The San Francisco Call. Newspaper, May 24, 1906, Page 1

Page views left: 0

You have reached the hourly page view limit. Unlock higher limit to our entire archive!

Subscribers enjoy higher page view limit, downloads, and exclusive features.

Text content (automatically generated)

CH OFFICE ——OF— FRANGISCO GALL 1651 FILLMORE STREET. Phone. West 956. SAN FRANCISCO, THURSDAY, MAY 24, 1906. PRICE FIVE CENTS. ENGINEER WALLACE BITTERLY ASSAILS SECRETARY TAFT IN LETTER SENT TO MILLARD Believes Stenographer Was Concealed in Room During Famous Man- hattan Hotel Interview. ATTACKSGOVERNORMAGOON WASHINGTON, Mav 92 —Former Chief Engineer John F. 1l today addressed a letter to Senator canals, in v before that committee,in ng abused his official tee on 1nteroceanic up him and to_place and apparently in- ich as he would not a breach of confidence S f action and » Secretary Taft. no ill wiil toward Wil- the bias of Secretary that he was aware that ving to secure payment by , however, was afterward dis- course o Hotel with Sec- ress with a statement by not the result of a hasty rmed after receiv- esses the and that the The presence prevented a free 1 hoped to talk with the s a stenographer vas held or the the e i the isthmus with , Governor Magoon himself juest Secretary Taft to appoint POLICY-HOLDERS WILL CONTROL EQUITABLE. ASSURANCE SOCIETY Are Given Majority of the Directors by Amended Charter to Be Adopted. YORIF [z interview mot1v > prearra says, ged. ion on NEW g statement was issued Jquitable Life Assurance ctors of the society a ble, which provides that ectly by the policy- held next December, and ors shall always constitute -harter, which embodies t a ed roluntarily at the time he pur- m when a witness before the the board of directors at 31 for its considetration. policy-holder direetors and subject to the same - the new law for the election of 1 come before on May 1y well represented in the Equit- sting directors are policy-hold- ndation of Mr. Cleveland and tion with the policy-holders at shonld add that the trustees who vote a majority of the r and Mr. Ryan, the owner of the stock, are f giving the policy-holders the right to elect a e direc , and that the proposed amended char- o us with approval of Mr. Cleveland and his assurance 1 as the opportunity is given Mr. Ryan’s stock will be for it DEFECTIVE CLASSES OF TO BE DENIED ADMISSION. Senate Passes the Immigration Measure. WASHINGTON, May addition to passing a half- dozen bills, to which no objection was made, the Senate devoted its entire session today to the immigration bill, which was passed just before the hour of adjournment. The major portion of the jiscussion was devoted to the provision for supplying informa- tion concerning the different sections of the country to newly ar- rived immigrants. . The bill consists of a series of amendments to the existing law, eleven of them intended to permit stricter regulations for keeping out the defective classes of aliens. The head tax is in- reased from $2 to $5. 5 An amendment requiring an educational test for immi- srants and also requiring that no immigrant carrying less than 25 should be admitted was presented by Senator Simmons, who spoke in support of it. Senator Lodge offered a substitute for Simmons’ amendment, confining the test to an educational re- juirement and providing that no alien more than 16 years of age who cannot read in some language shall be admitted, except members of the families of male adults now residing in the United States. Simmons accepted the substitute and it was adopted. s adoption.”’ "ALIENS BOES BACK 10 ANGWER -~ MGGUSERS Former Se@ary of the Traders' Company Will Fight. Denies That He Plotted to Bring About a Receivership. Claims Directors Planned This Before Receiving His Report. h to The Call | | | Special Dispat CHICAGO, M: 23.—S. A. Rother- mel, formerly secretary of the Trad-| ers’ Insurance Company, returned to| Chicago today to face the accusers by | | i I | RAILAOAD DFFICIALS - DN STAND ,ZTell How They Acquired | - Coal Stock Without ‘ Paying for It. Deny That Favors Were Expected in Return for Shares. | Interesting Revelation Be-| ' fore Interstate Com- mission. PHILADELPHIA, May z3.—purtner revelations concerning stockholdings in soft coal mining companies by offi- cials of the Pennsylvania Railroad were made today when the Interstate SCENES IN ONE OF THE TENTED CITIES WHERE REFUGEES SAVINGS BANKS PAY OUT COIN T0 ALL DEPOSITORS ASKING No Limitation Placed f((.)n Amounts, and While Long Forms at Hibernia There_lsl‘l_o&ing That Savars of aRun. IT Line - Savings banks opened yesterday and paid without limitation. A large line formed at the Hibernia and it was’ rapidly handled. Many went to the banks to deposit coin. Some took out their money to start small businesses. ARE BEING CARED FOR. whom he is charged with haying prac- | tically brought. about the suspension| of the company through the sending| out of telegrams announcing its shaky | condition and through his failure to| obey instructions. His first, reply was |to bring out the fact that the petition for a receiver to take charge of the| company was practigally agreed upon on Tuesday, May 1, five days before| | the application was filed in the courts. | As a result of Rothermel's reply it was learned, too, that the regl mis- sion of Attorney Thomas Bates and |chief adjuster Louils Moore to San |Francisco is to determine whether |the former secretary exaggerated.the |company’s losses there and whether his exaggeration was part of a plan to secure the transfer of much of the | Traders’ business to himself and his company, which, in substance, is the charge brought “against him by the directors of the company. At the same time that insurance cir- cles were being torn as‘a result of the friction between Rothermel and the officials of the Traders, news ar- rived in dispatches from San Francis- co that claimants there had retained legal counsel in Chicago and would press the liability of each stockholder |under the California law. Chicago |lawyers are divided on the question of the force of the California consti- tution which provides that all stock- Holders shall be responsible for full liabilities, regardless of the fact that their stock is fully paid for. The Illi- nois law exempts those whose stock is paid for in full and it is held by a number of attorneys that the Illinois law will govern. “I believe the action of the Traders’ directors in planning to revive the |, company -at this late day is proof that they realize the mistake they made,” said former Secretary Rothermel, on his arrival in the ecity today. “The real wrecking of the company took place five days before the receiver was asked for, three days before I sent the telegrams on which the charges against me are based and before I had reported that Sumner Ballard of New York gave assurances that rein- surance would be arranged. I did not mention the Traders in my mes- sage 'to Ballard, because I did not want the name of the company to be connected .with a contract for rein- surance. “I shall treat my accusers better than they have treated me, though If 1 desired I could tell the real story of the failure. I stand on my record dur- ing the thirty years I was with the company to disprove any charge of misconduct on my part.” Clarance Buckingham, one of the diregtors, who, with President T. J. | part of the morning, and was an un- Commerce Commission resumed its in- vestigation into the alleged discrimi- nation by railroads in the distribution of cars. Three high \officials of the railroad service, Vice President John P. Green, third Vice President Samuel Rea and William A. Patton, assistant to the president at Philadelphia, were the important witnesses of the day. Patton was under examination the greater willing witness. The persistent ques- tianing of Attorney ‘Glasgow, for the commiissjon, however, brought out the fact that Patton had acquired stock the par value of which is $307,000, held in various coal companies, with- out cost to himself. He explained, however, that he had signed notes obligating himself for his share of the losses, and declared his belief that it was proper for him to accept the stock under these conditions. Third Vice President Rea read a statement to the commission in which he_explained all of his stock transac- tions, stating that he did not believe he was debarred from ownership be- cause of his connection with the rail- road company. Rea said that most of his stock was acquired through his as- sociation with land purchasing syn- dicates which took up the coal prop- ertigs for development. DOES NOT OWN COAL STOCK. Vice President Green said that twenty or thirty years ago-.it wes not considered improper for an official of the railroad to own coal company stock, but that conditions had changed and such holdings might not now be regarded in the same light as for- merly. He informed the commission t the board of directors of the Pensylvania Railroad, acting upon the information that had.been brought out at the hearings, had today ap- pointed a committee of five directors to make an investigation into the con- nection of its officials with coal com- panies. . Green said he did not own a dolar's worth of coal company stock. Other witnesses testified to stock ownership and to discrimination in the distribution of cars, Chairman Knapp, former Senator Cockrell, and Judson C. Clements con- ducted the hearing. Tonight Clements left for Cleveland, where he will join Commissioner Prouty to ‘conduct the Continued on Page 2, Column 1. eral meetings of the board of direc- tors. This is the first authoritative announcement to that effect that has been made by any of the com | officials. ok ing- Mr. ‘did | Lefi voted to place the company in the hands of a receiver, admitted today that Rothermel's conduct had been a matter .for discussion_ at gey- do wrong during the trying days l poet dramatist, died full o'clock this merm Nithos sen’s literary activity ceased some years sudden removal, DEATH OF BSE, NORWEGIAN POET AND DRAMATIST New King;;m Mourns Loss of One of Iis Foremost Figures. CHRISTIANIA, May 23.—Henrik Ibsen, Norway's greatest t d 0 Although Ib- .an 2:8 ago, when an apoplectic seizure forced him to refrain from mental effort, he had continued to be a fa- miliar figure in the life of Christi- ania, and was frequently seen driving in the streets with a companion. His therefore, deeply lmsre-ed the capital. n Tuesday night another seizure left him completely unconscious, and at 2 o’clock this afternoon the nurse in attendance summoned Madame Ibsen, Segurd Ibsen; his son, and the latter's wife,’ who remained at the bedside until the end. The poet'died without a struggle. He was 78 years of age. ; King Haakon, immediately upon receipt of the news of Ibsen’s. death, transmitted to the widow his own and Queen Maud's sympathy and condolences. The Storthing and other public bodies are formally re- cording the national grief at the loss of this totdno::‘ figure in placed monument outside the National The- ater. It is ‘understood that the funeral |ting will be a state function. 23.—The rate of dis- of uced from five to four and cent. /}'Z'/.Z%/f : The savings banks of the eity threw open their doors yesterday at 9 a. m. and welcomed depositors who wished to draw -money. Simultan- eously those who have borrowed money - from. savings banks on mort- gige notes and who are ca Elml policles in favor of the | banks appeared to consult with bank officials in reference to the prepara- tion of proof of loss, in cases wher® property was situated in the burned | dis ; also concerning their tcourse in relation to the underwriters. Others appeared to pay interest due |to banks on loans. A smaller moneyed |class, but numerically strong in total, brought In money to deposit. | Although there had been no agree- \ment to pay depositers without limit, |that course was pursued at savings tbanks.. The finaneial situation was |80 strong that it was not found neces- ‘sa;y to have any restrictions. i ‘our savings institutions regularly resumed business, the German, Me- |¢hanfcs, Hibernia and Mutual banks. | The Hibernia has about 85,000 depos- {ftors. Naturally the array of those who visited the Hibernia largely out- numberfed those at any other bank. efore the opening hour the Hi- beffiia flung out a large American flag over thes entrance at Jones and | McAllister streets. Under this, until | the closing hour in the afternoon, peo- ple steadily moved in and out of the bank, which has a large assortment of pine counters and tables, that were put in hastily to enable the in- stitution to resume business as soon as possible. At times the line of persons inter- ested In the Hibernia extended from streets up Jones to Golden Gate ave- nue. On the last named thoroughfare the lin2 doubled and extended quite a distance. The crowd was present when the doors were opened and some of the earlier comers of the fore- noon were in evidence when' the clos- ing hour arrived. FEW WITHDRAW THEIR ALL. Attorney Joseph Tobin spoke for the bank to a Call reporter, saying: The people probably require money for their immediate needs. many of: them without occupations, for the banks to open.. We have about 5,000 depositors. There are perhaps more in the line today than is common on divi- dend days in January and July, but that Every depositor who comes is permitted to draw the full amount « his deposit if he wishes. No limit has been fixed. No notice is required to draw meonev out. The Hibernia Bank has money ena_\ll_gh e on hand. It can get 315,000, any time from the United States Mint. Small amounts have been drawn out by said they wished to start retail business at once.” Many have come to draw, and, having learned the. exact situation, have {,on. away without taking any money out. ‘nose who have drawn are mostly poor MTR:G who need cash for immediate use. ‘The have ont of the bank. They are the bank and preparing to have losses ad- the corner of MeAllister and Jones| They have waited, | is to be expected under the circumstances. | i ring throughout the day. Some groups comsisted of familles who had taken the precaution to bring something to eat and who munched begrimed sanpdwiches in the ’storml of dust under the lée of a fence that had remained | after the fire went by. ! QUIET AT OTHER BANKS. | The scenes about the Hibernia Bank neighborhood were not duplicated at. either of the three other banks that: were . reopened yesterday. At the/ Mutual Savings Bank, the doors were opened at 9 a. m. The Mutual has about 10,000 depositors. Compara- tively few of these came to the bank- ing house. Like the Hibernia, the Mutual Savings Bank was able to re- sume in its old quarters, the bank building having stood securely throughout the distusbances of Aprils the loss being caused by the burning out of the inflammable materials used in interior construction and furnish- ings and office fixtures. At no time were there more than 100 depositors in the bank at once. Deposits, so the officers of the bank reported, amounted fo 2 considerable sum. The money withdra®n amount- ed to little more than an average day's business. | " “According to a statement issued by the bank, thé average of deposits for | 10,000 depositors is but $1000 each The Mutual Savings Bank had §$5.- 000,000 loaned on real estate. Less | than one-half of the amount .was on properties situated in the burned dis- trict of the city. Where the loans were in the burned district the im- | provements were fully insured. The bank building was insured for $100,- 000. It can be restored to its original | condition for about half éf that sum. The bank had half of its deposits invested in United States bonds and | miscellaneous bonds, to the amount of $5,000,000, all of which was re- ported by the bankers to be good and | available. The bank reopened with | $2,000,000 in cash belonging to the | institution. “We asked no accommodation whatever from our correspondents,”™ | said one of the officers, “although such banks as the First National of | New York, the National Bank of | Commerce of New York and the Na- | tional City Bank of New York made | voluntary offers of assistance.” At | the Mutual Savings Bank no limit was placed on the amount that depositors could draw. At the German Savings Bank, in {the old bank building on California street, the crowd was small, never ex« ceeding 150 persoms at any time dur- ing the day. All depositors drew whatever they called for. One lady took out quite a large amount and had a sack in which to place it. After she had received the money she ree deposited it. ONLY ONE TEMPORARY HOME. The Mechanics’ Savings Bank was the only one of the four mentioned that opened in a temporary structure. Around the vault, which, with all its contents, entirely escaped injury by fire, a one-story wooden structure, of size suflicient to carry on a large banking business, has been con= structed. J. U said: Calkins, the -cashier, T “We opened at 9 a. m. at the old stand, and have paid every without limit, who has visited bank today. That will be the .rule observed. This bank had only twelve loans on property in the burned dis~ tricts. We have money sufficient to satisfy all claims promptly.” During the greater part of the day there were so few persons in the Me- chanics’ Bank structure, at 143 Mont- gomery street, that absolutely no in- dication was afforded that money was in demand. There was no excitement at any re- opened savings bank yesterday. No doubt was anywhere expressed about | the ability of the savings institutions to pay dollar-for dollar as the money e Bon Wismctua Unon, e n Savings which will reopen for business in the old China buildi at the northwest corger of Califor and

Other pages from this issue: