reserve Bank acceptance
rate, in addition to which the syndicate
would receive commission equivalent
TO "a of l per cent for each ninety day
renewal
New-York tribune., 1918-03-06
Relevant Comment
A Successor for Judge Lovett?

The resignation of Robert S. Lovett
from the Craftsmanship of the Union
Pacific and from his place on the War
Industries Board to become chief Of
a new division Of betterments and
additions of the railroad administra-
ton was the subject of much comment
III financial circles yesterday. Discus
sion turned on the question of whether
new chairman of the board of di-
rectors for the Union Pacific would be
promptly named, and, if so, who he
would be. At the offices of The Union
Pacific, at 163 Broadway, the news of
Judge Lovett's withdrawal was unex-
pected, it was said, and the matter Of
selecting successor may be taken up
at the monthly meeting of the board
at the New York Offices on Thursday
March IA. 1t is possible that the board
may decide to leave the office vacant
during the war period, inasmuch as it
may be regarded as an "unessental'
one under government operation, espe-
clally as a large part of the chair
mans work had to do with financing,
which is provided for under the gov
ernment control bill.
New-York tribune., 1918-03-06
Rock Island Surplus Lower
Gross Earnings Increased
$8,719,593 i'm 1917

The income account of the Chicago,
Rock Island e. Pacific Railway Com
pany for the calendar year 1917, made
public yesterday, showed surplus af-
ter all charges Of S7,527, ,145, compared
with SS,o7s,1 1S9 the preceding year.
Gross earnings were $50, 9,60S, ,722, an
increase of SS,7l9, ,593, and operating in
come amounted to $40, 9,193 ,04S. To this
was added 81 1921 1875 of other income,
bringing the total up to $20,622, 243,
compared with S23 428,684 in 1916.
Operating expenses jumped from $685.
896, 1877 to $7O,415,674.
New-York tribune., 1918-03-06
Participation Certificates Called In

Officials of the local Federal Reserve
Bank are asking holders of the $40
participation certificates issued by the
bank in connection with the first Lin
orty Loan to present them in multiples
OF five for exchange into the detinitjye
33'2 per cent bonds. At the close of
FEBRUARY the figures showing the sales
o, OF these certificates were as follows.
Total amount sold, 81 ,344, $50; amount
exchanged for 3'a per cent bonds, ST.
i9o,ooo The balance of the certifi-
Gates outstanding is $149,13O.