Image provided by: University of Nebraska-Lincoln Libraries, Lincoln, NE
About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (Sept. 30, 1905)
HIE 0MAT1A DAILY BEE: SATURDAY, SEPTEMBER. 30, 1005.
eatefl Fall 0
n n n
ore tver uaoe
pi ssni eWod the Kendal.
TksWs mc aa ton la to
1 I MWUttd
Moat stjrU r fS
Wo show about BO differ
ent stjlea In FLOBSHEIMS,
embracing vttrytli.'iig that's
new ud good.
Other Specula in, Men'i Shoes
The fB.OO Altrlght shoe. CA
patent leathers, at . V
Tha fl.00 Bary shoe. Z A()
patent leathers, at ....... asUU
The 8.00 Standard shoe, T A A
patent leathers, at .... aJvU
The Boston Special, C A
patent leathers, at ....
The Boston Special, (jO
patent leathers, at ...... '0
The Boston Special, C f
patent leathers, at ..'
The above are all patent colt, patent
calf and patent kid skin and are splen
ts ai Dvereoats at 5
Half Rates' Into Omaha
Next Week for Ak-Sar-Ben
We Invite all. visitors to make
store their headquarters
during their Btay in our city.
mil II lU
.' -.lil "..".!
MEN'S FANCY VESTS
Nearly 1,000 fashionable new fancr
vests, bought direct from the manu
facturer at a areat reduction all
sizes, 8 4 to 4 8. fancy silks, velvets,
mixed cloths, also fine white Tests,
will be very stylish this fall,
worth as high as $3.00, at, each
IWcrs-Pect . Cos
Means Distinction in Dress.
Also the Brsndeis Special
We present to men of discrimination
the finest ready-to-wear clothing in the
country. For years the Rogers-Feet
Overcoats and Suits hsve been regarded
throughout the land as the highest ex
ample to ready to put on clothes that
money could buy.
The Suits sre made of the newest
fall materials, perfectly hand-tailored,
cut In correct styles, of richest fancy
mixtures and plain colors. You save
one-half your tailor's bill, at
$15 to $35
The newest models in overcoats sre
shown. Both the fitted back Surtout,
and the flared skirted overcoats In long
and medium lengths of this season's
. $15 to $40
Men's Full Dress Suits
There is every reason why a man
should own one of these desirable suits.
Just as fashionable as the tailor can
make them, for one-half the tailor's
$17.50 to 32.50
x as hZir
A Word With Ak.Sar.Ben Visitors ?S
preparations to receive you and add to your comfort in our great establishment. "When
you reach the city check your baggage and parcels free in our great check room. Make use
of our waiting rooms. Our store is at your disposal as a meeting place for yourself and
friends. As a very special event for carnival time we offer:
MEN'S HAND-TAILORED SUITS AND OVERCOATS
THE BEST CLOTHING THAT EVER, SOLD AT $10
Any man who sees these splendid suits and overcoats that are specially priced will see
the value of this offer. THE SUITS are the best, up-to-date fall styles with long sack
coats, made of best plain and mixed woolens shape retaining fronts
fall and winter weight cheviots, serges and the fine black clay
worsteds in sacks and frocks. THE OVERCOATS the most stylish
overcoats of the season, single and double breasted fitted coats in care
fully selected. Kerseys, Irish friezes, brown and gray meltons, etc just
like the best tailor mades for Saturday Ak-Sar-Ben Special, at
Here are Exceptionally Fine Suits Moderately Priced
For the men who like clothing just right in style as well as serviceable and form fitting
we recommend these suits and overcoats, which we have carefully selected and specially
priced for Saturday and all next week The materials are better and richer art
in color effects than anv clothincr that ever sold at a modest price all sizes 1 TU
and extra sizes a great variety of the season's best styles suits and ,
BOYS' FALL CLOTHING
The largest, most complete line of Boys' Clothing in Omaha. Our great
section for boys' and children's clothing is on the third floor. .We show the
latest styles that are, popular this season. .
Buster Brown Suits
Popular and dressy suits
for little fellows, ages f4
to 8 well made of all
wool materials at
Buddy Tucker Suits
The latest novelty suit
for boys for fall wear
Norfolk and double
breasted spendld assort
ment to select from at
3.50 'o 6.50
Well made, wear-resisting-
seams, aces 8 to 1 years.
2.50 to 7.50
Boys' Sailor Suits
Sailor blouse styles, ages
8 to IX many novelty ef
fects seen for the first
time this season, at
2.50 to 6.50
FORM POOL FOR LOBBYING
Equitable, Hew York Life and Ifttnal
Combine to Watch Legislation.'
JACOB H. SCHIFF CAUSES SENSATION
Banker Says Record of Equitable
Board Is False and that
Directors Are Mere
(Continued from First Pare.)
1893 or the first part of 1894. His firm bad
had dealing's with the society for a quarter
of a century prior to that time.
The question of the propriety of the firm
of Kuhn. Loeb & Co., dealing with the
Equitable society occurred to him and ha
took counsel ou the matter and was ad
vised that there was nothing to prevent
his firm from properly maintaining such
relations. He was a director of the society
four or five years before he became a
member of any committee of It. Then ho
was made a member of the finance com
mittee. Mr. Sen Iff stated that the position of
director in large corporations In New
Tork, and he presumed elsewhere, was a
negllble quantity. If any executive of
ficer wished to conceal anything from the
directors he could easily do It and the
director under prevailing conditions la
powerless to prevent any Irregularity.
Mr. Schlft testified that the Equitable was
In the hands of the executive officers and
he had no way of knowing more than
these executive officers chose to tell htm.
nefmaod Plaeo oa Committee.
He refused an election to the executive
committee because of the relations of his
firm to the soolety. This the witness said
was because he thought It woujd be Im
proper for him as a member of the exe
cutive committee to pass upon any, deal
ings bis firm might have with the society.
Up to a recent time, Mr. Schlft was
qualified as a director by shares trans
ferred by Mr. Hyde. Mr. Bchift received
no beneficial results from them. They were
retraosferred to the trustees under the
Kyan purchase. Mr. Schiff said that prior
to last February he was not a policy
bolder In the Equitable, and was not la
any different position from many other
directors and held his position at ths
request of Mr. Hyde. He waa asked to
beoome a member of the finance committee
so that he could give his Judgment on the
securities the society purchased. The
question of propiity did not occur to htm
en this point because the finance commit
tee does not decide the actual purchase,
but merely advises ths sale by purchase of
securities. The value of his advice in
this regard, witness said, waa the same
as a Judge of a higher court because of
bis experience. His position was not one
Of much Importance, he stated, because
be could not Insist that his , Judgment be
followed. ' He could not say it was a
surprise to him to. find that bis position
as a member of the finance committee
Mr. Schiff said that there waa practically
(J Tali Slgaaturt Is Elai Gurtiteu
Ask for UEBIO COMPANY'S,
Not simply "UtBIQ-S -
OUST AS COOD3"AJ?t W0RTMLM3
no place for the finance committee, as the
executive committee took the Initiative In
all Investments and thers was an auditing
committee with powers equalling those of
the finance committee.
Ciiloa Ovtvrelarha Bylaws.
"Do 1 understand?" asked Mr. Hughes,
"that in corporations custom outweighs
"In the Equitable this was the case,"
replied Mr. Schiff.
Mr. Hughes stated that he found that
W. H. Mclntyre and D. J. Jordan, mem
bers of the finance committee had reported
to that committee In 1904, that they had
examined the securities of that company
and found them correct Mr. Schiff said
they were appointed by Mr. Hyde, the
chairman of the committee.
Mr. Hughes said: "Now, In consideration
of the facts that have been developed at
this Inquiry that the Equitable accounts
were kept In the names of parties to whom
they did not belong, that funis of the
society were not entered on Its books, I
want to find out what supervision was ex
ercised. ' Now, I understand that the
executive officers had complete charge of
the society that the finance committee
dealt with the Investments and sales of
securities only after they had been made
and that with the Important power to ex
amine the accounts, the finance committee
did nothing but appoint two of the executive
cfflcers to conduct the examination for
'The chairman In all committees ap
points the subcommittees," replied Mr
"Checks are not necessary if all men are
honest," said Mr. Hughes.
Hyde Made Mistake.
"I have always believed every man hon
est until I found htm dishonest," said Mr.
Schiff. "This has always been my theory
and practice through lite."
In reply to a question by Mr. Hughes as
to whether he did not think there ought
to be more supervision of Insurance com
panies, Mr. Schiff said:
'There Is no doubt of It, but no law
can secure It. Do you expect every di
rector to have accountants at his disposal
to examine the accounts of every bank, In
surance or trust company?" Mr. Schlft!
said be understood that the Equitable so
ciety was audited only by two of Its ex
ecutive officers Mr. Mclntyre and Mr.
Jordan and that Mr. Hyde appointed
Bald Mr. Schiff: "I think he made a mis
take because he actually kept a board of
directors absolutely at the mercy of one
Mr. Schiff said he would like to see an
insurance company looked after as strictly
as his own banking firm, and Its executive
officers held to as strict accountability as
his own cashiers.
A copy of the bylaws governing the
finance committee was introduced and was
Identified by Mr. Bchlff. These bylaws pro
vided for an auditing committee of five
directors to pass on all matters, thus de
priving the finance committee of much of
Its power. A list of five names was handed
Mr. Bchlff. but ha was unable to say
whether the men named on It composed the
committee. They were C. B. Alexander,
Valentine P. Snyder, Thomas D. Jordan.
W. 11. Mclntyre and William Alexander.
Mr. Hughes aald this list was handed him
by an officer of the Ecu! table, subject to
correction. Witness testified that the chair
man of the finance committee annually
appointed members to audit the society's
accounts and report to the finance com
mittee, and In that way attempted to main
tain supervision of the society's funds.
During his connection with the society
Mr. Schiff said he never heard anything
of ths numerous trustee accounts, and it
was never brought to his attention that
moneys of the society was carried under
aa account la which they did not belong.
As to Political roatrlaatloBS,
Mr. Huus aaked him about compalgn
contributions by ths Equttabls society. Mr.
8c his said La reply that Cornelius ti. BUss
had told him that Mr. Hyde had con
tributed to the last campaign, but he did
not know whether it was the society's
money or not.
He knew absolutely nothing as to how
the money of the society was used by the
executive officers until they chose to in
form the finance committee. Mr. Bchlff
said It had been suggested that the so
ciety's accounts be audited by outside ac
countants, but it was opposed because it
was like carrying coals to Newcastle to
have "mere pigmies" of accountants, as
outsiders were looked upon, audit the ac
counts kept by such experts as the Equi
Taking up the transactions of Kuhn,
Loeb St Co. with the Equitable, witness
testified that the names of the firms from
whom contemplated purchases were under
advisement were never mentioned In the
committee room. When Kuhn, Loeb ft Co.
had and proposition to make to the EquN
table, Mr. Bchlff usually presented 'it to
George 1L Squire, who In turn presented it
to the executive committee, then It was
passed upon by General Louis Flttgerald.
Witness said it was sometimes three weeks
before he could obtain a reply. Thess
transactions continued until General Fits
gerald retired and George H. Squire passod
upon the offers of bonds.
Of the transactions of the Equitable
syndicates of which Kuhn, Loeb ft Co.,
were the managers, witness said arrange
ments were made in writing, the terms and
amount and conditions being fully des
cribed. Mr. Hughes went Into a line of question
ing that brought from the witness de
scription of how the syndicates are formed,
managed and closed.
'You don't have to beg life Insurance
companies to go Into these syndicates do
you?" asked Mr. Hughes.
"No, Indeed," witness replied.
"Its a pretty good thing to be let in Isn't
Witness smiled and nodded and Mr.
"I meant they are good things to be W
In," whereat Mr. Schlft smilingly nodded.
The list of the syndicate transactions
of the Equitable was taken up and the
manner of allotment of bonds were probed.
The allotments to General Louis Fitzgerald
were made to him rather than to the
Equitable, Mr. Schlft! said, because he was
a factor In a circle of men whom he de
sired to take Into the syndicates. As a
director of the Equitable It did not occur
to Mr. Schiff that the profits from this
would not go to the Equitable. He trusted
to General Fitzgerald's fulrness.
Mr. Bchlff stated that he had no knowl
edge of what allotments of the stock taken
In syndicates were made by James H. Hyde
Vuloa PaclSo Syndicate.
Using as a text the report of the Frluk
committee, which Investigated the manage
ment of the Equitable society, Mr. Bchlff
was asked by the examining council to ex
plain the operations of a syndicate In
I'nion Pacific preferred stock. He asked
permission to make ths statement In his
own way and then spoke emphatically and
excitedly, rapping the table to emphasise
bis points. He declared that there had been
unjust insinuations. He had told the stats
superintendent of Insurance that when ha
said Kuhn, Loeb ft Co., had sold tt.&OO.OOO
of Union Pacific preferred to the Equitable
society he had circulated a false report
and Mr. Schlft! said he stood by that dec
laration now. The Union Pacific preferred
stock syndicate was not formed by Kuhn.
Loeb ft Co., and they never sold the stock
to anybody. It was formed by B. II. Har
rlman "for the purpose of getting a con
centrated holding of Union Paciflo stock."
Kuhn, Loeb ft Co., be said, acted merely as
a clearing house, purchasing ths stock on
the exchange and selling It to the sub
scribers at coat. It made no profit. The
syndicate was for t&0,000,000, of which nearly
ths entire amount had been acquired.
Aiui ng the names furnished to Kuhn. Loeb
ft Co. as parUcljaaia waa ths nam of
James H. Hyde, Individually, for $2,600,000.
"I did not gnow until the disclosures of
the Frick committee," said Mr. Schiff,
"that the Equitable had any share In that
In the flnanjo committee of the Equitable
he voted for- the purchase of stock, but
did not know then that It had been bought
In a syndicate.. He maintained that the
psrchaso was wise and that there was no
better investment in the world than Union
President Morton of the Equitable, he
declared, had refused to sell the stock at
par, although the syndicate had tried to
buy it back. Not until Mr. Hyde told Mr.
Morton that he had transferred his hold
ing to the society did any member of Kuhn,
Loeb ft Co. know it. As syndicate managers
they did not think a life Insurance com
pany was a desirable associate and had
wanted to buy the stock back.
Mr. Schiff testified that the minutes of
a meeting of the finance committee of the
Equitable Life Assurance society In Feb
ruary, 908, were false In recording the
purchase of. JMO.000 of Union Paciflo pre
ferred stock for "holding account."
Mr. Schlft said he was present at the
meeting and no such transaction was made.
Asked if apart from what he heard at
that meeting he desired to be understood
that the Equitable records were false,
Mr. Bchlff said If such a transaction were
made he did not bear It.
Too Moeh Hyde.
Mr. Bchlff expressed the opinion that It
was wrong for James H. Hyde to par
ticipate personally In syndicate transac
tions. He did not know that Mr. Hyde
had done so until these disclosures.
"The Equitable," said Mr. Schiff, "was at
the mercy of one man, either Alexander or
Hyde. It seems to me It was all Hyde.
The vice of the entire Insurance situation
has been' Irresponsible power."
Mr. Hughes showed Mr. Bchlff the tes
timony of James H. Hyde before the state
superintendent of Insurance, In which Mr.
Hyde maintained that the underwriting
of Union Paciflo was not a personal mat
ter and that Kuhn, Loeb ft Co. knew he
was acting for the Equitable society.
Mr. Bchlff replied that Mr. Hyde was
trying to shield himself. As for Hyde's
statement that one of the partners of
Kuhn, Loeb ft Co. had been sent down
to the Equitable society to arrange the
transaction Mr. Schiff said was not true.
"Tou did .not regard this as a proper
transaction for the Equitable to go Into?"
"If I had heard that the Equitable
thought of going into the syndicate I should
probably have checked It."
Mr. Schiff ssid he thought It was Inad
visable for an Insurance company to Invest
In stocks to hold control of a railroad. He
replied that the company should not con
trol anything nor invest In common or
speculative stock, but In dividend-paying,
preferred stock a
gchlff Makes Explanation.
At ths close of the direct testimony, Mr.
Bchlff asked and was granted permission
to make a statement. Hs defended him
self from various attacks which he said
had been made against his firm and him
self by the slate superintendent of Insur
ance and others. He became very ani
mated and his remarks were accompanied
with dramatic and emphatic gestures. He
declared that It waa untrue, as charged by.
the state superintendent of Insurance, that
the Equitable Life Assurance society sold
bonds to Kuhn. Loeb ft Co. at a loss to
the society of t per ceut. He said there
was no such loss and that ths superin
tendent of insurance had fallen into error
In computing the rata of sterling exchange
which fixed the value of bonds. He said
further that It was not true that Kuhn,
Loeb ft Co. bad monopolised the best finan
cial business of the Equitable Life Assur
ance society. In the last five years, be
sold, the Equitable had bought tlV7.0O0.OU0
of securities, and of these 831,400, OuO. or
about one-sixth, were purchased from
Kuhn. Loeb ft Co. Furthermore, he said
that the present value of securities sold
by bis firm to the Equitable while be was
a director Is $1,600,000 greater than the price
paid for them.
In five years, he said, his firm had sold
$42,000,000 worth of securities to the Mutual
Life Insurance company and $30,000,000 to
the New Tork Life Insurance company He
asked If this looked like undue Influence
with the Equitable. He added that he
had never asked any favors as a director
of the Equitable, but had granted many.
Frightful Loss of Life
results from throat and lung diseases. Dr.
King's New Discovery for Consumption Is
a sure cure. 60c and $1.00. For sale by
Sherman ft McConnell Drug Co.
Whales Scarce in North.
SAN FRANCISCO, Sept. 29. A report has
been received that the whaling bark Gay
head was In Bering sea on August 1, with
two right whales and 218 barrels of sperm
oil. Whales were reported at ttlat time
to be verv scarce. No reports have been
received from the Alice Knowles or the
other whalers following In the path of the
Vniveraltr of Pennsylvania Opena.
PHILADELPHIA. Sept. 29.-The college
year of the University of Pennnylvania
opened today In ail departments. The reg.
lntratton lists Indicate that Pennsylvania
will have the largest Incoming class In
Its history, and that the enrollment will
number nearly 4.000 students.
MADOERIN-Bophla, wife of John Ma
Uoerln, Thursday, September 28. 1W6. aged
8 years. 10 months and 27 days.
Funeral services Sunday afternoon at 2
o clock from residence, 3506 Valley street
Interment, Laurel Hill cemetery.
ORDERS . PACKERS TO PLEAD
Chicago Judge Overrules Flea of Abafe
meit ts Federal Indiotmentt.
PASSES ON QUESTION IN BROADEST SENSE
Surprises Lawyers by Quotlnir from
Message of President Hoosevclt,
Showing Qualification of
a Federal Judge.
CHICAGO, Sept. 29. Federal Judge Otis
J. Humphrey today sustained the de
murrer filed by United States District At
torney Morrison to the plea in abatement
made by packers seeking to have indict
ments for alleged restraint of trade de
Judge Humphrey said he made his de
cision on broad grounds, without taking
Into consideration technicalities which the
government advanced against the plea in
After the decision had been given the de
fending attorneys tried to amend the fourth
plea by the insertion of the word "for."
This met with resistance from the district
attorney, but the court promised that If tho
law was clear on the point he would allow
It. The government Is said to fear a trick
In the Insertion of the one word. The dis
trict attorney moved that the defendants
that a demurrer is to be filed by the pack-
bran Deis Special The most
popular men's hat in Omaha
the popular styles in stiff and
soft blocks and a popular price
that sets a new record. The
best hats ever sold
anywhere at the
All the Mew Fall Styles at llran-
dels New fall colors ar.d
Stetson Hats The hat that is
known for its high Quality all
over the country the If
latest Stetson styles. . 4TJ
Boys and Children's School Caps,
in new patterns very good
Neat stripes and figures all the
patterns are new this fall these
Men's Negligee Shirts Neat ef
fects for every day CH
wear, at. .............. jUC
Men's Government Suspend- C
en 85c values, at DC
Men's Fall Neckwear All IP
styles, 50c and 75c valueta DC
Men's and Boys' Sweaters Plain
todrtha$iy6T al75c g 98C
Munslng's Union Underwear for
Men The most perfect Union
8ult made Pft 1 FA
range of prices . 1. D U 'T. D U
Cooper's Spring Needle Underwear
and Root's Medicated Under
wear, In plain QO y rf
and scarlets, at OC". JU
Men's cotton and wool fleece lined
Underwear, also derby ribbed in
plain and fancy, TP yl PA
worjh up to 75c, tjDC-tDC
ers, attacking the face of the entire Indict
ment as far as defects and insufficient alle
gations were concerned. The defendants
were ordered by the court to plead next
Thursday morning, the pleadings to hu
taken ' up In argument before JudKO
Humphrey by the following Monday; in ilie
meantime the bill of exceptions will be pre
pared by the defendants to the ruling mudo
by Judge Humphrey today. Exceptions
were taken by all of the defendants to I lie
court's ruling on every count In the plea.
This was for the purposes of appeal afler
One of the points In the pleading which
attracted considerable attention and whlo
the court declared had given him some ;llf
flculty was in rerard to tho right of Ju'li;e
8. H. Bethea tc receive the return of 'he
indictment. It was argued by the defense
that he was sitting in the eastern division
of the Northern district of Illinois and re
ceived an Indictment voted In the north
ern division of the Northern district of Illi
nois. The district attorney declared that if
the law of March 8, 1905, which created tin
position was construed with his contention!
there was no court and there was no JuIk
and there was no return of the indictment.
The court surprised almost everyone in
court when he read from President Roose
velt's message In the Congressional Record
of last November, In which It Is declared
that Judge Bethta was appointed as a suc
cessor to Judge C. C. Kohlsaat, promoted
from the district court to the circuit court.
This promotion gave Judge Uethea the right
to accept the return of an Indictment voted
in the old district.
Leading Hatters and Furnisher
1504 FAE3NAM ST.
The .Jew Fall Dunlap and Stetson Hats
In all the correct blocks and proportions. The imported Heath hat on sale here. "We
show a complete line of soft hats, Derbys and Silk hats, at $3.00, $4.00, $5.00, $6.00,
$8.00 and $10.00.
FOR 35 YEARS this store has met the requirements of Omaha's best dressed
We are now offering the newest, most exclusive and desirable creations in men's
cravats, shirts, hosiery and underwear. There is a newness, style and variety about
our showings of men's hata and dress accessories, that interests men of taste and
gives them tho assurance of finding what they want and knowing that it is the best
the market affords and up with the fashions.
SPECIAL DISPLAY AND SALE, BEGINNING SATURDAY of new arrivals
in men's shirts. Also on several new lines of hosiery, fall underwear and neckwear.
OUR PRICES ARE KEPT DOWN by our extensive buying. You get more for
your money here than in any store in Omaha,
Call and see our lines and prices
H FREDERICK .,
-sw sw m m m s a m m m mm m mw m m
Powered by Open ONI