davidaulloa/AmericanStories huggingface dataset:
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
ASKREMOVAL OFIFUNDS NEEDED THRIFT STAMP
CONTINUEPUR CHASES In
In FISH TRADE SERVICE WORK SCHOOLS GOOD
TOTAL OF s2,547.75 REoORTED AS
THE SAVING OF THE SCHOOL
CHILDREN OF CITY Fer PAST
MONTH.

The composition betweef4 the city
school III the Tariff Campaign came 10
a successful close Friday, Feb. |, a
grs,S1 totals of &x S4775 having ] IN
reported as the sssaasss of the school
children of the past month. The com
petition has been quite spirited and
.hc girls and boys are very enthusi
astic in working for Thrift Stamps ard
War Saving Certificates
Realizing the value of the thrift
and habit, the tea chers and pupils Of
all the schools viii continue their ef-
forts Throughout the year for the sue
cess of the Thrift Campaign.
In the High School competition hon
ors go to the Sophomore class with
100 per cent-every member actively
engaged in saving. The Freshma'i
class has reported the largest amount
-s1G92S representing So per cent of
the class. Total for the High School
Is s1.217.56.
Tfonors go 20 the j. r. Jockey School
in the Grammar School competition
with a total of s3S3.5,
In the Primary So chool competition
honors go to school No. 30, of which
Miss Kate Loftin is principal. School
No. 20 came to the front unexpectedly
taking first place from School No 81
ty a narrow margin.
The &C mplete standing is as follows:
High School Competition.
Sophomore. 100 per cent s337.15
Richard Saunders.
Cary Ellis.
Seniors, 81 per cent .......... 11S.75
Virginia Reese.
Harry Levey.
Juniors, % per cent ........ 1925
Charles Driver.
Janice Kann.
Freshman, 80 per cent .. 5s9.ss
Lucy Anson
Francis Foster
oldi S1g1I.56
Grammar School conpetition.
j. f. Jockey School, 80 per cent $3.50 55
Bryant Mehart
Katherine Eitzen.
A. Y. Clubbs School, 40 per cent 3Os.
Eleanor Upmyer.
John Tatom
C1ubbs Annex, S5 per cent 81. 115 %
Frances Cohen.
Raymond Marsh
Total for Grammar Schools s8o5. 81
Primary Competition.
Lewis solomon.
Jean solomon
School No 50 ...... $3.50
Anne Bullock
Dudley Greerhut
School No. , " 1os az
William Hixon.
Edna Thompson.
School No. 40 Eean
Frank Calhoun
Lucy Wilson.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
=RlGHTFUL CONDITIONS ARE
INTIMATED IN GERMANY

An Atlantic Port, Feb. 2.-The opiE-
on that unless the war ends within
4 year that there will be a revolution
which will overthrow the Hohenzol-
erns in German was expressed by Rev.
Aloysius Daniels, upon his arrivel to-
iav from Germany via Switzerland.
The German people are starving. and
he death rate among children is
,rfghtful. he said.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
RUMANIAN GOLD
SEIZED BY THE BOLS

The HaGue, Feb. 2-Vienna Nue
F'reie Presse reports the amount (
gold belonging TO Run1ania and seized
ty tile Bolshevili was valued at five
fundred million francs. This news
PAPER adds the Vienna authorities at
tach great Importance TO the conffs-
cation because the Rumanian state
gold reserve is the chief guarantee for
the Rumanian debt to central powers.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
SPEEDING UP OF WAR
ACTIVITIES is EXPECTED.

Washington, Feb. 2.-Speeding up
n general staff activities is expec ~ed
to follow the appointment of Ma ;or
General Peyton c. March as acting
chief staff of army, an announcement
which depends only on adviceS from
ieneral Pershing that March can he
spared from duties as chief of artillery
# the expeditionary forces.
General Bliss will remain in France
IS permanent representative oE rne
Cnited States on the supreme war
council.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
NO APPROPRIATION
FOR NEW STATIONS

Washington, Feb. ?. = Secretary
Daniels today authorized announce
ment that he would not ask congress
at the present session for any appro-
priat,ons for new naval stations on
the South Atlantic Gulf of Mexico {.
the Pacific coast, which have been
recommended by the board headed by
Rear ADMIRAL Helm.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
ALIEN SOLDIERS ARE
DISCHARGED FROM ARMY

Deming, New MeNco, Feb 2-One
hundred and twenty-four allied soldiers
Of the thirty fourth division, conpris-
ing former national guardsmen OF
Minnesota, Iowa, South Dakota, and
Nebraska, were ordered discharged
from the army for the good of the
service"
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
SUMMER SCHEDULE
FLORIDATOWN FERRY

The Floridatown ferry will go on
summer schedule wednesday, Febru-
ary 9Th. Under the new schedule
trips will be made as follows: Leave
Ferry Pass and a. m, and p. m:
leave Floridatown 7:30 and 1890 a.
m; and 5 p. m. Special trips will
he made as required
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
FINDER OF THRIFT
STAMPS NOW KNOWN

Al the request OF Commissioner of
Fire and Police Sanders, The journal !
announces that the negro truck drives
who was seen TO pick up the Thrift
Stamps lost by child from School 20
en- Guillcmarde street, will return tnem
at once 10 the Police station or suffer
the consequences
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
CLAIMS
ARE MADE BY GERMANY

London, Feb. German newspa-
pers claim nine million tons of allied
and neutral shipping sunk during the
first year Of unrestricted submarine
warfare, and only four million built
to offset this. The Associated Press is
authorized to state the German claim
OF sinking is exaggerated more tnan
fifty per cent.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
AUSTRALIA HAS WHEAT
BUT NO AVAILABLE SHIPS

Washington, Feb. 2.-Three hundred
million bushels of wheat are available
in Austria for shipment to allies ok
ships can be obtained, Crawford
Vaughn. former premier of Australia,
told twenty-eight state directors OF
public service reserve today
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
CAR SKIDDED AND
WENT OVER ON SIDE

Aero car No. 90, while being driven
on Palafox street yesterday, slxidded
when the brakes We're applied near
-he Gregory street intersection. and
went over on its side. suffering con-
siderable damage. The driver was
not hurt, so far as the investigating
police could ascertain. but the car COM
pletely overtr rned.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
Gen. Pershing Reports Upon
Late Brush With the
Germans.
ENEMY SHIPPERS
DRIVEN FROM POST
American Machine Gun S
Scatter Gathering of
Sharp Shooters.
Associated Press.

Washington, Feb. 1.-Two American
soldiers We're killed in action and four
others slightly wounded January 30th,
the war department was advised to-
day by General Pershing. The dead
arc Corporal Erwin March, of Slayton.
Mimi; and Private George Fl. Rauh,
of New York.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
OVER 200 LOST WHEN
STEAMER Is TCRPEPOEC

London, Feb. 2.-The British armed
4, oarding steamer Iouvain was tor
Gedoed and sunk by a German subma-
rine in the Eastern Mediterranean on
January oi.
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
SUPREME WAR COUNCIL
FOLDS FIRST SESSION.

Versailles, Feb. 2.-The supreme war
council OF p-emiers and generals TO
day closed the present series OF gen
eral meetings. Premier Clen1enceau, of
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
MAYOR OF NEW YORK
is COMING TO FLORIDA

New York, Feb. 2-Mayor Hylan
plans TO go to Palm Beach. February
18th for two weeks rest
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
WAR RISKS INSURANCE
POPULAR AT CAMP WHEELER

Macon. Feb. War risk insurance
subscribed at Camp Wheeler up to
tonight totalled one hun 1red and ten
millions, it was officially announced
The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-02-03
THE WEATHER.

Fair Sunday, except local rains north
portion. Monday, generally fair, light
variable winds.
Highest temperature yesterday, 90 de-
srees; lowest, 81 degrees.
New-York tribune., 1918-02-24

invested capital of the public as any
laws in the world. Japan, always
alert for what is best for the ex-
panding genius of all her people,
might we'll follow in the footsteps
of France, in so far as it is possible
to do so.
Small space can here be given to
description of the French laws rela-
tive to these matters. A brief sur-
vey may, however, serve to awaken
Interest and to put the reader on
guard against the types of descrip-
tive matter which, now that public
interest has been aroused in foreign
affairs, may be fed out discreetlv as
propaganda-with ulterior motive.
Before any French public limited
company is permitted to begin busi-
ness the entire capital must have
been subscribed; considerable pro-
portion, differing in accordance with
the par value, must have been actu-
ally paid in; and oath taken before
a notary. The value of the assets
turned into the company by vendors
must have been appraised by a
stockholders committee, which has
the power to vote to reduce the
amounts to be paid to vendors or
promoters. A list of all sharehold
ers must have been filed at public
office. Legal irregularities in
formation would make founders, di-
rectors, vendors and promoters di-
rectly responsible. Scrutineers, ap-
pointed by all the stockholders
make annual reports, pass judgment
on accounts and balance sheets and
decide whether the profits earned
Justify the dividend proposed by the
directors. During three months
prior to the annual meeting the
scrutineers have the right to inspect
all books and to pry into all the
details. They may call a general
New-York tribune., 1918-02-24

pervision, the issuance Of securities
and the regulation of all public
markets, have had d wonderful ef-
feet in guarding the savings Of the
great mass of people, few of whom
prior to the war could have been
considered poor, as measured by the
standards of poverty established in
many other great industrial nations,
and rather smugly accepted as being
normal to most of the human race.
Foreign securities of companies
which cannot comply with the rigid
incorporation and securities laws of
France are not admitted to trading
on the Bourse
1t seems to me that the best way
by which to determine for ones self
whether such severe restrictions
have proved better for the investing
public as whole than looser ena-
bling acts might have been is to COM
pare the official stock lists of the
Paris Bourse in 1914, or any pre-
war year, with those of large stock
exchanges in other leading industrial
countries. think il will be found
that the majority of French common
stocks have sold year after year at
very high averages in relation to
their par values, and that in many
instances the entire capital original
ly subscribed has been returned to
the fortunate owners of the shares
while they still enjoy large dividends
from the factions de jouissance."
which they hold in place of their for
mer shares. The shares Of some
very prosperous companies have
been quoted for many years at ex
traordinarily high prices, often awav
up in the thousands, ard have dis
bursed enormous dividends. After
comparing the Paris lists carefully
with others one might come to the
conclusion that in France BIT least a
New-York tribune., 1918-02-24
Protecting Stockholders apanNarket Restrictions Borrowed From Europe

aroused-through revelations of cor
porate abuses-to force the passage
of a stricter national incorporation
act known officially as "The Com
panies consolidation Act, 1908,
Ed. VIIc69."
The far-seeing Japanese have
lately become aroused by the wild
industrial flotations and speculations
which have accompanied the great
prosperity with which Japan has
been favored on account of the war.
Many of the most progressive busi-
ness men-one in particular whom
l might mention-arc thoroughly
conversant with French financial
methods. / am inclined to believe
that now, in view Of the recent sad
speculative experience, they are
strongly in favor of very strict laws
to protect the public-laws which
will nevertheless still continue to
offer proper degree of incentive
for the capitalist to promote legiti
mate and healthful corporation en-
terprises.
France, for nearly fifty years. had
plenty OF experience with high and
lofty finance. AS Japan has her
spectacular m'>ihins to-day. so
France had similar unwholesome
predecessors as far back as the be-
ginning of the Bourgeois Monarchy
in 1880.
In 1862 the first of the important
restrictive laws relating to stock ex-
changes and stock brokers was
passed. In 1867 the first modern
French corporation act was inaugu-
rated. Since then these laws have
been repeatedly strengthened until
it can now be affirmed, without fear
Of contradiction, that the French
laws applicable to corporations in
all their ramifcations are, to say
the least as highly protective of the
New-York tribune., 1918-02-24

corporation has been something
more than a legal fiction term
often used to describe its UNIQUE
standing in legal theory. It has
really been more like "partnership
lncorporated,' for the common
stock holders have generally Jared
quite as we'll as though their COM
pany had not been incorporated. but
had been managed personally bv
themselves or their representatives
throughout it's career.
In France comparatively small
profits have gone in modern times to
promoting cliques and syndicates
This IS, of course, true to a certain
extent In Japan, where there is a
falr measure Of government regula-
ton and protection But now. it is
believed by many economic pro-
gressives in Japan, the time has
come to take still further steps in
restrictive legislation .in order to
prevent in the future such wild spec-
ulatlve orgies as have taken place
since the war and to protect the saw
lngs of the japanese people from the
depredations of the nari1tin. So far
Japan has had little respect for the
marikin type of man, and now has
absolutely no reverence for those
people whose power and pretensions
are based solely upon wealth. There
still seems to exist too much of the
spirit of the samurai, even in the
hearts of japanese not born to that
proud caste, but who have risen from
humber ranks, to permit a complete
surrender to bourgeois ideals.
The Japanese seem to have no
false pride in their national ways
and methods. If the superiority Of
French corporation and stock ex-
change laws were to be explained to
japanese not conversant with
them, he would not be likely to ter
New-York tribune., 1918-02-24

are incorporated under government
restrictions, and with fixed capital
depending in amount upon the inn
portance Of the exchange. This
plan has likewise protected the pub
lie against losses occasioned by in
dividual failures.)
The French Bourse member mus.
not give advice, neither can he di-
rect speculative dealings. He is
limited strictly to the legitimate oc-
cupation of a commission broker.
and cannot take flights into the
realms of the jobber, trader or pool
manager whenever fancy calls him.
His commission amounts to about
$40 on each hundred shares bought
at 500 a share. Inc commission
Is based upon the price paid, and
not upon the par value. When a
security is bought and sold the same
dav only one commission is charged.
Neither in the official stock lists
nor in the daily papers are the VOL
umes of the sales reported. Bids
and offers and the prices at which
actual business was done are
printed. There is consequently
very little incentive for any interest
to make extensive purchases and
sales for the purpose of stimulating
an otherwise dormant market. The
public would have no means of
knowing accurately that large trans
actions had been made. Sudden
tremendous dealings in security.
accompanied by various scientific
means of exciting public interest.
have hardly been known in modern
France.
The longer one studies the eco
nomics of the French nation the more
apt he is to become firmly convinced
that their laws and rules, governing
such tremendously vital functions
of national life as corporation su-
New-York tribune., 1918-02-24

inmate the instruction by saving:
That's all very well for an old-fash-
loned nation like France, but japan
is getting ahead twice as fast as anv
other nation on earth. and we don't
need any help from any one to run
our country. We have the best of
everything there is in the world and
no one can teach as anything" No,
the japanese is not of such tempera-
ment or training. He examines
everything new that comes his way,
even to the petals of strange
Hover. He cranes his neck and looks
knowingly into the very insides Of
manufactured article-or new
law. After deliberation and con.
sultatlon with his father, his mother
and all his relations. should he final
~ arrive at decision that anything
IN this wide world might be bet
ter tor his country. and incidentally
tor himself, than what was then in
use, the innovation or novelty is cer-
tain to appear. and it will seem al
ways to have been a part of Japan.
After the wholesale securities ex-
ploltations Of the past two or three
years, after the devastation wrought
by the speculative fever which in
fected all classes but the poorest,
after considering calmly the far
reaching possible results of the in
evitable dehation which must follow
all lnfiation-then the Japanese
statesmen are likely to take firm,
deliberate steps to protect the saw
lngs of their frugal people for all
time to come. When great public
interests are in question, the feel
lngs Of the few promoting and
stockmaking syndicates may be for
gotten for the moment Like
Achilles, the bold captain of finance
does not sulk long in his tent. He
is soon out fighting for his country.
New-York tribune., 1918-02-24

meeting of stockholders at any time!
This provision affords great protcc-
tlon against mismanagement. by di-
rectors. At annual meetings the
dctual stochtakimg, as we'll as the
1lnal accounts, must be given to
stockholders; in addition to the bal
ance sheet, the scrutineers' report
and complete list of holders. All
these details must be open for in
spection by stockholders at least
fifteen days before the meeting.
The shares which vendors and pro-
moters have received in return for
property and services cannot be
negotiated for two years. This pre-
vents insiders" from unloading
their bonus shares on the first good
market.
All stockholders in France have
the standing Of officers of the gov
ernment. They must be Of French
nationality and at least twenty-five
years old. On the Paris Bourse
they are appointed directly by the
President of France. and the num-
Der is limited to seventy. The Sc
curity which they are obliged to de-
posit amounts to 100000 francs
each. They are allowed to appoint
successors, subject to acceptance bv
the government. This provision
gives enormous goodwill value to
their memberships.
There has never been failure on
the Paris Bourse. Bankruptcy
would be considered fraudulent pe,
sc. In practice, the seventy mem
bers have always supported each
other during crises, on the principle
of lone for all, and all for one"
the Franco-Prussian War, when
This was nobly ACCOMPLISHED during
otherwise a few would surely not
have been able to stand up under
the strain. { Japan all exchanges
New-York tribune., 1918-02-24
BY Herbert Fitch
Nara, JdDdr.

Nara, Japan.
Copyright. 1915 by Tho Tribune Association)
I'm A RECENT article l ventured
the opinion that, on account
of the excesses during the last
two or three years, particularly in
the fields of industrial stock ex-
ploitation and speculation, and the
naturally succeeding financial de-
moralization which was exhibited
in one of its phases by the crashes
on the stock exchanges last October,
the Japanese might in time come to
adopt French corporation and stock
exchange practices IN toto. Japan's
present corporation and business
codes, although drawn by French
man, are patterned to a great de-
gree after those Of Germany.
These laws, while protecting the
public against the more insidious
forms of exploitation by cliques of
security manufacturers, now hardly
seem strict enough for highly
progressive country like Japan,
which has already gone so far along
the modern economic road, and
which seems destined to make even
more astounding progress in the
future.
In 1889, when the present laws
were made, it was doubtless deemed
desirable to extend to capitalists
considerable encouragement to go
ahead and develop infant industries
not exactly at the expense of the
public and to the profit largely of
themselves-bu in a manner which
would prove to be a happy medium
between the strict type of French
control solely in the interests of the
public; and the "go as far as you
like" invitation to capital which had
existed in England up to 1908, when
public sentinseut became sufficiently
New-York tribune., 1918-02-24

To the Financial Editor of The Tribune.
" OUR kind request for to write article the War
Finance bill prepared by the Secretary of the Treasury
and recently introduced in Congress reached at a
very busy tme and while the my time most
engrossng still feel that should comply with your request
for the press the potent which be invoked
to enable us to win this
AS yours journal whose general
familiar with the fundamental principles of credit and
finance duty bound avoid all technicaes and couch
thoughts in such plain and simple language that the reader
having than ordinary knowledge of such matters
fully understand the bill and my criticism of it.
Substance of the Bill
The bill in corporation $500 OOO-
600 capital to be paid by the The
issue of it's notes credit obligations which may
be used for redscounts the Federal banks pu
pose OF the corporation 10 render financial aid to such
ratons and other enterprises engaged in work to win
the war
The first thing be relative influence on
values of gold and credit Mcleod says Cet has precisely
the influence values god John Stuart Mill
Credit and gold exactly par in influencing values.
ask the reader to observe the strong words used by those
great philosophers giving expression to the thought
PRECISELY exacy the words used by them. Nothing
could be stronger.
But credit only with gold when possesses
echangeabe value That is say long public
will exchange 500 of gold 500 just long may
credit be said to equal excangeabe value with gold
credit institutions of the counythe banks and
redeem their credit obligations in god dollar for dollar
What "Consumpve Credit" Means
Consumptive credit credit obtained the purchase of
something to eat something something to have
pleasure with produce example of the latter
the sale of credit to the shells to
be shot battle Productive credit credit obtained
the production of essentials for civilized existence Pro-
ducve credit rpoduces ITSELF whereas consumpve credit does
not reproduce itself AS illustration might cite the
farmer who has quantity of but has cattle feed it
to- Therefore the bank which sells him the credit with which
to buy such cattle and thereby enables that
fattenng those cattle becomes the
production Such credit sequdatng and the paper repre-
senting such credit is termed liquid asset,
Such will bring gold from hiding place when paper
representing permanent investment will credit paper
representing the purchase sale of those beef termed
Liquid paper until finally reaches the consumer and
then becomes consumptve credit man who buys
of that beef to eat will nothing show for it when
payday Therefore, where consumptve credit we
find the people such has always prac
tce in this country In countries where consuve credit
prohibited invariably find greater economy than countries
like ours, where it is practsed.
The next question is How do credit and gold influence
values They influence values two dametrcay different wavs