Jasper Weekly Courier, Volume 56, Number 12, Jasper, Dubois County, 9 January 1914 — Page 2

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iK playful porpoise has put on Its winter underwear, in the form of i thick proactive layer of fat. and until early spring these gamboling creatures of the -ea will be sought by a Bps-rial rlass of Atlantic aliermon Heedless of time as the porpoire seemingly is. yet upon it depMsflsj the busy man's apportionng f his daily taaks. because of tiiis fact a crrious industry has developed in this country of which ihe public generally knows noth ing an industry that intimaty affects the running of watches and i locks. THC POßPOiX AT PLAY IN ITS From the lower jaw of the porpoise la extracted an oil which is peculiarly fitted to serve as a lubricant for watches, clocks and chronometers, and strange to say, from no other source can an oil of the requisite j juali.ies be obtained. Therefore the porpoise is hunted as systematically as the whale used to be.A few years ago nearly a quarter of a million clocks just out of their maker s hands went wrong. It was not merely that they lost time but they actually came to a full stop and would not work at all. There was no lue8tion about their skilful fabrication and assembling. The whole trouble was due to an imperfect lubricant, and j a goodly sum of money and much time were spent before these clocks wn in running order and fit for distribution. From this may be appreciated the value of the contribution which the porpoise makes to the daily life of mankind. For yeai fl the porpoise was taken principally as a side issue in other fishing. The increase in the demand for the oil led to the creation o( a business having for its sole end the rapture of porpoises in large numbers and under circumstances that could be controlled to meet OOHHPerclal demands. Harpooning had previously been the method of taking them, but this had many drawbacks. An oil refiner in New Bedford learned that the Turks on the Black Sea used dragnets to land the natie porpoise when uwmming near shore in quest of certain small fish upon which they feed. This was a practice unknown here and ronditiona were not identical, but that I clever Yankee relieved that the faeilties could be adapted to suit the re- j Muirements. From New Jersey to Florida are now scattered fishing sta- ! tions organized by that refiner of the i old whaling city, and from November t April they are busy seining porpoises as they pass up and down tÜ tlantic shoreline. Porpoises can be j caught at other seasons, but in winter ' they are attest and furnish the best uid most profitable yield. To tbc uninitiated the fat of the ; . d and the fat of the lower jaw appear much of a kind, but the oils produced from them are radically difm( in their characteristics. The ; oil from the body fat is worth in the aw state about 40 cents a gallon, while a like quantity of the yield of j the jaw pans and the marrow of the ! jawbone brings $10 The blubber. Of :od tat. Of a large porpoise furnishes rom five (o six gallons of oil. and ! the lower jaws of a fish of the same give probably about two quarts 00 an average, and this quantity is greatly reduced before the various stages of refining have made the oil tit lor the market. When ready for - i!e to watch and clock makers the oil is worth nearly double its value j la the raw or unrefined coudrion. Thr equipment at ach fishing station consists principally of the boats and the special nets designed for e work. A working unit is composed of Jour boats and a mile of pine. The seines are heavy and exceptionally stout, and it is something of a task to handle them properly The I'oats are a cross between a skiff and the fishing dory of Newfoundland and our own down East coast it is not possible to put out attethf porpoise. from sheltered points, the boats hav to be launched right into the surf and carried safely be yund the danger hue of the tumbling TRULY A PUBLIC BENEFACTOR Oh o Burbank" Claims That He Has Succeeded in Evolving a Real Odorless Onion. An Ohio Flurbank send the -joyful nws that he has achieved a triumpn in horticulture It is an odorless onion, a combination of the Rermuda and the (loldei Yellow It lacks noth ing in onion flavor or zest but leaves MO disagreeable taste or reminiscent pei 'ume

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eplayful Porpoise

NATURAL ILLMLNT breuk rs. Loaded with its quarter of a mile of net it is a hard task to shove one of these boats through the broken water near the beach. The 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 tr, swim in schools close in shore and probably a hundred or two hundred yard3 seaward from the beach. This makes it possible to intercept their course and to drag them ashore after they 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 matte. Sometimes the sea is so smooth t hat the fk-di 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 shallowwater 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 all the power of a strong man it BOOM who like onions as a seasoniiig in foods, but dislike to offend oth rt win) may have an abhorrent e for the odor have learned that there ar an number of curatives that will dispel the effects of ordinary onion eating Italian opera singers are especially load of onions, which they believe have a curative tonic effect on the throat and vocal cords, but as their virk brings them in close association with others on the stage they eat along with the onions fresh parsley,

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DRAGGING A BIG ONE O'JT Of THE SURF try. As several thousand must b 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 feet in length, and the biggest of them wr igh fully a quarter of a ton. JTheir speed in frightened flight 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 .vith 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 seines withiu thQ waters cf the United States, and for excitement the nearest approach is the taking of the tunny in the waters of Europe. As soon 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, and hook them so that they may be dragged high and dry upon the beach. Strange as it may seem, the fish are not infrequently drowned or suffocated before they can be pulled ashore This is because they cannot breatbe properly when resting on their sides or their bellies. No time is lost after thes graceful creatures of the sea have been larded 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 seemingly trifling conditions bear importantly upon the ultimate suitability of the lubricant. At 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 exposed during that time to the clarifying effects of the sun and also to tho influences of climatic heat and cold. Then it is strained or filtered through suitable fabrics to cleanse It. As a Last "Grabson says he Resort. is not averse to spending money when the occasion seems to warrant it." 'That's true. I've seen him huy a stamp when he couldn't borrow one a cider to turn mill crushing out the cider it when it gets low. certain kinds of nuts salted, dry coffee beans and various other preparations which act as dispersere of the aroma that stands in disrepute What She Wanted. Library Attendant A foreign looking woman came in today and asked for cottage cheese." Friend Ha: Did she think the 11I I brary was a grocery store? L A. No; after some questioning. ! I found out that she wanted Scottish Chiefs."

uiAKES REFORMS IN

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 afTecting the currency, banking and finances of the country is one of the most far-reachmg measures relating to finance that have been enacted in many years. The magnitude of the subject, the diversity of interests affected and the length of the debates mi both branches of congress 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 fiscal 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, t Banks have 60 days 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 assets into cash in time of need, and that will bring out new federal 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 demands 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 circulation when necessary without 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 paper" they hold in their vaults. This is to be accomplished through a chain of regional reserve banks, or ' r.-r-i-f- t-o rf roc o r v o a " in 'a.'Wirh nil banks shall deposit a stated part of the money they are required to hold as 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, cr, 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 will 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 oy the regional hanks. New Paper Currency. A new form of paper currency is also provided for, to come out fn ease of emergency, and which is expected to go back into the hands of the government when times are normal, j 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 tne details of the new law without adhering closely to the technical division or language of the measure: At the head o the system will stand a federal reserve board at Washington, appointed by the president, and to consist of the secretary of 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 ttieir service. This board will exercise general control over the entire system. The temporary "organization committee, ' or the federal reserve board. Another Evil. Willis "1 see a fellow in New York took out $250.000 insurance on $200 worth of goods." GillU "That s nothing 1 know a lot of fellows who earn' $25.000 life insurance on a 30cent' life." Puck. No Favorite. Definition of a boarding house strawberry shortcake: A circular solid, very point in which perimeter is equidistant from the strawberry. Everybody's Magazine.

CURRENCY SYSTEM

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 will 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 6 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 G per cmt. cf the combined capital and surplus of all the banks of the district that have joined the system. National hanks are compelled to join and state banks are permitted to If they uring 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 011I3- in case enough banks do not join in any district to provide a capital ptock of $4,000.000. In such event the public may purchase the stock in 1 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 exchange. 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 earnijigst.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 United 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 upplejnentary to the commercial banks of the country', the law provides for a gradual transfer of part of the bank reserves to tese new reservoir banks. In order not to disturb business conditions, or to withdraw too suddenly the heavy deposits of country hanks 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 uuder the new law, and the place where it mast be kept, are as follows: Country banks Total reserve required, 12 per cent, of demand deposits and 5 per cent, of time deposits. Fivetwelfths must be held in the hank's own vaults for two years and fourtwelfths after that. For the first year two-twelfths must be kept in the regional bank, increasing one-twelfth each six months thereafter until it reaches five-twelfths of the total reserve. For three years the unallotted part of the reserve may be kept in the banks of reserve cities. After that .ime it must be kept either in the country banks and vaults or in the regional reserve bank. Reserve city banks Total reserve required, 15 per cent, of demand and ä per cent, of time deposits. Six-fifteenths must be kept in the bank s vaults for the first .two years and fivelifteenths after that time. Three-fifteenths must be kept in the regional reserve bank for the first year, in creasing one-ntteentn every six months thereafter until it reaches sixfifteenths. For three yeara 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. 1 Regional Reserve Banks. These immense funds of reserves from "member banks," together with government moneys, will make up the deposits of the regional reserve banks. Each of these banks will be adminiaI Wants Soldiers to Swagger. Soldiers ought to swagger according to the colonel of the One Hundred and Sixteenth regiment, which is located at Vannes, near Lorient. France. He has issued a special order to be read in every company of his command, which reads as follows: "A soWier's uniform is only comely when It is worn with pride, even with swagger. Under these conditions it is incomparable. Try to be chic, and while you are in the army, at least put some b-jart into yourself."

tered by a board of nine director, str of whom will be elected by the banks. and three appointed by the federal reserve board. The regional reserve banks may redistrict that is, buy at a discount from its member banks prime commercial 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 (regional1 reserve bank may discount notes, drafts, and billr- 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 tb right to determine or define the character of the paper thus eligible for discount, within the meaning of this act. Nothing in this act contained shall be construed lo prohibit such notes, drafts and bills of exchange, 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 securities, except bonds and notes of the government of rhe United 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 tike follow ing way: The notes w ill be printed by the gov ernment, 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 re ceived in return the new treasury notes. For each note that it puts out into circulation, the regional reserve bank 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 held by the "federal reserve agent," is the protection behind the new money; but these notes will also be guaranteed by the government and may be redeemed in gold in the United States treasury. Each regional bank, under tie act. must keep a reserve of 35 per cent, of the deposits it has received, besides the 40 per cent, gold reserve behind the treasury notes it issues. If the gold reserve behind the notes falls below 40 per cent, a heavy tax is imposed on the bank, which in turn adds the tax 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 Bonds. None 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 se cure the issue of national bank notes, are to be taken up at the rate of $26.000,000 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 entire operation of the system. It can compel one regional bank to loan to another in time of need; can suspend all restrictions surrounding the reseniea which regional banks iuust hold, and can remove directors of regional 1 serve banks whenever it is behewed necessary. Banks in Control. While the banks retain control ot the boards of the regional reserve banks, their connection, with thb federal reserve board b only through an advisory council, made up o one representative from each federal reserve district. This council will laeet in Washington to confer with th federal reserve board on general business conditions" aud to make rtcommendations and suggestions concealing discount rates, note issues, an i reserve conditions. An important change in national banking methods embraced in the new low will permit all national bank except those in New York. Chicago and St. Louis to make direct loans on five year farm mortgages up to 5 per cent, of their capital and surplus, or uq to one-third of their time deposits Valuable Hint From Germany. Many industrial arms in Oermanv provide their workmen square pieces of cloth for cleaning purposes instead of the cotton waste that is usual here. The scheme has the advantage of economy. She Had Here T see. Mary, that in our city there is one policeman for every 521 inhabitants," said the lady of the house. Don't know, and don't care, ' was the maid's reply. "I've got mine already

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