From Turn of the “Century” to Economic Downturn: Case Study of Alger-Sullivan Lumber Company and Century, Florida

• In Event: Accounting in Context: Past, Present, and Future

Abstract

Century, Florida is a small town in northwest Florida that came by its name due to its origination at the beginning of the 20th century. The town was created to be a model town, and was viewed by its originators as “The Dawn of a New Century,” hence its name. Alger-Sullivan Lumber Company was the stimulus for the creation of this town, as two lumber giants pooled their expertise to use the lumber resources in that area to create a company and a town. The business combination worked so well, that Century would thrive for close to 60 years with the sawmill at its helm. However, once Alger-Sullivan sold off its operations and its President retired, the town began its spiral into an economic downturn. The Patriarch of the town, who had ruled the unincorporated town with its mill-provided city services, ended his reign. Unfortunately for the town of Century, it has not been able to attract much new economic development since the days of Alger-Sullivan. Some might say that the citizens of Century are in some ways “washing each others’ laundry” today, as they go from a prosperous town at the turn of the Century to a town amidst an economic downturn. Through a review of the archived financial statements, ledgers, journals, correspondence, and numerous written sources, the story of the company and town unfolds as prosperity gives way to desolation.

Author

• Barbara S White, University of West Florida - Pensacola