Jasper Weekly Courier, Volume 56, Number 11, Jasper, Dubois County, 2 January 1914 — Page 2

D

untiis tbe

n

1

IK playful porpoise ban put on its w irter underwear, in UM form of a thick selective, layer of fat, and until early spring these sarnboi iik creature of the oa uill he nought by a special c'ass of Atlantic fishermen Heedless of tinv as th porpoise seemingly Is, yet upon it Up'MH tb busy man s apportioning of his dally tasks. Hecause of thi fact a curious Industry bas de lopfd In this country of which tin- public generally knows noth mc an industry that intimately affects the running of watches and Hock. THC P0RP0I5C AT PLAY IN TO i ruin the lower jaw of the porpoise I is extract-1 an oil which is peculiarly tit ted to serve as a lubricant for watches, clocks and chronometers, and strange to say, from no other source can an oil of the requisite qualities be obtained Therefore the porpoise is hunted as systematically as UM whale used to be. A few years ago nearly a quar er of a million clocks just out of their maker s hantij went wrong. It was not merely that they lost time but they actually came to a full stop and SfOSdd not work at all. There was no viestion about their skilfu' fabrication and assembling. The whole trouble was due to an imperfect lubricant, and a goodly sum of money and much time were spent before these clocks were in running o.der and lit for distribution. Prom this may be appre I iated the value of the contribution which the porpoise makes to the daily life of mankind. For vears the oorDoise was taken principally as a side issue in other I hhing. The increase in the demand for the oil led to the creation of a iesiiie having for its sole end the apture of porpoises in large numbers ind under circumstances that could be controlled to meet commercial demands. Harpooning had previously been the method of taking them, but this hal many drawbacks. An oil refiner Kb Now Bedford learned that the l urks on the lUack Sea use 1 dragnets to land the native porpoise when swimming near shore in quest of certain small fish upon which they feed This was a practice unknown here and conditions were not identical, but that cleer Yankee believed that ti e facilities could be adapted to uit the reuiirements. From New Jevsey to ( 1 '.orida are now scattered fishing stations organized by that refiner of the eld whaling city, and from November Ifl April they are busy seining porc ph as they pass up and down the tiantic shorelm v Porpoises can be augh' at other seasons, but in w inter fhey are fattest and furnish the best i .ci most profitable yield. To the uninitiated the fat of the bod and the fat of the lower jaw appear much of a kind, but the oils produced from them are radically different in their characteristics. The oil from the bod fat is worth in the raw state about 4 cents a gallon. hile a like quantity of the yield of the jau pan-, and the marrow of the jawbone brings $t0. The blubber, or bod fat. of a large porpoise furnishes from five to six gallons of oil. and he lower jaws of a fish of the same - lie give probably about two quarts on an average, and this quantity hi grestftj reduced before the various - ifl - of refining have made the oil tit for the market. When ready for sale to watch and clock makers the worth nearly double its value IV or unrefined condition, equipment at each fishing sta the The . . ousists, principally of the boats ,i the pe ial nets c.t suned for v-miK A w orking unit is om Kied of four boats and a mile of e The seines are heavy ami Koept ionally stout, and It is some1 1 a tasa to ti.it die mem prop The boats are a cross be ween n an) the fishing dor) Of NewSKI oi.adlat.d and our own down Fast ?osst It Ii not possible to put out aft." the t he porpoises from sheltered points. n. ats hae to be launched right into the surf and carried satei ie the danger line of the tuniMim: TRULY A PUBLIC BENEFACTOR Oto ' Burbank" Claim That He Has Succeeded in Evolving a 'eal Odorless Onion At. (Milt) Hut bank tends fh JO) ful new a that he has achieved s triumph fl horticulture It i an odnrleMitten a niiitiin.il mi. r fh r.erinu ! i Slid the C.olden Yellow ' I i noth mi; In onion flavor r .est but u no disagreeable or reminiscent li.'l r i IM

PteMPorppise

'. ' ,. v""'' ' '' ' -X - '

' ' '

NATURAL ELEMENT breakers. Loaded with its quarter of a mile of net it is a bard task to there one of these boats through the broken water near the beach. Tin; most fruitful porpoise hunting station is close to Cape Hatteras, and it is well known what hazards lurk in the waters of that part of the coast of the Carolinas. Because of the risks run and the skill required in this occupation the crews are recruited from local fishermen who are perfectly familiar with the coast and are quite at home in the surf. They must have clear heads, steady nerves and the ability to act quickly. The surfmen are ever ready for their work when a school of porpoises draws near, provided the sea gives them half a chance, and it takes but little imagination to grasp something of the excitement and the peril of their occupation. The habit of the porpoise is to swim in schools close in shore and probably a hundred or two hundred yards seaward from the beach. This makes it nosaible to interceot their course and to drag them ashore after thev have stranded in the shallow water, the seines preventing their escape seaward and frightening them shoreward. The operation of capturing them is simple to describe, but its proper execution is quite another matter. Sometimes the sea is so smooth that the fish detect the presence of their foe soon enough to go scurrying off at great speed. Again, the waters may be so troubleous that prompt handling of the nets and the interception of the approaching school becomes impossible. Perhaps one or more of the boats may be swamped before getting clear of the breakers, making further successful efforts at the time out of the question, or the porpoises may be swimming too far off shore to be reached with a fair chance of drawing them to shallow water before they can get away. There are many times when the efforts of the fishermen are fruitless, and days may pass without a single porpoise putting in an appearance. Sometimes a haul will net less than a dozen; perhaps the surfmen may land half a hundred; and there have been occasions when more than double this number have been beached at a single i The last turns of the big screw of takes att the power of a strong man it Those wiio like onion-, a- a season in in foods, hut dislike to offend oth er! who ma have an abhorrence for the odor hae learn d that there are ans number of curative that will dinpol th effects of ordinary onion ea' Ing If ili. in opera hi n K'TK are pclal! foal of onionn. which the) beiknrt hfiv a curative tiMiic effect on the throat and vocal cord, bnt a th- ir vs. mi in u , ' ! - mi In elone aMKoclution with other on the ntnge the oat a l uk with the onions (re h p irsley,

DRAGGING A KG ONE OUT OF THE, SURF

try. As several thousand must be caught during the season to supply the annual consumption of oil for this country it is easy to understand why there are stations for this work located along the Atlantic seaboard from New Jersey to Florida. Porpoises vary from six to twelve reel la length, and the biggest of them igh fully a quarter of a ton. Their speed in frightened Might and their beautiful leaps above the water's surface tell of their great strength; and one can easily picture the task involved in drawing the heavy seines with added burden of a goodly number of these excited mammals making their utmost efforts to break their way to freedom. The porpoise is the largest aenizen of the deep caught by !& within the waters ot the United States, and for excitement the nearest approach .. - I tlA is the taking of the tunny in u-a(pc i-f Vnrnne As SOOll as the porpoises are stranded in shallow water, the fishermen rush in among them, taking good care to avoid the slashing sweep of their powerful tails, aad hook them so that they may be dragged high and dry upon the beach. Strange as t may seem, the fish are not infrequently drowned or suffocated before they can be pulled ashors. This is because they cannot breathe properly when resting on their sides or their bellies. No time is lost after thes. graceful creatures of the sea have been lar ded in stripping them of their fat. The head is severed from the body and the precious tissue of the lower jaw and cheeks is tried out separately from the body blubber. The reason for this is that the two oils are quite unlike as lubricants, and haste is needful In order to prevent the fatty tissue from becoming rancid before rendering. Rancid fat seriously affects the final product, and seemingl trifling conditions bear importantly upon the ultimate suitability of the lubricant. AI the fishing stations the oil pro duced is essentially raw or crude by comparison with the finished- article and contains a good deal of foreign substance which must be removed be fore the stuff is fit for the market. As soon as the oil is received by the refiner it is heated gently in order to complete the cooking process begun by the fishermen at the seining stations. Up to this point man has done his work and now time and Nature take up the task. The oil is allowed to rest for eight months and Is exnosed during that time to the clarifying effects of the sun and also to the Influence of climatic heat and cola. Then it is strained or filtered through suitable fabrics to cleanse it. As a Last Resort. (Irabson says he is not averse to spending money when the occasion seems u warrant it." That's true. I've seen him buy r stamp when he couldn't borrow one.' a cider mill crushing out the cider to turn it when it gets low. eofftalO khids of nuts salted, dry OOffOi beans and various other preparations which act as dispensers of the aroma that stands in disrepute. What She Wanted. Library Attendant A foreign lookmg woman cum- In today and nsked for cottnr cheese " Krii ml IIa' Ind ftht think the II hi an was a moory store? L A Nu, after some questioning, t found out that she want! "Hcottltt J Chiefs "

MAKES REFORMS IN CURRENCY SYSTEM New Money Measure Is Most Important Law Relating to Finance Enacted in Many Years Salient Features of the Code Succinctly Explained.

Washington. Dec. 2:: -The new bill affecting the currency, hanking and finances of the country is one of the , most far-reaching measures relating to finance that have been enacted in , many years. The magnitude of the subject, the diversity of interest affected and the length of the debates in both branches Of congre: m has to follow the changes and grasp the essentials of this highly technical measure in its important ; bearings on money, finance, banking and the entire range of floral subjects, public and private, which it affects. Summary of the Bill. With a view, therefore, of presenting succinctly and in non-technical language an epitome of the salient features of the measure as finally framed, the following summary is given of the bill as a whole and of its principal details: Generally speaking, the first steps to be taken to bring into operation the nation's new financial system will be through an organization committee consisting of the secretary of the treasury, secretary of agriculture and controller of the currency. Banks have 60 davs within which to file their applications for membership in the new system, and" one year's time is allowed before the government will compel the dissolution of any national bank that refuses to join. Will "Take Up the Slack." The new law will make little direct change in the operation of the present national banks, except to allow them to loan a certain amount of their funds upon farm mortgages. Its chief purpose is to add a newpiece of machinery to the banking system that will "take up the slack" during the changing business conditions of each year; that will give the banks a place to quickly convert their assetß into cash in time of need, and that will bring out new f"deral currency when it is needed, and retire it when money becomes "cheap." Banks are now required to keep a certain percentage of their deposits as "reserves," part in cash in their own vaults and part of which may be redeposited in the banks of New York, Chicago. St. Louis and other designated cities. In times of sudden financial demands, when banks have loaned up to the full limit of their resources, these reserves furnish little relief, because if they are paid out to meet demand the banks are left in a precarious condition. Basic Principle of Law. The basic principle of the new- lawIs to get these reserve funds out into M i ft A circulation when necessary witnout lessening the safety of any bank, and to provide a place to which local banks may rush in a crisis and get cash for the "prime commercial pa hold In their vaults. J , , . . ,. . f ,!. This is to be accomplished through a chain of regional reserve banks, or "reservoirs of reserves," in which all banks shall deposit a stated part of j thp mnnev thev are required to hole! Ü reserves. Under the new system, when a financial flurry comes the banks can take commercial paper, such as notes, drafts and bills of exchange, to these "reservoirs," and secure the use of their own reserves, or, if necessary, even the reserve of other banks, by depositing this security. The new regional banks will receive about one-half of the bank reserves of the country. They in turn will be permitted to loan back to the banks all but 35 per cent, of these reserves, so that in case of emergency millions of cash can be brought out into circulation quickly. The banks w ill have to pay for these loans, however, as individuals have to pay for a loan from any local bank, and this charge is expected to prevent the too free use of the reserves held by the regional banks. New Paper Currency. A new form of paper currency is also provided for, to come out in case of emergency, and which is expected to go back into the hands of the government when times are normal. These "treasury notes'' will be printed by the government and issued through each regional reserve bank, and will bear the guarantee both of the regional bank and of the government. The following analysis presents the details of the new law without adhering closely to the technical division or language of the measur At the head of the system w ill stand s federal reserve board at Washing . . , i a. l : j . 1 ton. appointeu d mo ihiibiimui, ami to consist of the secretary ot the treasury, the controller of the currency and five Other members. Two of these shall be expert bankers, but none shall have banking affiliations or own bank stock during ttielr service. This board will exercise general control over the entire system. The temporary "organization committee,' or the federal reserve board. Another Evil. Willis 1 aee a fellow in New York took out $'J30.000 insurance on $200 worth of goods ' GUI! -'That's nothing 1 know a lot of fellows who carry $25,000 life Insurance on a 30ceot life ' I'uck. No Favorites. Definition of a boarding house straw berry shortcaks: A circular solid. ever point in which perimeter is quldlstsut from the strawberry. EvMrbud's Magasloe.

will select from eight to twelve cities where regional reserve banks shall be located and will divide the entire country geographically with these cities as the centers of districts. All national banks in a district will be

required to subscribe for the stock of the regional reserve bank in that district and to keep a portion of their reserves there. Known as "Member Banks." Local banks w ill be known as "member banks" because they will own the stock of the regional reserve bank of their district. Each member bank will be required to take capital stock of the regional reserve bank, equal to G per cent, of the member bank's capital and surplus. The capital of the regional bank will increase or decrease so that it always represents 6 per cent, of the combined capital and surplus of all the banks of the district that have joined the system. National banks are compelled to join and state banks are permitted to if thev bring their reserve requirements up to the standard set for national banks and submit to national examinations. Public Can Buy Stock. Public ownership of the stock of the regional reserve banks is permitted only in case enough banks do not join in any district to provide a capital stock of $4.000,000. In such event the public may purchase the stock in quantities limited to $25,000 for each individual, but the voting of this stock will be placed in the hands of government representatives on the board of directors of the regional reserve bank. The regional reserve banks may do business only with their member banks, not with the public, except that certain "open market operations' such as the purchase and sale of gold, government, or municipal bonds, and certain forms of bills of exchange, are permitted. These banks will make their earnings from the loans made to member banks, and from the purchase and sale of bonds and foreign bills of exenange. Must Put Up Cash. .Member banks will be compelled to put up in cash only one-half of their subscription to the capital of the new banks, the rest can be called for if needed by the regional bank. Dividends of 6 per cent, will be paid on this stock to the member banks, and the stock will be non-taxable. After these dividends are paid onehalf of the surplus net earnings goes to create a regional surplus fund, and when this has reached 40 per cent, of the regional bank's paid In capital these earnings are to go into the 1'nited States treasury. The balances of the net earnings are to be paid to the United States as a franchise tax. With the machinery thus created for a new banking system that is supplejnentarv to the commercial banks I K. , !T - . , of 1he country, the law provides for a gradual transfer of part of the bank reserves to these new "reservoir" banks. In order not to disturb business conditions, or to withdraw too suddenly the heavy deposits of country banks in the large cities, the law provides that three years may be consumed in shifting these balances and that, if necessary, part of the reserves transferred to the regional banks may consist of commercial paper. The amount of reserve required from every bank under the new law, and the place where it must be kept, are as follows: Country banks Total reserve required, 12 per cent, of demand deposits ?nd 5 per cent, of time deposits. Fivetwelfths must be held in the bank's own vaults for two years and fourtweUthfl after that. For the lirst year two-twelfths must be kept in the regional bank, increasing one-twelfth . ach -ix mouth:- thereafter until it reaches nve-twe'fths of tbe total reserve. For three years the unallotted part of the reserve may be kept in the banks of reserve cities. After that Äme it must be kept either in the country banks and vaults or in the regional reserve bank. Reserve city banks Total reserve required. 16 pr cent, of demand and T per cent, of time deposits Six-tif-teenths must be kept in the bank's vaults for the first two years and fivefifteenths after that time. Three-fifteenths must be kept in tae regional reserve bank for the first year, increasing one-fifteenth every six months thereafter until it reaches sixfifteenths. For three years the unallotted portion of the reserve may be kept In other banks, in its own vaults, or in the regional bank; after that time in one of the latter two places. Regional Reserve Banks. Those immense funds of reserves from member banks." together with government moneys, will make up the deposits of the regional roserve banks, fcach of these banks will be adminis Wants Soldiers to Swagger. Soldiers ought to swagger according to the colonel of the One Hundred and Sixteenth regiment, which Is located at Valines, uear lxrint. France He has issued a special order to be read in every rompany of his command. which reads as follows. "A soldiers uniform is only cornel) when U It iron with pride, even with swugger. I nder these conditions It Is Incomparable. Try to be chlc. and while you are In the army, st least put aooie heart into ourself."

tered by a board of nine dire Vors, ftfx of whom will be elected by the banks. and three appointed by the federal reserve board. The regional reserve banks nosy redlstrlct that is, buy at a discount from Its member banks ' prime rommercial paper when the member banks desire to convert these assets into money. Character of Paper. The exact terms of this Important provision as to the character of paper upon which the regional reserve banks may furnish cash are as follows: "Upon the indorsement of any of Its member banks, with a waiver of demand notice and protest by such banks, and federal i regional reserve bank may discount notes, drafts, and bills of exchange arising out of actual commercial transactions; that Is, notes, drafts, and bills of exchange Issued or drawn for agricultural. Industrial or commercial purposes, or the proceeds of which have been used, or are to be used, for such purposes, the federal reserve board to have the right to determine or define the character of the paper thus eligible for discount, within the meaning of this act. Nothing in this net contained shall be construed to prohibit such notes, drafts and bills of exrharige. secured by staple agricultural products, or other goods, wares, or merchandise, from being eligible for such discount; but such definition shall not include notes, drafts, or bills covering merely investments or issued or drawn for the purpose of carrying or trading in stocks, bonds or other investment scurities, except bonds and notes of the government of the I nited States. The "Elastic" Element, The new treasury notes, which are to furnish the "elastic' element in the currency system, and to add to the country's circulating money in time of need, will come into use in the following way: The notes will be printed by the government, with a distinctive style for each regional reserve bank One of the three directors named by the federal reserve board for each regional bank will be known as the federal reserve agent" for that bank, and a sup

ply of the notes will be placed in his custody. Should a regional bank desire to pay out more money than its cash resources will permit, the law provides that it may put some of its rediscounted commercial paper into the hands of the "federal reserve agent." and received in return the new treasury notes. For each note that it puts out into circulation, the regional reserve hank must set aside in gold 40 per cent, of the value of the note as a guarantee for its redemption. This gold, with the commercial paper hold by the "federal reserve agent," is tbe protection behind the new money; but these notes will also be guaranteed by the government and may be redeemed in gold in the I nited States treasury. Bach regional bar.k. under the act. must keep a reserve of o5 per cent of the deposits it has received, besides the 40 per cent, gold reserve t. uind the treasury notes it issues. If the gold reserve behind the notes frils below 40 per cent, a heavy tax is imposed on the bank, w hich in turn adds the U x to the rate it charges member banks for rediscounts. This was designed to stop an over-expansion of currency. In times of sudden stress the federal reserve board can suspend these reserve provisions, in order to furnish quick relief to any community. Take Up BondsNone of the existing forms of currency except the national bank notes will be disturbed by the new law The United States bonds, now used to so cure the issue of national bank notes, are to be taken up at the rate of 000,000 a year by the regional reserve banks and new treasury notes or short term three per cent, bonds will take their place National bank currency is expected gradually to re tire. The federal reserve board will exercise final control over the ent,re operation of the system. It can compel one regional bank to loan to another in time of need; can suspend all restrictions surrounding the ret-nrs which regional banks must bold, and can remove directors of regional reserve banks whenever it is bteved necessary. Banks in Control. While the banks retain control of the boards of the regional reserve banks, their connection with the federal reserve board is only through an advisory council, made up o one representative from each federal reserve district. This council will meat in Washington to confer with the federal r-s rve board on" general busiii. cui.ditions ami ,o nuke recom mendatlons and suggest ions ooneerning discount rates, note issues, an 1 reserve conditions. An important change in natenal banking methods embraced In the u w low w.ll perm.t all aattOSMÜ bank escept those in New York. Chicago and St l-ouis to make direct loans on five ear farm mortgages up to 2ä per regt of their capital and surplus, or mo to one-third of their time deposits Valuable Hint From Germany. Man Industrial Anns in Germany provide their workmen square pieces of loth f r leaning purposes instead of the cotton waste that is unuai here. The k heme has the advantage Of aeononiy. Se Had Hers . I , a . . I -. . . Ifta. ika. Mil ir I 111 I 111 11 1 I 1 111' Is on- policeman for every f21 Inhnbl tanta." said the lady of the . . ... . . ' I AW I "I I ft II 'W MIHI VH'II . " wr. WW maid's reply. "I've ot nlte already