The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1918-08-02
CO..
To GET / LOAN
FOR bAYsHORE
Assurance Received That War
Finance Corporation Will
Assist Local Line.
ABOUT 100000
is NOW REQUIRED
Arrangement Guarantees Badly
Needed Improvement to Ma
val Station and Post.

Assurance was received yesterday
that the War Finance Corporation will
asst the Pensacola Electric Com
pany in financing the urgently needed
improvements in the service on the
Line to the Naval Air Station and
Fort Barrancas. The government has
agreed to loan the electric company
three-fourths OF the required $780,
600, the remaining s25,00o 10 be bor-
rowed locally. 1t is believed that no
difficulty will be experienced in plac-
ing the $4,000 loan with Pensacula
banks and that the money wiz soon
be available.
The electric company asked the
War Finance Corporation ror loan
several weeks ago but the application
was not approved. Following strong
protests by Captain bennett and tina
civilian employees OF the Naval Air
station against the inadequate and
unsatisfactory service on the Bayshu.e
line, the Chamber of Commerce be-
came actively interested. Strong re-
resentation of existing conditions aad
the need of immediate relief se.s
made TO Senator Fletcher and d.
tor of Railroads McAdoe, with a fo-
quest that the matter De asa.a
brought before the War Finance 49,
poration.
Senator Fletcher has been ADVISED
BY w. p. G. Hardy. managing dlrec-
tor OF the War Finance Corpo. ion,
that the application of the elective
company, in so far as 1t applies TO inn
provement OF the line serving the gov
ernment reservation is concerned, has
been favorably acted upon and the
loan authorized.
Mr.. Hanlon, when asked for a state
ment in regard to this loan. said:
The War Finance Corporation has
offered TO conduct an application for
a loan under section z OF the War FL
nance Corporation Act. That does not
mean that the War Finance Board Is
advancing $4,000. II means that we
must arrange with local banks in the
federal reserve district for a loan of
100000 on notes of the Pensacola
Electric Company, and thar the War
Finance Corporation will re-discount
$4,000 worth OF these notes for local
banks, these carrying the remaining
5000
"The War Finance Corporation loan
will insure the money to cover the re-
location of the Bayshore line, and any
money remaining will be used for the
purchase of additional equipment
'The matter of negotiating the loan
is now being taken up with local
banks. We hope to know definitely
within a day or two just what money.
IL any. is going to be available for the
much needed improvements.
Suppose, however, that the money
were available tomorrow; this would
not mean that the situation could be
remedied in two weeks or two months
But il would mean that we could go
ahead and purchase cars for Bayshore
operation, II through government or
ders, we can get releases. New cars
are out Of the question, as manufac-
turers win not guarantee delivery
within a year.
cluded a deal for the rerltai or a loco
motive with which to pull the morning
and evening work trains and we are
also negotiating for the rental OF .
few more steam railroad coacnes An
engine and added railroad coaches
should handle the workmen satisfac-
torily.
"As to the construction OF the line
there have been purchased for the ro-
location OF the Bavshore line railroad
ties. overhead wire. bonds snikes Z
bolts and joints. Everything viii BE-
on the ground shortly. The contsact
has been let to the Turner Construc.
tion company for building OF the ties
tie across Davenport Bayou, Big Bavo'i
and star Lake. In fact, the trestie
over Star Lake Is about completed