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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (Feb. 4, 1894)
THE OMAHA DAILY BEE SUNDAY , , , "FERIUJAIIY 4 , 1891--SIXTEEN TAPES. NC INTO THE PAST Investigation of Oorporato Abusea by a Special Committee of the Senate. THE RAILROADS AND THE PEOPLE Pectoral Itrgnlntlnn tlio llcinrdy for Rail * ronil Kxtortlon nnd Fnvorltlum The Question IACURCI | | In All IU JleiirliiRS. PART V CONCLUSION. ( Fifth Installment of testimony of Mr. E. Ilosowatcr before the select committee of the United States sonata In Omaha , Juno 22 , 1835. ) Senator Platt What have you to say with reference to the proposition to refund the Indebtedness ot the Union Pacific railroad ? Mr. Roscwator I understand that there Is nn effort being made to commute the amount of Indebtedness of the road , and to get It down to a low Interest bearing bond and than to fund It and keep It running for the next alxty years and to allow the company to make Its rates accordingly. This Is ono of the things wo object to in this section of the country. Senator Platt Although It Is a little out- aldo of the scope of this Inquiry , wo would llko to know what you would have the gov ernment do In that respect. Mr , Rosewatcr I would treat them ex actly the same as you treat the national banks. The national banks are more or less under the protection of congress ; they have been endowed with the right to Issue money and to conduct their business. If a national bank should find Its assets had been materi ally reduced by dishonest employes Its cashiers or tellers or whatnot and it was discovered that tha bank could not meet Its obligations , what would congress do for It ? Would It enact a law that would extend Its debt or liabilities , and request the patrons to make up the interest and principal ? Or would It wind up that bank and nay that the directors should-mako good whatever amount of deficit there was In the assets In order to meet the liabilities ? Hero Is a case almost parallel. You have a company that has been robbed and everybody will admit It. Mr. Adams wll admit that millions upon millions of money were charged to the company by the Credit Moblller. which money was not properly expended. The road has been fraud ulently bonded for an enormous sum of monoy. Stocks have been Issued to the ex tent of millions upon millions of dollars , and not 10 cents on the dollar paid In. What is to bo done with that corporation ? The way I would do would be to let It alone , or wind It up , one of two things. Lot it meet Its obligation ; ! as any other debtor would have to moot Its obligations , or else say to the stockholders , "If you have only paid In 10 cents on the dollar , put In 90 cents more and that will meet the government bonds , and then you can own the road and go and operate It. If not , the road will probably be Bold to the highest bidder. " SELL OUT THE ROAD AND BEGIN NEW. But you will say that congress is a fidu ciary agent for the people of the United States. Hero is a largo bonded debt. I say If that Hundred of millions is io be paid by the widows and Mr. Charles Francis Adams and all the other people who have an interest In the road I should not object to having the bonds funded for sixty years. But you expect simply to do this : You say to the people of this whole country , who are the patrons ot the road , that you are going for the next sixty years to tax them on the imaginary cost of this railroad , and make them pay the interest and the principal in taxes to that corporation. Would It not be a great deal safer not to rob the next three generations with a continuous extravagant tax ? If wo admit for one moment that this railroad company owes all this money legitimately It ought to bo earning enough to pay legitimate Interest on Its debt and a reasonable Interest on Its stock. If BO , its high rates would bo everlastingly kept up and every railroad runlng to the Pacific coast will pool with It. There will always bo uniform rates. I do not regard pooling in the abstract , If properly regulated by con gress , as a calamity at all , although pooling in the manor it is now conducted is a very bad thing. Senator Platt Your idea is that if the government recognizes the present bonded debt of the Union Pacific railroad the result will be that this whole western community , which does business with the railroad , will have to pay about two and a half or three times as much in the way of freight as they ought to ? Mr. Rosewater Precisely. If that road were sold today for what It is worth , or for whatever it might be built or paralleled for and a now beginning were to bo made , from that moment on the community would have rates that would give the road a reasonable income upon the investment. As it now is wo are taxed on an enormous Bum of money that never was expended , and upon vast millions upon millions of Imagi nary stock that was issued simply with out any equivalent. That is ono reason why wo out here are opposed to it. I do not know whether this theory has over struck the members and senators , but everything that is done bearing upon the question has been done 'with the Idea that there has been a faithful performance of obligations since the change of administration In the road , and that the company Is going to do an honest and legitimate business from now onon the condit'on that ths ! bondol obllatlon and all the stock Is to bo legitimatized by congress. It might bo a pretty honest sort of business after that It congress will le gitimatize all the millions upon millions that have been fraudulently plied on to us. A COMMISSION NOT THE REMEDY. My idea with regard to a commission has been expressed briefly. I stated that I did not believe it was necessary I do not bellovo anything Is to bo gained by it. On the contrary , I think the commis sion would only cause delay of what has to come In the long run. The Bureau of Rail ways Is a very necessary thing in Wash ington. The head ot that bureau can do exactly as much business In the matter ot inquiry , and of getting statistics , and ot getting the returns ot the different railroads and ot notifying them of complaints , If such a thing should como to him , as nine men could do , A commission of seven or nine , or five or fifteen would bo no better. No commission ot nlno men could possibly rcgulato the railroads of America , if you are going to allow them all to have a hear ing of the complaints. There are 130.00U _ _ mllo3 ot railroad , and there would prob ably be 130,000 people complaining to the commissioners from different sections ot the country about different things. Some of these complaints might bo very trivial , and Bomo might bo important. A PROCRASTINATING DEVICE. I think the commissioner scheme Is simply n devlco to procrastinate. For Instance , the tariff commission is something of the same oort. They might Just ns well have mot the question. If congress Is competent to regu late the tariff , which Is a very Intricate thing , why Is not congress competent , by a very tow simple rules , to establish regu lations for the railroads , leaving the com plaints ot the parties In their respective lo calities to the courts In their respective lo calities , with proper authority to the dis trict attorneys everywhere to prosecute ? I have read quite a number of the commis sioner bills , and most nil ot them simply attempt this , which Is about on the plan of the Iowa commission : A committee of in quiry to ascertain what the people of this country need In the matter of railway regu lation , which U to report from tlmo to tlmo to congress what. In their opinion , would bo desirable , and which Is also to hear com plaints from time to tlmo , and to communi cate those complaints to the railroads. It the railroads are willing to recede from ar bitrary exaction , well and good ; but If not , the commission Is powerless. It a commis sion could bo constituted as the English commission Is ; It you could , under our sys tem ot government , tiansfer to It quasl-Ju- dlclal power so that they could not only In- vustlguto a complaint , but arbitrate It and enforce their dictum without any further reference to anybody , It would be a very de sirable institution. Senator Platl Congress could do that , but In order to do it congress would have to create judges with llfu tenures. A RAILWAY COURT. Mr. Rosewater Yes , sir ; very likely wo will have to como that , anyway , some tlmo in thu futuro. Senator I'latt That U the only thins that atanda In the way of doing an you luggcst. Mr. Rosewnter There might be a. railway court constituted just as the court of claims has been constituted. Senator Platt Congress could mnko a railway court with power to enforce Its de cisions the Rnmo an any other court. The only objection to that Is that under the constitution the judges would have to bo appointed for life. Mr. Rosewatcr I sec no objeclon to that. Of couTflo wo know very well that the Influ ences bearing upon the appointment of the judges might bo very peculiar. But It Is the name machinery that meets us at every iitcp , and probably a man once appointed for life would bo moro likely to act Independ ently than ho would If ho were simply de pendent upon a reappolntment or upon a tenure that was uncertain. Seoalor Platt A good many men advocate - cato that disposition of .the question. ' Mr. Simon Sterne of New York , who'has given a great deal ot thought to this question , ad vocates a railway court. Mr. Rosewatcr I have read some ot his books , and have also , of coursefollowed the doings of the Now York board of transpor tation on these questions. They have reached the conclusion there that a railway commission would have a great deal of beneficial effect , and they have created one. The Chairman They only got so far as to Insist that the commission ought to have power to look Into the complaint or dispute that may arise between the transportation company nnd a shipper or business man , and that It may make a finding nnd that that finding shall be prlma facie evidence of its correctness In court. They say they want the law to go that far and no farther. REASONS FOR OPPOSING A RAILWAY 'COMMISSION. My original idea was this : I was in favor of the commission , or thought that Ifa com mission elected by the people could bo established in the different states It would bo ono of the ways of remedying the diffi culty. But when the California commission , which Is a body created by the constitu tion , came Into power I found that the legis lature , through this very clause , had ren dered .itself entirely powerless to regulate nnd put all the powers of the state Into the hands of three men. When I found that the railroads then dropped the manipulation of the legislature nnd 'went into the conventions and nominated and helped to elect two out of the three , I concluded that was a moro danger ous tiling than oven to leave the matter alone , nnd lot the legislature exerclso its power from tlmo to tlmo , because when these things are on the statute books It Is very hard to repeal them. Even this little Doano law that wo now have In this state would bo very difficult to repeal , though they might go nnd defeat forty railroad bills that were good. If congress should once , create this commission with nothing moro definite for it to do than to make In quiry and to employ a large number of clerks to keep records ot the transactions of all the railroads , It would simply sup plement the work that Is already being done by the railroad bureau at Washington , and It would accomplish no other good except to put off the day we have all got to meet at some time , and that Is , when the railway Interest will bo placed under proper gov ernment control. WHEREIN A COMMISSION MIGHT BE USEFUL. The Chairman I suppose no one scarcely , who is now In favor of anything being done , Is seeking to provide for the appointment of a committee without vesting It with some sort of power , and without passing a law re stricting the operation of railroads within the limits of what is right between the rail roads and the people , just as far as can be gone with safety to the business interests of the country. What would you think If congress were to pass a law either prohibit ing or regulating pooling and prohibiting the payment of drawbacks and rebates , and re- pulrlng the publication of rates and legisla ting in whatever way might bo deemed safest on the question of the long and short haul , or providing that a uniform classifica tion of freight should be made ? With all these provisions put Into a statute In terms , what would you think about the propriety of appointing a commission , or some special tribunal , and giving it as much power as can be given to it under the constitution , putting the execution and enforcement of this law into their hands without making tha members of that special tribunal Judges ? Would yon or not think it would bo of any use ? Mr. Rosewater Yes , sir ; that would bo of some uso. That certainly would be a little bettor than nothing. The publicity of rates , and the prohibition of pooling , or its regula tion by law under proper restrictions , would bo a very important step toward solving the final problem. The Chairman You do not know whether the commission would bo of any particular use In enforcing the law ? Mr. Rosewater I do not know , but I hardly believe It would tend to do anything moro than simply tp take the first step , and leave to the future the agitation of amend ments and changes. The Chairman How much further would you go in the law Itself , leaving the com mission out ? RECORDING BONDS AND STOCKS. Mr. Rosewater I would , If possible , In the first place , create some ofllco or national bureau where stocks and bonds should be recorded for every railroad company. That Is , a restrictive law with regard to the con struction of railroads , and , If necessary , se vere penalties for the overlssuance of stocks. That would bo the first stop to take , In my opinion. Then It seems to mo there ought to bo a general law prohibiting railroad managers from being engaged In any other business , connected with transportation or traffic , except the common carrier business. Of course , it is a very difficult thing to pro hibit a man from Investing his money wher ever ho pleases. But It seems to me very Improper , and that It Is ono ot the chief causes of complaint hero that railroad managers are Interested In the grain and In 'the coal traffic , and In many other enter prises outsldo of the railroad business , In which lines of business they become danger ous competitors to other private enterprises and patrons of the roads generally. They have the power to give better facil ities to their own enterprises or to their own concerns , and In every way to favor themselves to the detriment of others. I should do away with all these fast freight lines , prohibiting them entirely. I think congress could do that. Congress could provide that no director or officer of thp railroad company , while such , should be In terested In any business that has any re lation to his company In freight traffic. That might be cutting out about two-thirds of all the directors , and I don't know where we would find the others ; but I think that will bo a final necessity , unless the govern ment will take the entire control of railroads. The Chairman Would you bo In favor of that ? GOVERNMENT CONTROL OR OWNER SHIP. Mr. Rosewater I am In favor now of the telegraph being controlled , entirely by the government , and I have been In favor ot It for twenty years. I think the land-grant railroads some uay , sooner or inter , win DO- como go\ornnent property , or tuat the government will directly or Indirectly con trol them , cither by having companies operated under the government control or under government rules and regulations , or by direct ownership. There Is no use In trying that experiment at this date , because It would be so difficult to accomplish. The establishment ot a few simple regulations could bo had now by congress. The pur chase of the railroads Is a pretty largo con tract and it might take fifty years before wo could come tcr1 that. But when the gov ernment some day restricts the number of railroads to be built and establishes these railroads as highways for the people there will bo an end to railroad speculation and railroad wrecking , and to the present system. The Chairman Under the constitution of the country at present , your state can char ter a road whenever It pleases , Insndo of its own corporate limits , and my state can do the same , and so can Iowa , which lies between our states. What Is the govern ment of the United States to do with that subject ? Mr. Rosowtftor That is very true. But as I said before , if the government will treat all railroads as a continuous line there could be some spuclfio requirement of all railroads which no state could grant without permission from the national government. If that were done there would eventually como a tlmo when the government could say. whether a railroad should bo built from one placu to another where ono railroad already existed , anil where no competition would bo of any particular benefit because It could not last , since It would bo followed by pooling and combination. STATE AND NATIONAL QUESTIONS. Senator Harris Do you think the federal government could prohibit the state from chartering or building a railroad wherever It cheese to build It within the territorial limits ot that state ? Mr. rtosewoter The question Is how wide is the boundary ? Senator Harris I nupposo the territorial limits of Nebraska nro pretty well defined. Mr. Rosewater There Is such a very fine line between the boundaries of two states that wo shall finally get to'the point I sug gest , and there will bo a limit to all this state talk. We will get to the point where the government will assume that the tele graphs and railroads nro continuous nnd Interstate from their very nature nnd In ception , because you can and you do trans port engines nnd cars and merchandise con tinually from ono road to another all over the country. Senator Platt Suppose the government should say that no railroad r.hould engage In Interstate traffic until It tad first Bills- fled the commissioner of r.illrii.i'ts that Its road had been built without any improper Issuance ot stocks or bonls , and that It had not been capitalized for moro than its stock cost , could you In that w y reach tie * difficulty ? Mr. Rosewater I think you could ; I think some day wo will reach these matters. When the constitution of the United States was framed there were no railroads and no steamboats and no telegraphs , and the mak ers of the constitution had no Idea about these state lines , they being only Imaginary points ; and there might bo such a thing as congress stepping In and saying , "You can not do anything with reference to Interstate commerce without , first getting the permis sion of the government. " Banks do not is sue or coin money. Why cannot congres con trol and regulate the railroads ? Senator Platt You think It would not bo a very much larger stretch of the imagina tion to go that far than has been the case with some things that have already been done ? Mr. Rosewater I think not. If It comes to the worst , wo have the right to alter or amend our constitution. This country can not be surrounded by a Chinese wall. Wo ought to have ability enough to expand with the great Inventions of the ago. I do not believe this railroad problem will bo solved until the railroads are regarded as public highways nnd until the number of railroads will bo restricted to the wants of the people. The Chairman Some governmental au thority , you think , must pass upon the ques tion of whether or not railroads should bo built ? Mr. Rosewater This building of a railroad for speculative purposes , and then after wards wrecking it and saying to the people they must continue to maintain two rail roads where one was ample for all the traf fic , Is as wrong as to say that the people on the line of the Union Paclfio shall continue to pay Interest on all the money that the Credit Moblller has pocketed. nuxyrxa A ur JJo ton Trantcrlpt. Running awny from mamma , Bareheaded up the street , Kicking the dust into yellow smoke With little roguish feet. Tossing it over his clean white dress Into his stocking heels. Checking the little wooden horse That trundles along on wheels. Dreaming awny with wide blue eyes , And speculating why God won't give him the golden ball That drops in the quivering sky , What Is the use of that pretty pink cloud , Sailing away so high. If he can't have a ride In it ? And it's no use to try. If that woman grew with glasses on , If this house la papa's ; Why that nice red cow won't talk to him Looking across the bars. Into the neighbors' gates and doors , Under their cherry trees , Into mischief and out again , Whenever he may please. Wandering at last to the old church steps , Little horse and all. Climbing up laboriously Too bad If he should fall ! Pushing in with dimpled bands The Krent doors strong and tall. Letting the warm , sweet summer light Slide down the shadowed wall. Standing still In the solemn hush Of chancel , nave and dome , Thinking it is prettier Than the sitting room at home , Not n bit afraid , ah ! no , indeed , Of the shadows vast and dim. Quite at home , and sure It was made AH on purpose for him. The old , old story cornea up to mo Written so loiifr ago , About the heavenly temple. Where you and I must KQ. The beautiful waiting temple That has no room for sin Something about n little child And the way of entering In. IMI > HTIKS. A fellow clergyman addresses the follow- ijfr don'ts to his brethren of the pulpit : Don't study without prayer. Don't pray without study.1 Don't mistake prolixity for profundity nor brevity lor wit. i Don't preach a mutilated Biblo. The pul pits that are losing their grip on the people nro. the pulpits that are losing their grip on the holy scriptures. Don't preach science not even the science of theology. The pulpit is neither a class room nor n platform. Don't undertake to bo a big gun ; that will make you a big boro. Don't ' make the pulpit a bulletin board. Have the notices printed or posted in the vestibule. Don't lot your congregation go to sleep. Kemeinbor the savintt of Lord Bacon , that sin cannot bo taken from man as Eva was from Adam , by putting him to sleep. First Clergyman : "Any news from Brother Whoopcmup since ho landed on the const of Africa I" Second Clergyman : "O , yes ; and it is ver.v important news , too. " ' Has ho succeeded in penetrating into the interior of Africa ? " Ho has , most decidedly. " "Has he converted u chief 1" "Not precisely ; the chief has converted him beyond u doubt. " "How sot" "Converted him into n square meal ate him up nllve. Yes , I guess ho must have succeeded In getting into the interior of Airlca. " ' The weather is so bad , Brother Gibbons bens , " said ono of the pillars of the church , "that can't unaudlenco this wo expect oven- ing. " Evangelist Gibbons , reformed prizo-flghtor. rose to his fcot mid looked orcr his small but faithful congregation. "I'm not in business for the erato money these days , brethren , " ho said , taking his place in the "There's pulpit. nearly a dozen of us bero and wo'll pull off the scr- moa anyhow. " Ligo Hayes ( reviewing n recent loss In the community ) -Yas , Dccon Skinner was purtv close , party close ; one of tlio richest men in the state , nd yet I'vo heard that ho searched back two miles for a nickel ho dropped out of his linnd. Gauo Barnes 'Tain't so i Undo Si Low Wai. 1 b'leovo it. G.ibn Barnes Oh , I know ho'd search fer It , but ( with rmphnsis ] if Deacon Skinner ever got his linger around a uickol it was never drupped1 * "My dear brother , " said Hov. Mr. Wllgus , "do you not think you would bo bettor off If you loft gambling alonot" "I know I would , " answered Mudgo , "and just an soon as I hold a royal flush pat I am going to quit. " Sweat breath , sweat , stomach , sweet torn- pert Then use DoWitt'sLUtio Early UlsoM. There la a complaint that women In New York society chatter too frivolously. In London the complaint Is reversed. It Is re lated that at a recent dinner party a cabi net minister wa asked by his fair neighbor In the middle of the soup , "Pray , what do you think of the advance ot the democratic feeling In England now ? " Whereupon the official , being very tired , bored and Inclined to be cross , simply exclaimed , "Pray , what do you think of that lady's dress on the other side of the table ? " DpWltt'3 Little Early Kisor * . .Small pills safe pills , best pills. AMONG THE INSURANCE MEN i t , Captain Palmer Gives' His Views on Lloyds and IndividnalftUnderwrit rs. MUTUALS BASED Of ? , BROTHERLY LOVE u Fire Irnnrnnco Cnniptmtr * Still running tlie Finnic * iif it Thrriittiiml Ailriinco The Week Among I.Uo Underwriters -I loir Htteks Stntul. Captain II. E. Palmer , the veteran Insur ance man , whoso name Is a familiar ono In the underwriter circles of the West , presents the following views on a subject which Is , just at presentono of popular interest In Omaha : "Lloyds Individual Underwriters and mutual Insurance seems to bo the panacea against any advance in rates or efforts on the part of Insurance companies to put the business on a paying basis. These mutual associations , or philanthropic organizations , nro In the business llko the quack doctors In tlmo of pestilence , not for money filthy lucrs but simply for the great brotherhood of men , who know better how to manage other people's business than their own. The science of underwriting or application Is not n consideration. Years of experience of the time-tried and fire toiled companies , fiery records , profit and loss accounts are but relics of the dead past. The individual un derwriters , for Instance , have 269 risks in forty-four cities of the United States , owned by 191 subscribers to this mutual BChcmo of bearing ono another's burdens , and they de posit with their Moses ( Mr. Waters ) J2C1- 600 , and ho issues an individual guarantee to which one of the subscribers binds himself and his heirs to pay , In case of loss , $29.- 060,100 , of which vast sum more than $7- 000,000 is subject to one flro ( $7,310,000) ) and yet these faith euro people declare that be cause of the very great respectability and financial standing of tholr subscribers , their promise of Indemnity Is as valuable and secure - cure as n policy In the Aetna of Hartford , Homo of New York or Liverpool , London and Globe , and yet not a bank In the country will accept this individual underwriter's policy as collateral for a loan ; not a loan company In the world will accept tholr $100- 000 or $200,000 policy as good Insurance to accompany a real estate mortgage. Not a flro company in the world , with the best underwriting talent , years of experience and millions of assets , dare duplicate the lines taken by these Solons of underwriting. A $500,000 line on Armour & Co. , In the packing housoDistrict In Chicago , subject to one fire , where the Aetna of Hartford might chance $25,000 , is only tjne of the nest eggs In ono basket taken by this hazard cormorant $100,000 or $200,000 on wholesale drugs , re- tall stores , woodworking specially hazardous establishments and so forth , cannot satisfy their thirst for business , where ordinary lines In "old-timers" range at from $1,000 to $5,000. Companies like the Aetna and Home with 8,000 to 10,000 agents throughout the United States , carrying over 1,000,000 dif ferent risks , with a classification nearly as great as the subscribers to this concern , shrink from lines above $10,000 , as a child with a burnt finger fr,9m a fire. Yet these Individual underwriters sleep the sleep of the cautfous , prudent man who has provided for all the cruel adversities of misfortune. Not one of them dreams that if in case of a flrooln. the dry goods dis trict of New York tljat might develop Into ' a conflagration , as ou'ce happened in Chicago cage , Boston and Neft Tork , and may hap pen again , they , individually of course , would bo called uponby the grim court of law to prove that this Individual Under writing asoclatlon was not a partnership , limited or unlimited. . All agree that they are in honor bound ariil legally too , to foot the bill presented by thdlr unfortunate brother subscribers ; some say only to a certain percentage. If this is .true , where is the In surance for the amount not assumed by them ? None of these men dream that In case their life savings and business Is destroyed by fire , If .perchance ( and there Is a'chance ) If some question should arise whereby their claim might not bo allowed by the advisory com mittee and they should bo compelled to ap peal to the courts to force , a settlement of their claims , they have no corporation to sue , but must bring suit against all their brother subscrlbors,191ln forty-four different courts and cities of the United States. A sorry job to contemplate. JVhy do people call this Insurance ? True , 'tis good for the men who organized the scheme. It gave them some protection for surplus lines for property that could not bo recovered by good companies. ' WHY THBY ORGANIZED. All contracts for future protection would be worthless , as the sum to be paid , according to the contract , would end the deal. All re liable fire Insurance companies have pro vided for Just such a flro In the hazardous district of Now York and could meet the loss dollar for dollar'and continue In the busi ness. ness.After securing all the good Insurance pos sible , It was a wise move for Clallln , Armour and other merchants and packers carrying stocks too large to be fully insured to organ ize the Individual Underwriters and ask merchants of Kansas City , Omaha and towns all over the country to help out by becoming co-Insurers. If I had my fortune subject to destruction by fire and could not get good Insurance I would carry my own risk and not agree to assume a liability to be meas ured by a conflagration , that may happen any moment. Only Mutual Insurers or In dividual Underwriters will subscribe their names to the possible assumption of an ob ligation without a limit. True , by their agreement with each other , they limit the demand on any one $50,000 subscriber to about $4,500 , say one-eighth of tlio amount subject to a sweeping flro In Now York , covering an area much less than that swept by the Boston fire , which Is a notice on the face of the contract that they do not propose to give their customers but $1 for $ S lost , should such a fire occur. , "Tho Mutuals , Lloyds and Individual Un derwriters are all founded on the same broad and popular basis , 'We promise to pay. ' They are generally organized by unsuccess ful Insurance men with cloudy records , men with no underwriting experience , except to underwrite in wild-cat organizations , where underwriting means undercutting. It Is a good thing for these dangerous fellows , who are willing to endorse any scheme that will bring them cash. By plausible talk they can get good men to subscribe and allow the use of their Influential names as corporators with the understanding that they are not to bo bothered with any of the details of management. They are only figureheads. It would be ruinous to the cheap plan of in surance , Lloyds and Individual Underwriters , If these good business "men were required to control the affairs of1 the organisation as they do their own buslli'es , on safe , honest business principles. Some of our best busi ness men take this class of Insurance , not ' simply because It Is ch'e p , but because some good noigiioor lias , pernaps , wunout investi gation , gone Into the scheme. Of all great humbugs the men trying to do business on no capital are the most dangerous. How about Insurance companies on which the credit basis of the business world Is formed ? A friend , once * dun , agent ( ap pointed by mybelfji of a reputable company , now a general agent of an untried company , writes mo to' Join him as a sub- bcrlber to a mutual , 1the Equitable of New York , great name backed by names of strong buslnes firms of NowiaYork. Hu says : 'Pay In $100 , give your stocly.poto for $400. On that basis wo raise $40,000 wall capital and have $160,000 In notes ; total , $200,000 cash capi tal. It will help you In your business and you can take $10,000 lines for any of your customers. ' Twenty-nvo per cent commis sion no state supervision such as ether companies are subject to , pay no taxes or license fees , nothing for fire or police pro tection , organized In New York standard form policy. Would my customers take such a policy If I could give them a cut rate ? No loss , nothing to pay , everything lovely and the geese hangs high , but If losses should come ? So with Individual un derwriting. Bettor make it strictly Individ ual , and every Individual carry his own risk. It Is enough these trying times to endorse the many weak companies honestly trying to do a legitimate business. Ono point claimed by the Individual Underwriters Is that they have paid every loss claim dur ing the seven years of their existence. True , but this argues only that they have been lucky and have not struck any of the qnaga on which hundreds of like Institu tions have boon wrecked. The averngo Is sure to come , nnd the record of the past Is not so dead that wo can forget that moro than 1,000 Lloyd * and mutuals have been born and burled during the past forty years Why are all of them Infants that are In the business now ? The claim of choice selec tion of risks , as against the business taken by leading companies , Is equally unsatisfac tory , for I know where they have carried a $10,000 line which the best companies It the world have canceled off on account ol moral hazard and refused to wrlto a del lar. " INSURANCE STOCKS. Insurance stocks have recently sold or been quoted as follows : At San Francisco : Flrcmcns Fund , quoted 152 to 15R. At New Orleans : Crescent , SO asked ; Flromcns 10V4 to 14 ; Qcrmanla , 92 asked ; lllbernla. 90 asked ; Homo , 73 asked ; Lafayette , 80 to 90 ; Merchants , 31 to 80 ; Mechanics and Traders , 94l to 96 ; Now Orleans Insurance associa tion , 13 to 24 ; Sun Mutual , 123 to 125Vi : Southern , 88 to 91 ; Teutonla , 124 to 125. At Philadelphia ( bid ) : American Fire , 95 ; County , 110 ; Delaware , 24V4 : Flro Associa tion , 313 ; Franklin , 337 ; Insurance Company , North America , 18i ; State of Pennsylvania , 200 ; Lumbcrmcns , 41 ; Mechanics , 31 ; Olrard Fire , 335 ; Pennsylvania Fire , 203 ; Reliance , 50 ; Spring Garden , 73V't ! Union , 1 ; United Flremens , 12 % ; Gorman , CO ; Jefferson , 130 ; Toutonla , 95 ; Real Estate Title. 125 ; Ger man-American Title , 48 ; Lind Title. 120 ; Commonwealth Title , C9 i ; Industrial Title , 30 ; Mnnayunk Title. 12 4 ; Woyno Title , 20U ; West Philadelphia Title , 27 , . At Toronto : British America , 116 to 119 ; Western , 150 to 153. INSURANCE ITEMS. a limit of 100 for work people on lanJ and sea and 1,000 for others. Marine losses were exceedingly heavy In 1S93 nnd underwriters have demanded that rates bo raised. The losses by flro In the city of Albany during 1S93 were $288,000. In 1892 the losses amounted to $143,290. The Manhattan Ltfo company Is said to have been driven from Florida through the excessive taxation exacted by the stato. Mr. A. GMBeeson of Lincoln , Neb. , a mem ber of the firm of Burr &Beeson , fire Insur ance , Is doing special work for the Com mercial Union Assurance company. The supreme court of Ohio has sustained Insurance Commissioner Hahn's ruling on the method of estimating taxes on life in surance companies doing business in that state. Mr.John I. Underwood , for the past ten or twelve years special agent for the Com mercial Union Assurance company , has gone Into the local fire Insurance business at Lincoln , Neb. The New York Llfo Insurance company and the Equitable Assurance society , which have been doing business In Russia , are meditat ing the withdrawal of their branch houses , owing to hostility shown by the Russian life Insurance companies. The Niagara and the Caledonian have appointed Messrs. Cobb , Wilson & Co. of Denver general agents for the "mountain district , " comprising Colorado , Now Mexico , Wyoming and the Black Hills In South Dakota. The death rate in Now York city In 1893 , 22.46 , in the thousands was the lowest on rec.ord. In 1877 the rate was 22.65. The Women's Protective league is being formed In New York city by Catholic women. Insurance certificates ranging from $3,000 to $5,000 will bo issued. A committee of flre Insurance agents has made a strong report on the deficiencies of the Baltimore fire department and recom mend Immediate reratlng ot that city. Dur ing the five-year period ending with 1892 , the flre losses In Baltimore exceeded the total premiums received by the companies. Ellis Lever of Lancashire , Eng. , is agitating a scheme for national accident Insurance to be operated through the postofllco depart ment. He proposes that the government assumes the fatal accident risk for a pre mium of 25'shillings per 1,000. I'o nakes Wisconsin tobacco producers complain of high Insurance rates. A press dispatch from Edgerton , WIs. , last week stated that 1,400 cases of tobacco had been shipped to eastern cities by one firm "In order to got rid of paying the enormous insurance rates" charged In Edgerton. The burning of the Liberal Arts building In Jackson park , Chicago , did not cause the amount of money loss reported In press dis patches. Insuiance companies are Inter ested to the extent of about 520,000 on ex hibits Insured through Chicago agents. The building was uninsured. The Underwriters Review says : "Mr. E. E. Howell , one of the leading flre insurance men of Omaha , has been elected president of the pity council for 1894 , and If he does not do honor to the position we shall bo dis appointed. Ed is not old in the political business , but he Is a daisy and generally gets what ho wants. " "If fire Insurance rates don't go up , " re marks the Baltimore Underwriter , "somo of the companies will go down ; If flres do not cease burning the property of the country at a rate which no possible economic conditions can long withstand , thp underwriter's oc cupation will be gone. With average loss ratios of 65 per cent and expense ratios of 35 per cent , it would be hard to see , even with a microscope of high power , whit fractional amount of profit is left for stock holders. " The Middle department of Pennsylvania at Its meeting on Tuesday last adopted , a resolution to advance rates throughout Pennsylvania from 10 per cent to 25 per cent , grading the advance by counties ac cording to past record. Presumably , this refers to the rated portion and therefore only a small rart of the premiums will be Involved , and It Is thought that the mini mum percentage will govern In most cases. There will be few localities where the local agents will not advance theories that In their minds entitle their towns to the most favorable consideration when rates are to bo advanced. This action will not affect Camden , N. J. Probably the first Chinese woman In this country to wish to qualify herself as a nurse nnd doctor Is Cy Yoke of San Francisco , When a baby she was sold by her parents In/ China to highbinders , and by them brought to the United States. She was early taken charge of by the Methodist mission , was raised and educated at a mission home , and has for the past three years supported her self by nursing among the Chinese. She feels so keenly her lack of knowledge In her chosen work that she Is desirous of studying first In a nurses' training school and afterwards at a medical college. The chief difficulty in her way Is the opposition of the ether pupils In the nurses' school , some of whom object to having a Chinese girl room with them , cat with them , and meet them on a plane of equality. The final de cision In the matter rests with the board of lady managers. * tf < 5.000 p. ; S.--SN Kt IS THE BEST. ' 'RELIEVES PROMPTLY and .v ' CURES QUICKEST A\/O ID ! / ? TITUTIOM A Xew and Complete Treatment , con Utlnir of SUPPOSITOHIES. Capsules ot Ointment and two Boios ot Ointment. A never-falling Care ( or Piles ot every nature sod decree. It makes an operation with the knife or Injections of carbollo acid , nlicfc are painful and seldom a permanent cure , and aC.ea resulting in death , unnecessary. Why cnduro thla terrible dloeaoo ? Wo cunrnntoo O boxen to euro any onno. You only pur ( ot benefits received. 11 a lx > x , 0 for to l > y umlL aampli tree. Guarantee * iscucd by our atreuti. nflMQTIPflTinW Cured , Piles Prevented , VUUOIBl nilUli by Japanese Ll er Pellet * Iho ercat I-TVEIl and BTOM AOllKUOULATOIl and UIOOUl'UllH'IElt. Oman , tnlld and pleasant to laV , especially udaptcd for cUlireu'auiO. Wiwioa BcenU. GUABAKTEZ3 iuued only b7 Kuhn&Co , , Solo Agonta , Omaha , Neb If you think of buying a Car pet this spring , buy now , when goods must be moved. We quote a few prices that must tell in our stock : Best Wool Ingrains , 55c. Half Wool Ingrains , 40e. Heavy Cotton Ingrains , 30c. - Tapestry Brussels , 60e. Best ; Tapestry Brussels , 75c. All Chenille and Nottingham Lace Curtains 25 per cent off. Samples of carpet sent as requested. X Curtains sent on approval. Freight prepaid 100 miles. i Cnt Co. 1414-1648 Douglas Street Omaha , Net ) . OF OMAHA. ABSOLUTELY INCANDESCENT FIRE PROOF , ELECTRIC mm PERFECT NOT A DARK VENTILATION OFFICE IN THE BUILDING NIGHT AND DA ) ELEVATOR 68 VAULTS , SERVICE , DIRECTORY OCCUPANTS : BASEMENT'FLOOR : FIDELITY TRUST CQMPANY. Mortgage REED J01I I'RINTINO. CO. HI'EIMIEN A. OROWK. llnffot. WYOKOKF.BEAMANS & llfc.NEDIOT , Rom- 11 li OAUl'JIELL , Court llotunda , Cigars on ! ini'ton Typewriters nnd Supplies. THBbOMAIIA LOAN AND II UIUHNO A3- 8OUIAT1ON. O. M. Nntllnttur. Hocrotary . - AND I'HUSTOO. MUTUAL LOAN AND BUILDINU AS3 W. N. rxAbON , Agent Un.'on Llfo Insurance CIATION. Company. FIRST FLOOR : BEE BUSINESS OFFICE. P. P. EKENIinitO. Fresco I'alntor AMKIUOAN WATEIt WORKS COMPANY. SUl'EIU.VmNDKNT IIRK BUILDING. FRANC L. REEVfc.3& CO. , Contractors , WESTUKN UNION TELBUUAI'Il O VIOB SECOND FLOOR. MASSACHUSETTS MUTUAL LIL'O INSUU- HAIU'MAN & ROBBINS. ANOK CO. ( i 1IAUTMAN , Intiiootor Flro Ininranoo. 0. tf. nLfJUTTEK. Luw OHloo. MANUAL'TAN LIFE INnUHANCE OO. ) lt. UIIAULK.1 HDShWATElt. H.A.WAUNKU , A-oiitUnUulriUtJj A.cjldont OlIUIbTIAN.SOIENOE IttSAUINO IIOOM3. Irisur inouOo. 1.V. . SQUlIti : . Loans. EQUITABLE LIFE ASSUUANOB BOOIECVT. OEO. E , TUUICINUTON Attoruoy-at-Liw. JOHN A. WAKEFIELD , Lumber. THIRD FLOOR. I. W. PATRICK. EQUITY COURI' . Room NO. a , UMTEDSTA TES LIFE 1 VSUIIANO 00. DK. H. U. I'A'l'l'KV. Dontl-t. ANOLU-AMKUIUAN MOIU'GAOE & TR03L' I'UUVIDKNT sAVI.NOS LIFE A8SURANOI ! COMl'ANY. SOCIETY OF NhW YORK , M. F. Rolirer. DR.O. 8 II01WVAN. AitonU . It. TUAUEIO1AN , Attorney. TUB ORANT ASPH.VLT PAVING AND EQUITY COURT. Itoo.n NO 1. HLAdOLirillOCO 5. W. HIMCKAL.VM. . 3IMERAL , Luw OHlces. CiKOIiUR E. SMITH. .Instloo of tlio t'ouoo. VIAVA COMPANY. CENTRAL LOAN AND TRUriT CO , FOURTH FLOOR. I'AOIl'iq MUTUAL LIKE AND ACCIDENT I.NSURA.NOE UO. CONNECTICUT MUTUAL LIFE INSUR W A. WEII3TKR , Ronl Estato. ANCE OO. WEllsTER. HOWARD & Co. . Klro lAsiu noo. PENN Mil I'UAL LIFE INSURANCE OO. HAMMOND TYPEWRITER OO. OMAHA TITLE AND INDEMNITY CO. J. L. 1ILACU. Civil Enitluoor. A. M. HOPKINS. Court 8-ono/riijilisr. O. W. SUESCO. , Solloltoroot Pitonts. INTERNATIONAL I'UHLISIUNU AND POR- STANDARD ACCIDENT INdURANOE CO. . Tit A II' (1U ( I'oroy . Kurd. Agent FORT WAYNE ELECTRIC CO. , II T. Pur DR.OUANTOULLlMORE.OoullstandAitrst. ! due , woatorn acenU OUAllACOALEXOIlA.NaE. w. is. nan. Ooia E , 1' . EVANH. Pooplo's Inveitmont Co. W. E. FINDLEY. Anhltoot MO. VALLEY LOAN & INVESTMENT CO. EDWARD L. MOON EY. Mortjaioi and Loans R. O. V , CROOK8 , Nurvci. Stomach and OIIARLKS I. THOMAS. Real EUilto , HourU E. T. PARDEE. AsjoutFu Wuyno L'loctrlo Sup W. E. HAMILTON. School Supplies. ply Co. DEXTER U TIIOMAH , Real Kstnto. Kstnto.FIFTH FIFTH FLOOR. ARMY HEADQUARTERS. DEPARTMENT I OFTHEPLATTE. SIXTH. FLOOR. BEE EDITORIAL ROOMS. HAMILTON LOAN V TRUSl'WO. lEEOOMl'OaiNO ROOM. MANUFACTURERS AND CONSUME ! ! " A3. I , F. BEINDORFF. Architect. SOC1ATION. U. B. GOVERNMENT PRINTING OFFICE. SEVENTH FLOOR. ROYAL ARCANUM LODGE ROOM8. | A few more elegant office rooms may be had by applying [ I. W. Baker , Superintendent , office on counting room lloor.