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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (Dec. 4, 1909)
THE BEE: OMAHA, SATURDAY, DECEMBER 4, 1903.
y ALPIAN FOR EQUITABLE
Control by Morgan Means Change in
Organization cf Company.
BYAJT STOCK IS PURCHASED
Is "nbjert to Votlnsj Trast
ttrrrmtnl, Which Rsplre Nest
Jane If Sot R-tirnl,
r.W TORK, Dec. J. Purchase of the
majority of the stock of the Equitable
Life Asnuranc society by J. Flerpont Mor
frsn, a move of vast Import to the financial
wor d because of the virtual pausing of
control of nearly JSi.OOO.OOO.OOO of assets nnd
the domination of two large trust com
paniesIs believed In Wall etreet today to
foreshadow a still more Important move
the mutuallzatlon of the Equitable.
The. tnutuallzitlon phawe of the Equitable
purchase by Mr. Morgan from Thomas T.
Ryan wa dlscuKsed today, but no defi
nite Information wag obtainable. Former
Justine Morgan J. O'Brien, one of the
Equitable trustee, declared that the pres
ent system whereby the stockholders and
.policy holder joined In the election of
directors woa not desirable, as the re
sponsibility of control could not now be
fixed either on the stockholder or the
'policyholders. ' , . '
"I am sura .that a mutuallzatlon of the
company 'would be to Its Interest,", said
William II. Hotchklss, state superin
tendent of Insurance, said today that the
subject of complete mutualzatlon of the
Equitable had been the subject of con
sideration for some months.
Control by J. P. Morsjran.
. Control of the .Equitable. which
was secured Dy Thomas F. Hyan soon
after the Insurance scandals of some years
.With the 1472.000,000 of assets which the
company declared In Its last statement.
The transfer apart from Its magnitude as
a chapter In the history of finance, marks
a complete reversal of tho old order under
which the Insurance companies controlled
the destinies of the banks and trust com
panies. News of the transfer was contained In
the following brief statement Issued from
the office of Morgan & Company:
"Mr. Morgan has bought the majority of
the stock of the Equitable Life Assurance
society, formerly owned by Thomas F.
Ryan. This purchase la subject to the
trust under which Drover Cleveland, Mor
gan, O'Brien and George Westlnghouse
were made voting trustees for the benefit
of policy holders and It covers all Mr.
Ryan's Interest, Including all the stock
purchased by him from James H. Hyde."
Ko Details of Deal.
Beyond these bars facts, Mr. Morgan and
hla partners declined to give any details
The exact amount of the stock bought
them and the price they paid remain
subsequent announcement. Nor would they
name any other Interests allied with them,
although it Is commonly understood in
Wall street that at least one large trust
company may take a hand In the deal It
the consent of the Equitable Is obtained.
Under the terms of . the truHt agreement
referred to In Mr. Morgan's announcement
the Ryan stock could nor be sold without
the consent of the surviving trustees,
whose term of . power held until June U
ment fir another five years If they, saw
next and who might continue the agree
fit. Both of them are very busy men and
as they have served the society without
pay it has long been taken for granted
that they would be Willing to pass on their
responsibilities to other shoulders if they
'found they could do to without prejudice
to the policy holders. Prior to confirma
tion of the transfer, neither Mr. West
lnghouse nor Mr. O'Brien would discuss
cither Us details or its probabilities.
rreiild"nt Paul Morton professed Ignorance
of the transfer and news of the change of
control seemed to come as a surprise to
It Is knowp. however, that the directors
of the society and the principals to the
deal were In conference yesterday and
until late today and there Is authority for
the statement that the transfer met with
Vntlnsr Trnst Mill Obtains.
Former Justice Morgan J. O'Brien', one
of the surviving trustees, said tonight In
commenting on the purchase of a majority
Interest In th society by Mr. Morgan:
"Although Mr. Morgan has become by pur
chase the majority owner, the trustees re
tain the voting power of the stock and for
the present at least we shall continue as
trustees. I know nothing about the transac
tion beyond the fact that Mr. Morgan has
bought a majority Interest. What Idea he
had In making his purchase I don't know,
but from my acquaintance with him in
many other matters, I am sure that the
transaction will result to the benefit of all
Paul Morton, president of the Equitable
Life Assurance society. Issued the follow
ing statement this afternoon:
"As stated by. Mr. Morgan, he has bought
Mr. Ryan's stock, thereby securing a ma
jority of the shares of the Equitable Life
Assurance society. While' Mr. Ryan held
these shares his attitude towards the so
ciety was In every way commendable, as
he did not seek to interfere with the man
agement in the slightest degree.
; "Under Mr. Morgan's ownership of the
majority stocks Its affairs will ba con
ducted as heretofore by the board of direct
ors, with an eye single to the Interests of
Mr. Morton said the question of complete
mutuallzatlon of the society would be
taken up in the future with the state su
perintendent of insurance.
Ryan Buys from Hyde.
Mr. Ryan's holdings In the Equitable
were bought In large part from James H.
Hyde, although Edward II. Harrlman had
laid plans, which, as he supposed, were
to assure him the control which went In
stead to Mr. Ryan. It was during the
hearings of thai Armstrong Insurance In
vestigation that Mr. Harrlman, when
questioned on this point, coined what sub
sequently became a national byword. He
waa asked If he had nettled scores with
Mr. ' Ryan and answered tersely: "Not
yet." The public added with ready In
tuition, "but soon."
At the offices of the Equitable society
Grand Jury in
Man Who Revealed Shortage After
Stenographer Quarreled with
Miss Ford a Witness.
CINCINNATI, O., Dec. S. When the
grand Jury met at 10 o'clock this morning,
Prosecuting Attorney Hunt at once took up
with It the latest developments In the case
of Charles L. Warriner, defaulting treas
urer of the Big Four railroad. Frank M.
Couden, cashier In the United States cus
toms office who, by his own admission,
revealed the shortage to the company Jn a
"purely commercial s transaction," ten
years after he became cognizant of It and
a few weeks after Ida Brockway, his
stenographer, and Mrs. Jeanette Stewaxt
Ford quarrelled, was before the Jury on
call of the prosecutor.
The voluminous correspondence turned
.er to the prosecutor by E. S. Cook,
aade up of hundreds of letters from Mrs.
Ford and Warriner, covered twelve years
of remarkable relatlonxhlp waa also sub
mitted. The Big Four, according to semi-official
announcement. Is trying to find out If
the $325,000 not accounted for by Warriner
in htb expenditures of the stolen 1643,000.
Is hidden. It is believed other Indictments
The Warriner ease has cost Ida Brockway,
stenographer In the office of Amor Smith,
Jr., surveyor of customs, her position. Sur
veyor Smith haB sent to Washington a
recommendation for her dismissal, which
It Is said will be concurred In.
Miss Brockway, who is alleged to be one
of the persons who reported the shortage
to Cashier Frank Coudon, her immediate
superior, has been absent from duty with
out leave for more than- a week. She dis
appeared the day after she was called to
the office of Prosecutor Hunt for a conference.
FIRST PRESIDENT INDICTED
on Charge of
KOUISVILLE, Ky., Dec. S. Luclen J.
Irwin, president of the Louisville, Hen
derson & . St. Louis railroad, Indicted
Jointly with his road on the charge of re
bating, gave bond of 14,000 In the United
States court here today.
Interstate Commerce Commission officials
say that Mr. Irwin Is the first railroad
president ever Indicted for violation of the
Interstate commerce law.
THE RELIABLE STORE
THE RELIABLE STORE
The entire Surplus
of the Well Known
Ever Known in Omaha
$60,000 Stock of Higlr Grade Pianos
Schubert Piano Co
m , A si
-t'" V j
one of New York's
Prospective Christmas givers will find here nn opportunity for selection from nearly every
leading make of high class pianos at prices never before equaled and probably never again
to be equaled in this or any other store.
Many of the pianos are makes of which Hay den Bros, do not have
the selling agency, and after this sale cannot he supplied hy us at prices
quoted or at any other price. There's only one or two of a kind and
they will go in most cases at prices far helow the actual cost of produc
tion. Included In This Sale You Will Kind
the f ollowlnfj well known and dependable makes:
Fischer, Ctiickeririg Bros., Vose Sk. Sons
Hardman, Stcinway, Weber, Kranich St BaelTi,
Stcgcr k Sons, Schurrian, Chickcring, Schubert, Frlce fk. Xeeplc
EMERSON ANGELES, SCHAFFER and many other well known makes in perfect condition and fully guaranteed.
At Half and Less Than Half Regular Retail Selling Price iC"
Hayden Bros. Guarantee is
Only a few of the many styles
and makes can be here illus
trated. Come at once and see
the magnificent display of bar
gains. Watch papers for
behind every instrument, insur
will be made on all sales the
easiest you were ever offered
and on these remarkable bar
gain prices, too.
EAGLE REACHES NICARAGUA
Authorities Insist it is Fitted Only
PRAIRIE IS STILL ON THE SHOALS
Cruiser Will Probably Remain
Agronnd I'ntil Next Hlh Tide
Zelay Surprised at Atti
tude of Knox.
WASHINGTON. Deo. S. The United
States steamship Eagle has arrived at
Dluefields, Nicaragua, according to a dis
patch received at the Navy department
This vessel Is fitted out for surveying
and, according to officials at the Navy de
partment, "has not a gun aboard as big
as a popgun." Its mission to Nlcaraguan
waters Is explained as being for surveying
purposes alone. Although the Nlcaraguan
coast is very well surveyed, It is desirable,
from the standpoint of navigators, that
frequent visits be made. to the coast In or-
TT 7i 7
Tomorrow we will startle the wearing pub
lic with men's smartest $12.50 qualitied
"Protector Collar" Auto
These are not the cheap materlaled
roats you would expict, at the price,
' but snappy fancy grays, gray stripe,
gray mixtures and illve herringbone
stripes. Lined with Italian serge,
tailored faultlessly; the large, sweep
ing English "Strand" style you ad
mire so much. Collars change in sev
eral ways sixes ranee from 14 to 42.
It' the strongest overcoat value of
fered this season anywhere by any
Saturday, for Men's
$2 and $2.50 Shoes
It doesn't make a difference to you HOW the 'Palace" secured them
'twas one of those special "buys" that show department manager's
worth, but the fact remains, nevertheless, that you WIIJj be able to pur
rhasn men's all volid leather shoes, la lace or blurher styles, worth 92 and
$2.50, at ft.50 Der pair. Then, too, there will be a special lot of $3.50
and $4.00 shoes, at $2.BO All leathers and shapes.
Note It-Men" a $2.30 Shoes, $1.50 -Men's $4 Shoes, $2.50
Men's 75c wool process underwear, Saturday, garment 39c
Men's $1.25 all wool underwear, Saturday, garment . . .' 59c
Men's $1.50 double breasted shirt underwear, garment 89c
ri.nTH inn company
der to locate possible obstructions or the
position of shifting sands.
Zelaya Plans to Keep Power.
Driven to desperation by the unexpected
and unbending attitude of the United
States, President Zelaya is now re
ported to have developed ' a plan
whereby he can resign and at the time
retain the reins of power. This con
sists In putting In the office of president
of Nicaragua Jose Madrls, we'.l known in
Central American diplomatic circles as
Zelaya's henchman and declared to be at
Zeleaya's bid and call. Tha State depart
ment. It Is declared, Is entirely cognisant
of the conspiracy under way and will act
vigorously and promptly If occasion de
In the meantime neither the State depart
ment nor the Nlcaraguan legation officials
will discuss the advance of diplomatic
events. Senor Rodrlguei, charge of af
fairs of the legation. Insisted tonight that
he had not heard from his government and
the State department likewise professed
to be ignorant of the next move of Presi
While the State department has been
acquainted fully with the movement afoot,
It Is not yet prepared to protest. In view
of the extremely powerful note addressed
to President Zelaya Wednesday through the
Nlcaraguan representative here, it Is not
believed that Zelaya will attempt extreme
methods. In such event any further action
by the United States would be superfluous
and the department Is marking time.
The Nlcaraguan situation was not dis
cussed generally before the cabinet at Its
regular meeting today, but Secretary Knox
Is understoon to have taken up the subject
with the president
No news has been received from Nicara
gua today by Senor Felipe Rodriguez,
charge d'affaires of the Nlcaraguan lega- i
tlon, who has been given his passports
by this government. Mr. Rodrlgues will re
main in this city pending instructions from
Nicaragua. . ,
The collier Leonldas was today ordered
from Charleston 8. C, to Port Llmon,
Costa Rica. It will take fuel to the cruisers
Des Moines and Tacoma and the gunboat
Marietta, now off Port Llmon.
Zelaya la Surprised.
MANAGUA, Nicaragua, Deo. 2. The ac
tion of the American secretary of state in
dismissing Senor Felipe Rodrlgues, the
Nlcaraguan charge d'affaires at Washing
ton, has greatly surprised President Ze
laya, who reiterates today his belief that
the Nicaragua government was Justified
in executing the Americans, Oroce and
Cannon, who were affiliated with the revo- !
lutlonlsts. Zelaya will take no action until
he has received further Information on
the subject and learns definitely the inten
tions of the United States.
The American vice consul, Mr. Caldera,
wha Is a. Nlcaracuan by birth, but a nat-
urallzed American citizen, is still at the
consulate, atending to his duties. In the
opinion of President Zelaya, Caldera sym
pathizes with the opposition party and a
close watch has been kept on him al
though there has been no attempt to re
strain him In any way. Zelaya also ex
presses the belief that that In all proba
bility Consul Caldera's renresentatlons
have shown partiality in favor of the gov
PHILADELPHIA. Dec. I. The United
States transport Prairie, which went
'aground in the Delaware river thirty-five
miles south of this city last 'night while
enroute to Central America with 700 ma
rines on board. Is still fast in the mud and
the prospect is that the vessel will remain
there until the next high tide this after
noon. The transport Is lying easy in soft
mud and has thus far sustained no dam
age. There Is little wind and the river la
A determined effort was made to float
the Prairie at high tide at 4 o'clock this
morning, but the three tugs that pulled on
it were unable to move the vessel an Inch.
The Prairie is in full view of Fort Mott,
on the New Jersey side of the liver. Fort
Dupont on tha Delaware side, and of Dels
News of the unsuccessful efforts of (be
tugs was sent to the navy yard by wire
less and the government tug Samoset and
four lighters were started for Pea Patch
Island before daylight. It Is expected that
Admiral Kimball will have most of the
marines taken off and some of the cargo
lightered. The marines probably will be
landed at the two forts. With the ship
lightened, the officers aboard feel almost
sure that the transport will float on the
flood tide this afternoon.
Dr. A. I. Sprag-ne.
CRESTON, la,. Dec. 8.-(Speclal.) The
death of Dr. A. L. Sprague, one of Cres
ton's well known and pioneer dentists, oc
curred at the family home In this city from
a complication of liver and other troubles.
For more than twenty years Dr. Spraguo
has practiced continuously In this city, up
to about a year ago, when 111 health forced
him to retire. He was 63 years of age, and
widely known in dental circles In this
part of the state. His wife and a family
of eight children survive him.
Miss Florence Itnnnlon.
TECUMSEH. Neb., Dec. 3. (Speclal.)
Mlss Florence Runnlon, daughter of Ralpn
Runnlpn, died at the home of her grand
parents, Mr. and Mrs. Warren Runnlon,
near Bird City, Kan., November 30. She
was 13 years of age. The Runnlon family
formerly lived In Tecumseh and Florence'
was known to many here. The body, ac
companied by the father, reached Tecum
seh this morning. The funeral was held
this morning and was conducted by Rev.
John H. Wolfe.
Percy Vandervoort, son of the late Paul
Vandervoort. dlod yesterday in Kansas
E. L j
ntv. The body will be brought to Omaha
The funeral services will be held
o'clock Saturday morning from the E.
Dodder undertaking parlors, Cuming ajic.
Dr. J. II. C. Robinson.
SOUTH ST. JOSEPH, Mo., Dec. 8. Dr.
J. H. C. Robinson, president of a local
milling company and prominent in politico
for many years, as a democrat, died at his
home here today, aged 78 years.
Mrs. Dorothy Barth.
Mrs. Dorothy Barth, 9 years of age, of
3226 Cuming street, died Thursday night
following a brief illness. The funeral ar
rangements have not been made.
YOUNG WIDOW CHARGES
FIANCE WITH EMBEZZLEMENT
Allege In Complaint lie Decamped
with Honeymoon Money She
LOS ANGELES, Dec. J. After announce
ments for her wedding on December t to
Arthur Gordon had been published Mrs.
May E. Miller, a young widow, swore to
a warrant yesterday charging hei fiance
with embezzlement. She alleged that Gor
don had decamped with money she lent
him and with which the honeymoon was
to have been celebrated.
Gordon, who came to Los Angeles sev
eral months ago from Detroit, had the ap
pearance of a man of wealth and refinement.
Remember It only takes a stroke or two
of the pen to mention the fact that you
saw the ad in The Bee.
V e'j meaning Up
All our Fall and Winter Suitings
and Overcoatings. Making 'em to
325.00 $28.00 & $30.00
Huttings and Overcoatings
Fine woolens, Splendid quality
linings good workmanship and a
perfect fit guaranteed
m i r
iniinrinn in.. v
304-300 South 10th St. fj
The paper that goes to the
homes brings advertisers the
The busiest and most interest
ing place in Omaha today is
The Christmas Fair
of the Churches '
Open 10 am. to 6 p. m.
Court of The Bee Building
All kinds of pretty and useful Christmas presents
11:30 to 2 p. m.
Doughnuts and Coffee,
Lowe Avenue Presbyterian
December 6th and 7th
First Methodist Church,
Clifton Hi)) Presbyterian
EVERY ONE CORDIALLY WELCOME
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