davidaulloa/AmericanStories huggingface dataset:
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
SCH|FF SEES I
MIGHTY PANIC
One of New York's Leading
Bankers Prophesies A fl
nancial Crash.
SAYS IT IS NOT IMMINENT
But will Come Unless Currency Be-
comes Elastic Speech Creates Sem
sation in Financial Circles and Cau-
ses Break In Prices.

New York, Jan. 5.-Unless there is
currency reform, panic beside which
former panics will seem Insignificant.
was predicted by Jacob II. Schiff,
head of the BAN ing firm OF Kuhn,
Loeb & Co., in speech before the
New York chamber Of commerce yes
terday. Mr.. Schiff said he did not
regard such panic as imminent, but
believed 1t will come unless some
thing is done to remedy the lack Of
elasticity OF the pre2ent currency
system. He declared that he did not
favor the plan proposed by Secretary
OF the Treasury Shaw for refiel Of
the situation, 1t being his opinion that
the secretary's plan would aid specu.
lation rather than Legitimate busi.
ness. Mr.. Schiff favored a currency
based on commercial paper as moro
helpful to the general business inter.
ests of the country.
The speech created sensation IN
financial circles and caused a sharp
break in prices on the stock ex-
change. The meeting of the cham.
Der was attended by large number
of business men and financiers and
resolution on the subject offered by
Mr.. Schiff was unanimously adopted.
This resolution was as follows:
Resolved, That it be referred to
the committee on finance and cur
rency (of the chamber of commerce)
to consider the recommendation Of
the recommendation of the secretary
of the treasury made in his report to
congress dated Dec. 6, 1905, to permit
national banks to issue volume OF
additional government guaranteed
currency. equal in amount to 80 per
cent of the bond secured currency
maintained by them. but subject to
a tax of s or 6 per cent until re-
deemed.
BE it further Resolved, That the
committee on finance and currency
submit a report at the next monthly
meeting of the chamber upon the
aforementioned recommendation Of
the secretary of the treasury together
with any other different measures
which the committee may be able to
suggest as efficient and practicable
for the attainment Of the purpose for
which the recommendation Of the Sec
rotary of the treasury has been sub.
mitted to congress"
When the tenor Of Mr.. Schiff's re-
marks became known in Wall street
The effect was shown almost instan-
taneously in the stock market There
was pressure to sell, and support to
prices seemed entirely lacking, re.
sulting in an uninterrupted decline up
20 the close, which was active and
weak.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
HIGGINS AIMS BODY
BLOW AT INSURANCE

Albany, N. Y, Jan. 4.-Governo5
Higgins biennial message which was
presented to the New York legisla.
ture soon after that body convened
yesterday urges drastic and radical
but sane measures concernins life
insurance. Among other things the
governor said:
You will be called upon to make
radical revision of the law for the
benefit Of investors in life insurance
and for the regulation and restraint
Of the companies.
I'VE can learn much from care
full examination Of this law, although
some Of it's provisions may be deem.
ed too paternal for orr differing cons
ditions Of business and political life
or Objectionable as leaving too much
to the discretion Of the insurance de.
partment.
The funds Of these companies
should be Bacredly safegaurded for
the policyholders by the state and
every element of personal gain elm.
mated from their management. To
accomplish this result II has been
suggested that large amounts ought
for the safety of the insured, as Nen
rs for the good of the community, to
be invested In bonds secured by
sentative valuation; that deposits
with or loans to moneyed corpora.
tions should be subject to suitable
restrictions; that the control of SUBJ
sidiary companies should not be per-
mitted; that insurance directors
should have no conflicting businessl
connections; that investments in cor-l
porate bonds should be regulated 50
as to prevent speculation and loss
from an attempt to float doubtful en-.
terprises; that policies should be OF
standard forms 80 that the abuses
arising from ambiguity, compiexiry
and incompleteness Of the contract
may be eradicated and the contract
made definite in form and substance; 4
that q uniform system of audits and
accounts should be prescribed by the
insurance department; that full
publicity to policyholders should be-
assured; that deferred dividend pol.
icies should be prohibited or greatly
restricted; that policies should be
fur. err 'e-guarded from forfeiture;
that an equitable distribution of the
gains Of the company to the policy.
holders entitled thereto should be re-
quired; that policyholders should
have an effective voice in the govern
ment OF the companies and that the
discretion of the directors should be
subject to judicial or administrative
review"
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
LESS UNEAS|NESS
FELT IN FRANCE
Vow Look with Composure
on the Moroccan Con-
ference.
FOREIGN OFFICE CONFIDENT
taly's Action Felt to Help Position
of Franee-Martial Tone of the
Press has Diminished, AIarmist
Reports Less Frequent.

Paris. Jan. S.--Public uneasiness
over the Moroccan conference has
undergone distinct improvement.
This is due mainly to the confident
attitude Of the officials of the foreign
office.who consider the selection by
the Italian government of Marquis
Visconti Venosta to head its delega-
ton as Strengthening the position of
France. 1t is evident that the Of
ficials hold the view that If France
can secure the support of the great
powers having tangible interests in
the Mediterranean and in Morocco
1t will be difficult for Germany to
stand against the force OF TINS mora,
influence.
s The martial tone of the press has
considerably diminished, and the
sensational branch of it no longer
prints alarmist reports of the from
tier preparations.
Now that the French delegates are
preparing to start for Algeciras, there
is evidence of the greatest firmness
in upholding the French position, the
essential feature of whirh Is that
France, through her geographical
proximity to Morocco, which is an
.alagous to that of the position of the
United States toward Cuba. and
through her vast Algerian borders.
is justly entitled to have special
and privileged position in Morocco.
Germany, while yielding much, has
never clearly yielded the claim of
France to a special position in Mo-
rocco. If the French position is up
held the conference, it is expected,
will charge France With the police,
customs, and other duties.
Against this Germany will seek to
gain international control of the po-
lice the customs and other matters,
thus giving all nations, including
Germany, the same status in Moroc-
CO as that of France.
The Berlin correspondent of the
Temps says that Germany, following
the action of the United States and
Great Britain, is sending Squadron
to Algeciras. The paper says that
France thus far has not ordered a
squadron to the neighborhood Of the
conference. 1t adds that three
British squadrons, comprising the
channel, home, and cruiser squad
rons, will rendezvous in Cadiz bay,
lear Algeciras,, in the middle Of Feb
ruary.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
APPELLATE COURT
SYSTEM PROPOSED

Des Moines, Jan. e.-The iegisla-
ture which assemblies in Des Meines
Monday will be asked to establish an
appellate court system in Iowa.
This is one Of the subjects of i'm
portance under discussion among
members who have already arrived in
the city. For several years the bar OF
the state generally has complained
of the slowness attending cases APP
pealed to the supreme court. 1t is
said 1t takes an average Of four to
ten years to get case finally dispos-
ed Of. The reason is that cases are
appealed directly from the district
courts to the supreme court, which is
! always burdened and never able ia
catch up with its docket.
fhe bench and bar Of the state
would like to see at least one Grimm
al and one civ,l court OF appeals estab
| lished, with the criminal court Of ap
peals the court of last resort. It Is
said this would relieve the congestion
In the supreme court and expedite the
trial of all cases. A bill making these
provisions will be offered.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
WORKMEN'S COUNCIL
ACKNOWLEDGES DEFEAT

st. Petersburg, Jan. 4.-The gen.
eral meeting of the workmen's coun-
Gil and of Representatives of the pro-
letariat organizations, which was
held across the Finnish border, lasted
for thirty-six hours, adjourning at
lao this morning. The practical re-
suit of the meeting was confession
that the government had proved to
be too strong in its fight against
the strikers and the proletariat or
CARNATIONS and that it would be nee
essary to organize on new basis the
armed revolution to which the dele
gates at the meeting we're committed.
1t was admitted that the attempt to
give battle to the government with
out having made due preparation was
a mistake, and complete change OF
tactics was decided upon. A new
council of workmen consisting Of $50
members was elected. Similar coun-
ellis will be organized everywhere, fol.
lowing which general congress will
be called and an elaborate plan or
DaJLie dSdluSI lhS 6OfSAAhShS AoAAAA
ulated.
In the meantime the propaganda Of
the agitators will be kept up, especi.
ally in the army in order 10 snow
that the proletariat organizations are
firmly resolved not to compromise
with the government. 1t was also
decided not to take part in the cleo
tions for the douma.
Just prior to the adjournment OF
| the meeting a resolution was passed
to turn the anniversary of Jan. q
| (red Sunday, into day OF mourn
ing. For this purpose an appeal will
be made to the socialist workmer
organizations both in Europe and the
United States to manifest their sym
patty with the Russian revolutionar
les by holding demonstrations on thai
| day.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
CARROLL WOULD
ABOLISH PROXIES

Des Moines, Jan. 6.-Auditor OF
State Carroll has filed with Governor
Cummins supplementary report and
discussion of recommendations relat
ing to insurance eglslation, which the
governor will transmit to the legisla
ture with Endorsement.
The auditor says that since his an
nual reports on insurance were filed
circumstances have arisen which
make 1t proper for him TO submit
this additional report. In 1t he dis
cusses many of the important matters
which have gained prominence on ac-
count of recent insurance inquiries in
the east.
One of the most important recohl-
mendations emphasized by the audit
or is that the proxy be abolished.
Another is that expense loading be
| limited.
And another is that the state be
| given representation in the manage
ment of mutual concerns.
Still another is that the surplus ac-
cumulations be distributed under
compulsion Of law.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
WATCHED DEADLY POISON
DEVOUR LIFE OF VICTIM

Rockwell City, Jan. 6.-Smiling in.
TO each others eyes as the struggles
of the man they are alleged to have
put to death, grew weaker and weak
er, openly and brazenly making love
at his bedside while they calmly
measured his heart beats and reckon
ed the time which his vitality could
Withstand the ravages of the deadly
drug they are alleged to have becret-
ly administered him, Mrs. Josiah
Pratt and VIII Pershing stand accus-
ed Of the most dastardly crime that
has ever come to the notice of the
Calhoun county courts.
Step by step yesterday the state,
endeavored to prove that Mrs. Pratt
did not only murder her husband, but
that in the hour of his struggles for
life she basked In the sunlight Of her
lovers smiles and actually laughed
for Joy when faint articulation ceased
and she new that he was dead.
J. e. Moulds testified that within
thirty-six hours before Pratt's death
he saw Pershing pass the defendant
and slap her Familiarity upon the hip
and that she did not resent 1t but
smiled back at him. Mrs. Pratt was
called about five minutes before the
end came" testified William Brown,
another neighbor. while she stood
there she held the hand Of Pershing
until her husband died. When I told
them he was dead she leaned her
head on Pershing's breast and ex.
claimed oh They stood that way
until I told them they had better re
tire. She went away with dry eyes,
Witness Moulds said that Pratt
had declared up to the time Of his
death and for several hours previous
that he was burning up" inside. He
also testified that two days before heI
husbands death Mrs. Pratt insisted
on going to the Yetter drug store fol
medicine permitting no one else t.
go. This is the time 1t is claimed
that she purchased the poison with
which the crime was committed.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
ROJESTVENSKY
ACCUSES BRITAIN
Russian Admiral Attacks the
English as the Allies Of
Japan
SAYS THAT FLEET WAS READY
To Finish Russian Squadron fJapa-
nese FaiIed-Defeated Russian ADJ
miral Declares That A Demonstra-
ton Was Planned by British Fleet

st. Petersburg, Jan. THE req
markable allegation that the Britisk
feet was held in readiness to destroy
the Russian feet IL the battle of the
sea Of Japan had gone In the Russian
direction Is made by Admiral Rojest.
vensky in letter published In the
Novoe vremya yesterday. with the
permission Of the minister of the ma
rine. Referring to the absolute SCI
crecy Of Admiral Togo In regard to
the disposition Of hrs forces, Rojest.
vensky declares that this was uns
known even to the admiral Of tho
British feet allied with the Japanese
who concentrated his forces at Wei
Hal Wei in expectation OF receiving
an order to annihilate the Russian
feet If this, the final object OF Great
Britain. was beyond the power OF the
Japanese.
st. Petersburg, Jan. A private
dispatch from Ufa, capital Of the gov
eminent of Ufa in the eastern part OF
European Russia, says that the gov
ernor has been shot and severely
wounded. His assailant was ar
rested.
Warsaw, Russian Poland, Jan. A.
The strike here has failed and the at
tempt at armed insurrection mas been
abandoned.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
NJ CUTCHEM CASE
COMES UP AGAIN
Modern Woodmen of America
Renew Suit for Their De-
post.
BoNDSMER ARE DEFENDANTS
Suit is In Name Of Head Banker-Al-
legation is Made That Order Has
Never Received Any Portion Of De-
post in Bank at Hoistein.

Sioux City. Jan. 5.-Ths S.se of
the Modern Woodmen OF America
versus the estate Of Z. H McCutchen
and his bondsmen as assistant treas
urer Of the Modern Woodmen has
been reopened in the federal court.
The suit is for $10o.15S. the amount
alleged to have been deposited in Nc
Cutchen's bank at Holstein at the
time Of the failure Of that institution.
The suit has been brought in the
name of A. N. Bort Of Beloit, Wis.,,
head banker Of the Modern Wood
men.
The beginning Of the litigation may
be laid to the failure Of the McCutch-
en- bank, which paid out only about
30 cents on the dollar. The allega-
ton is made by Mr.. Bort, the plain
tiff in this action. that the Modern
Woodmen have never received any
part of their deposit there.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
RECOMMEND
RADICAL REFORMS
The Report of Armstrong
Committee is now Fore
Casted.
FOR REFORMS IN INSURANCE
Give Policy Holders Effective Voice
in RECOMMENDATIONS Concerns
Are to be Barred and Investments
Regulated.

New York, Jan. cit has been
learned on good authority that thf sc
are the chief recommendations which
the Armstrong insurance investigat.
ing committee believes ought to be
made to the legislature:
"First-That policy holders shall
ha-~ affective voice In the govern.
ment of the companies.
"Second-That there shall be full
publicity to the policy holders in re-
gard to the management of the com
pan.es' affairs.
"Tnird-That uniform system of
audits and accounts be prescribed by
the state insurance department.
"Fourth-That the policies be limit.
ed to certain standard forms.
"Fourth-That the policies be limit.
ed further than at present against
forfeiture.
"Sixth-That deferred dividend
policies either be prohibited or great
ly restricted.
"Seventh-That the companies be
obliged to make an equitable distrr
button of surplus to policy holders al
stated PERIODS.
''Eighth-That the companies make
larger investments in real estate
and mortgages.
''Ninth-That the control of subsid
larry companies, such as banks, trust
companies, and real estate holding
companies, be prohibited.
"Tenth-That the investment In
corporate bonds be regulated so as &c
prevent speculation losses and at
tempts to float doubtful enterprises.
"Eleventh-That deposits with OF
loans to moneyed corporations be re.
stricted.
"Twefth-That the discretion of
the directors be subject to judicial
and administrative review"
These are, of course, only the
broad, general lines along which the
committees report will be drawn.
The filling In of details and the work
ing Of the recommendations into
practical form will be matter of
several weeks, one, too, which the
committee may not be able to carry
through without making changes in
its original plans.
In the opinion of persons who
heard these conclusions they are rad
ical indeed. The investments of life
insurance companies in banks and
trust companies was one of the most
important subjects which came before
the Armstrong committee In the
course Of its public hearings.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
COUNTY BUSINESS
MUST Be PUBLIC

Centerville, Jan. County audit
ors must furnish official papers full
and complete copy of all proceedings
Of the board, the schedule Of bills al
lowed with names and claimants and
amounts. for what purpose and on
what fund allowed. the treasurer's
reports. and the orders of the board
pertaining to assessments of rail-
ways, express companies, telephones
and telegraph lines. showing the
amounts by various taxing districts
in the county. Such Is the order of
Judge G. w. Vermillion in a decree
issued authorizing a writ OF manda-
mus commanding the county auditor
to furnish these things. The case
arose from the refusal Of the board
to have its proceedings published, ex-
cept In summarized form, showing
totals allowed each session on each
fund. The Centerville Ioweglan ana
Mystic Letter, official papers. brought
the suit to test the Iowa law, there
being evasions in many counties,
though none other Is known of
where so little was published as in
Appanoose. The court holds that the
county officials are administrative
and not law making and must fol-
low the provisions Of the code, hav-
ing no discretion. The board has at
tempted to control the auditor In his
actions, but the ruling was that the
matter of publication wholly devolves
upon the auditor. The board had
been advised in its action by c. r.
Porter, county attorney at the time,
who represented them and the aud
itor in the case, while the papers
were represented by Judge T. NJ. Fee
and Howell G. Elgin.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
M'CALL RESIGNS;
IT IS ACCEPTED

New York, Jan. 4.--John A. Mccall
yesterday resigned as president OF
he New York Life Insurance COM
oany. The resignation was accepted
by the board of trustees and Alex.
ander e. Orr was promptly elected to
the presidency of the company.
New York, Jen. 3.-John A. Nc
Call, president OF the New York Life
Insurance company, has paid to the
company the s235,000 advanced to
Andrew Hamilton and so far not &C
counted for by Mr.. Hamilton. Tho
mas T.. bowler, chairman OF the com
pany's investigating committee ap
pointed by the board of trustees re
ceived yesterday check from Mr.
Mccall for $4,000. and a note fol
$4,000.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
FOR EDUCATIONAL
BOARD OF CONTROL

Des Moines, Jan. S.-The commits
sion OF the legislature, appointed by
the Thirtieth general assembly to in
vestigate the desirability Of placing
the three state educational institu-
tions under a single board OF con-
troll, has made its report to the Thir-
ty-frst general assembly.
The commission recommends that
the present system of separate boards
Of trustees and regents be abolished
and that q single board Of control
with an executive committee be
established.
1t is proposed that the several
is believed by the commission to In
institutions be placed under the con.
troll of single board OF fifteen men,
bers, non-salaried, to be appointed
by the governor and confirmed by the
senate, and not to exceed nine of
whom should be Of the same political
party.
In addition It Is proposed that an
executive committee Of three MEM
bers be created, to be chosen outside
OF It's own membership by the poaro
Of fifteen regents, the members to
draw salaries Of $4,000 each and be
removable at the will of the large
board. This committee would have
charge Of the actual discharge Of the
financial business connected with the
three institutions, under the direc-
ton Of the large board Of fifteen.
The strength of this plan is that 1t
is believed by the commission to in
clude the strong features of both the
present system of management Of the
institutions and also of the proposed
single board Of financial control pro
posed last winter and made up OF
three salaried men, as is the board
of control Of the penal and reform
atory institutions.
In all its Investigations the com
mittee did not find single educator
who favored the small, salaried
single board. 1t found many who
said the financial interests of the in
situations would be better handled by
small and competent board thar
by large one. The thing which
started the agitation for a change in
the system was the financial manage.
ment at the different institutions, re.
lating to Implications, salaries, cost
of education per capita, etc. The
new scheme, the commission believes.
will effectively reform the financiat
management of the institutions in
these respects; but it will also amply
protect the educational interests, too.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11

Numerous grown people ind much
fun in the so-called religious exer-
cises of new sect in England called
Little Children Baptists." Their
creed Is founded on the scriptural
words, Except We become as little
children. We shall not enter the king
dom OF heaven" Their devotional
exercises on Sundays consist o.
trundlins hoops, playing marbles, Leaf
frog and Button. button. who's go
the button?"
II In a waste of money trying t.
feed people on bread labels.
A unique way of delivering MALI
is that adopted for one Of the island
II to Tonga Group in the Pacific
where the danger of approaching II
shore makes II necessary for the mai
steamer to use skyrocket AZ pos
man.
Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1906-01-11
SENATOR LA TOILETTE
TAKES OATH OF OFFICE

washington, Jan. 5.-Robert M. La.
Toilette was sworn In yesterday as
senator from Wisconsin.
Ten minutes before the session
opened the door of the republican
cloak room opened and Senator
Spooner and his new colleague enter
ed the chamber. This caused mild
sensation, for It was known that theNy
had been a bitter political feeling
existing between them and that their
pers Ial relations have becC.Ie some
what strained in consequence. It
was not known up to within short
time whether or not Mr.. Spooner
would escort his colleague to the 0esk
to take the oath, or that f-r. LaFol-
lette would accept tae escort.
Mr.. Spooner. before the session, In
reduced a number of senators TO
Mr.. LaFollette.
A few minutes before the senate
was called to order, Mr.. Spooner In
vited Mr.. LaFollette to seat beside
him in the second row on the re-
publican side Of the chamber, just
off the center aisle.
The reading OF the journal had not
progressed far when Mr.. Spooner
moved that this Formally be dis
pensed with. This motion prevailed
and Mr.. Spooner lost no time In an
nouncing the presence of his coli
league. After Mr.. LaFollette had
signed the oath which he had taken.
he was again Joined by Mr.. Spooner
and escorted to the seat assigned
him. among those republicans who
have seats on the democratic eide %
the chamber. ~