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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (Sept. 30, 1905)
HIE 0MAT1A DAILY BEE: SATURDAY, SEPTEMBER. 30, 1005. tiling Offer eatefl Fall 0 n n n ore tver uaoe 4 WO Br 10 The Kendal pi ssni eWod the Kendal. TksWs mc aa ton la to 1 I MWUttd If c U 1 skilled W- rf dAW Fttcnt either Uce boot, genuine seal tod. heavy xten- eion tol narrow toe ----- tPxJsMferUi 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 Patent Leathers for Ak-Sar-Bea 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 did bargains. Men's Fashionable Hand-Tailored ts ai Dvereoats at 5 Half Rates' Into Omaha Next Week for Ak-Sar-Ben We Invite all. visitors to make store their headquarters our 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 Autumn's Fashion Leaders IWcrs-Pect . Cos Fall Clothing 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 Rogers-Peel Overco&ts 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 newest styles- . $15 to $40 i 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 price $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: 4 4Ha 0 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 , overcoats, at 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 2.50 9.98 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 Double-breasted Suits Well made, wear-resisting- fabrics, strong 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 Figareheads. (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 waa perfunctory. 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 bylaws?" "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 them." 'The chairman In all committees ap points the subcommittees," replied Mr Schiff. "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 them. Bald Mr. Schiff: "I think he made a mis take because he actually kept a board of directors absolutely at the mercy of one man." 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. Bylaws Presented. 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 table employed. 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. Trusted Fltsaerald. 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 it." Witness smiled and nodded and Mr. Hughes continued: "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 and associates. 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 syndicate." j 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 Paclfio preferred. 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 Gayhead. , 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. DIED. 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 clared void. Judge Humphrey said he made his de cision on broad grounds, without taking Into consideration technicalities which the government advanced against the plea in abatement. 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- ft w MEN'S NEW FALL HATS 1 $2 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 price All the Mew Fall Styles at llran- dels New fall colors ar.d :r:r: i.so.2.50-$3 Stetson Hats The hat that is known for its high Quality all over the country the If latest Stetson styles. . 4TJ Boys and Children's School Caps, in new patterns very good S.T. ...25c-49c MEN'S PLEATED FRONT SHIRTS Neat stripes and figures all the patterns are new this fall these va!u?.gua,t".,.2..1.50 598c Men's Negligee Shirts Neat ef fects for every day CH wear, at. .............. jUC Men's Government Suspend- C en 85c values, at DC Men's Fall Neckwear All IP styles, 50c and 75c valueta DC Men's and Boys' Sweaters Plain todrtha$iy6T al75c g 98C Mens Uiderwea.r 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 TOMS. BftfHB aosiS 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 the trial. 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. IU1 FiElE 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 man. 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
