El Paso Sunday Times (El Paso, Tex.), Vol. 25, Ed. 1 Sunday, November 12, 1905 Page: 3 of 16
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NOVEMBER 12^t&05
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LEVY BROS. LEVY BRO.
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BtUAU
SHOV
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■
EM OUT SALE!
Despise the slush and mud purchasers are turning out lively and picking up the many bargains in all department They are real snaps too. The goods are well displayed on counters with
“Shovel ’Em Out” prices staring you in the face. Its one price to everybody and as we have disrogar led the profit feature—it will pay you to hurry. We have the one Idea of selling quickly.
Tnese pricet, of course, can only last for the few days of the sale. Come Monday—come early and select the pick of the lot. Believe us, its simply so much money saved for you and now that
the winter's chilly blasts are upon us you must have the goods and why not take advantage of the rare opportunity to get your Dry Goods, Clothing, Shoes, Hats, Millinery, Ready-to-Wear
Garments in fact everything you need to wear at snee a great price saving.
Millinery Department.
Every hat, fr6m our best dress hat to the modest wafting
hat will be shoveled out at a great sacrifice. Not a hat re-
served. To facilitate sales we have classified our hats as fol-
lows:
Hats worth from $6.50 to $8.00. fl QQ
SHOVEL ’EM OUT PRICE............................ TiOU
Hats worth from $5,600 to $6.00.
SHOVEL ’EM OUT PRICE........................
Hats worth l.om $3.50 to $4.00.
SHOVEL ’EM OUT PRICE........................
Hats worth $2.50.
SHOVEL 'EM OUT PRICE........................
Ha:s worth $2.00.
SHOVEL ’EM OUT PRICE........................
Hats worth $1.50.
SHOVEL ’EM OUT PRICE........................
Hats worth $1.00.
SHOVEL ’EM OUT PRICE........................
....................3.48
...................2.48
...............1.98
....................1,48
.................98c
....................... ||§||§^|68c
Bargains in Bargain Basement
Everybody goes to thle Popular Curloeity Shop.
25c Granite Coffee Pot.
SHOVEL ’EM OUT PRICE........................
16c
35c Night Lamp, beautifully decorated.
SHOVEL ’EM OUT PRICE........................
......19c
10c Lamp Chimneys.
SHOVEL ’EM OUT PRICE........................
...... 7C
25e Granite Stew Pans.
SHOVEL ’EM OUT PRICE........................
......16c
10c Large Pencil Tablet.
SHOVEL ’EM OUT PRICE........................
...... 3C
5c Bar Toilet Soap.
SHOVEL ’EM OUT PRICE.......................
...... 2C
35c Set Imitation Cut Glass Cream and Sugar.
SHOVEL ’EM/OUT PRICE.......................
10c Toys of all klfid.-.
SHOVEL ’EM OUT PRICE........................
21c
7c
5c Toys of all kinds.
SHOVEL ’EM OUT PRICE............-...........
...... 3C
50c Japanese Pen Trays, highly decorated.
SHOVEL ’EM OUT PRICE........................
......23c
Men’s Furnishing Goods
Men's 50c suspenders.
SHOVEL ’EM OUT PRICE....................
Mien's 50c ties.
SHOVEL ’EM OUT PRICE....................
Men’s 25c suspenders.
SHOVEL ’EM OUT PRICE....................
Men’s 25c ties.
SHOVEL 'EM OUT PRICE...................
Men’s $1.00 shirts.
SHOVEL ’EM OUT PRICE....................
Men's 50c shirts.
SHOVEL 'EM OUT PRICE...................
Men's 15c collars.
SHOVEL 'EM OUT PRICE....................
Men’s heavy fleece-lined underwear, also heavy
the 50c hind, will be shoveled out during this
sale at........................................
........39C
.........39c
.........19C
....... 19C
........89c
.......38C
.........10c
derby-ribbed,
........39c
Corsets
We carry a complete line of Kabo corsets.
There are none
better. All styles.
$2.60 corsets or girdles.
SHOVEL ’EM OUT PRICE..................
..........1.98
$2.00 corsets or girdles.
SHOVEL ’EM OUT PRICE..................
..........1.73
$1.50 corsets or girdles.
SHOVEL ’EM OUT PRICE..................
..........1.29
$1.00 corsets or girdles.
. SHOVEL 'EM OUT PRICE..................
.......... 89c
50c corsets or girdles.
SHOVEL ’EM OUT PRICE..................
...........39C
■P Men’s Suits ■■■
We have too many suits, and such good suits, too. Especially
the high-priced ones. None aro made better. None can fit
better. They are made with hand-padded collars, haircloth
fronts and hand-made button holes. We have them In plain
and fancy woateds, cheviots, thlbets and casslmeres. We are
going to “shovel them out," and have assorted them into three
prices:
$4.40, $7.00 and $11.00
Look through the stock; make your own selection. There
will be a saving from $3.00 to $8.00 on any suit. You need the
clothes—we need the money. It's up to you to take advantage
of the golden opportunity.
Children’s Suits
/If your boy needB a suit or will need one, hero is your
chance. 'We have a splendid assortment of double-breastod and
Norfolk suits, ranging in price from $2.00 to $7.50, but those
prices have been slaughtered. We have also bunched these
soils into three lots. Pick them out. We must unload. All
the new, nobby effects, and what a saving.
$1.50, $2.75 and $4.25
DRESS GOODS
LEVY BROS
312-314 East Overland Street.
We offer In thl» department a very credible showing of the
ceaaon'a fabric*. The prlcee are cut so deep that you cannot
afford to paaa it without a look. We guarantee you will buy.
Caaaimerea.
36-in. In all shades, worth 35c, aa.
SHOVEL EM OUT PRICK........................... ZDC
50-In. all wool Broadcloth Suitings, all shades, worth $1.25.
SHOVEL ’EM OUT PRICE.........................
44-In. all wool serge, a beautiful fabric, worth $1.25.
SHOVEL ’EM OUT PRICK.........................
Albatross and French flannels, variety of shades.
SHOVEL ’EM OUT PRICE..................
32-In Panama cloth, worth $1.25.
SHOVEL ’EM OUT PRICE.....................
43-In. Cravanette, a waterproof cloth, worth $1.25.
SHOVEL ’EM OUT PRICE............*..........
3G-in. Brillianttne. worth 60c.
SHOVEL 'EM OUT PRICE.....................
36-in. Mohair, In fancy patterns, pretty for waists.
SHOVEL ’EM OUT PRICE.....................
15c dress goods, we offer to
SHOVEL ’EM OUT.............................
Table Linens and Toweling
Red and white, blue and white, worth 36c yard. n<\.
SHOVEL 'EM OUT PRICE........................... ZoC
Table damask, worth 50c yard. I)n
SHOVEL ’EM OUT PRICE.............................ZUC
White nulon table cloth, worth 40c vard 07*
SHOVEL 'EM OUT PRICE.............................ZlC
White linen table cloth, worth 65c yard. HO*
SHOVEL ’EM OUT PRICE.............................4UC
White linen, very fine quality, worth $1.00 yard. 7ft„
SHOVEL ’EM OUT PRICE.............................|UC
White linen, superior quality, worth $1.25 yard. OH*
SHOVEL ’EM OUT PRICE.............................ObC
Cc toweling,.per vard. *A
SHOVEL 'EM OUT PRICE............................. *H»
7 l-2c toweling, per vard. rA
SHOVEL 'EM OUT PRICE............................. DC
12 l-2c toweling, per yard. Q A
SHOVEL 'EM OUT PRICE............................. Odll
83C
79c
won, 00, jg.
87c
75c
42c
39c
11c
hire
The Insurance scandals arq, going to
leave permanent results—there Is no
doubt about that. Firat of all, every-
body believes that there will be a
change of management in the other
big companies as there has already
Deen in the Eauitable. The sins and
irregularities that caused Mr. Alexan-
der and Mr. Hyde to retire from the
Equitable, before this legislative in-
vestigation was begun, have been
matched and surpassed by the revela-
tions about Tne other companies. The
first result, then, seems sure to be
a change of management. There is
such a protest from every part of
the country that no other result can
follow.
Whether anybody will he convicted
of unlawful acts—that remains to be
seen. Perjury has surely been com-
mitted before this legislative commit-
tee. But. except perjury, definite vio-
lations. of the statutes may not be
provable. It must be borne In mind
that extravagant salaries, invest-
ments of Insurance money such as
enriched officers and directors and
their friends at the expense Of the
companies, “rake-offs” of every con-
ceivable kind, even the payment of
money to campaign committees—that,
too, without authorisation by the
boards of directors—it may not be
possible to bring criminal indictments
for these things. For the Insurance
companies have so long made and
amended the laws of New York to
their own liking that they are, in a
sense a privileged class before the
law. The chief danger they are In
is of conviction of making false state-
ments of their condition—of doctoring
their books—and of having given
bribes; and this last has not been
yet proved- They managed their lob-
bies discreetly.
But results of other kinds are al-
ready visible. The large result, of
course, is the complete loss of influ-
ence henceforth and forever of a con-
siderable group of financial men. They
can never regain prestige or public
confidence. They will never be sought
on boards ot directors again.
The Old Policy Wanted.
Another result that seems certain
is a very general change In the kinds
of policies that will be sold hereafter.
Already there are new Insurance com-
panies that hope to profit by the
of confidence In the old com-
«; and the kind of policies that
offer all belong to the general
_ of “straight” policies—not to
[lily of endowment policies. The
“deferred dividend" feature also is
avoided or modified in these policies
The agents all find that men—If
they want life insurance at all now
—want “straight” policies. They even
demand policies that they may bay
directly from the companies—"with-
out agents’ graft," as one advertiser
for a policy expressed It, “1 want,"
said this man in an advertisement
the other day, "a straight life policy
for ten years—no so-called ‘invest-
ment,’ no ‘endowment,' no attach-
ments of any sort: I want straight
life insurance (I will pay yearly for
it) for ten years. If I live ten years
I get nothing. If I die within ten
years my. estate will get $10,000. I
want to buy this direct from 3ome
good company—no agents’ rake-off."-
The truth is that for the first time
since life Insurance came to be the
colossal business that. It Is men are
coming to understand it. We have
gone on buying policies, these forty
years, till half the adult males of
the white population owns one. Yet
hardly a man clearly understands
lust what his policy means, for few of
them are policies of "straight” life
insurance. They nearly all have “in-
vestment" features, and these invest-
ment features are, of course, uncer-
tain and incalculable as regards the
sums that will he returned to the
“investor.”
Endowment Insurance.
There has been a trick in all this
kind of insurance. The insurance
agent has hypnotized a whole people
—that's the simple truth. We have
all paid money when we did not know
precisely what, we were paying it for.
We were paying much of It to keep
this vast machinery of agencies go-
ing. Much of the money that we
paid did not go toward Insuring our
ilves or increasing our investments,
but toward maintaining the agents—
toward forever getting “new busi-
ness.”
The way that this system grad-
ually grew up ig an astounding story
in our business annals—one of the
most astounding stories in the whole
history of financial Institutions. True
It is a story that could have been
told last year, or fire years ago, as
accurately as It can be told now;
but nobody was in a mood to listen
then.
Abont the time the civil war ended
life insurance was still a relatively
small business, and most policies then
In existence were "straight” policies
or some slight modification of the
straight policy. Men Insured their
lives on the same general principle
as they Insure their houses—they had
to die to have the money paid to
their heirs; so long as they lived
they got nothing.
On policies of this kind life insur-
ance agents made small commissions.
The business was dull and slow and
commonplace. But Henry B. Hyde
West Texas
Saddlery Co.
214 S. Oregon St.
Lip
Robes
and his new Equitable company had
come into the field. Hyde had been
a clerk In the then sturdy and con-
servative Mutual company. He was
an ambitious man—very ambitious.
He wished to found a company that
should break all records. Tie dreamed
large dreams, and he had the energy
to make them come to pass. His new
Equitable company had been organ-
ized five or six years—since 1859. He
had, by very hard work, got $100,000
capital. That was a good “card.” He
used it for all that It was worth. He
used every Influence within his reach
for all that it was worth.
Hyde wag an insurance solicitor.
To the last he never became the
president of his compny, although he
came to control it. He sold policies
to hlg church friends, to his butcher,
his baker, his candlestick-maker—to
everybody. But the old straight poli-
cies were slow of sale—too slow for
him. and he couldn't get enough
agents or enough good ones.
Then the man showed his genius.
He made—not consciously, perhaps,
but by a series of successful experi-
ments—the shrewdest psychological
analysis of the “average" American
character that any man In our his-
tory has shown. He discovered that
a certain number of men would in-
sure their lives—the number then
was relatively small. He discovered
that more men wished to save money
but did not have will power strong
enough to do so. He discovered In
the third place that still more men
would Invest in a game of chance If
the prospect were alluring.
He kept at work ill! he had com-
bined these three things Into a policy
—insurance Investment and a chance
to win large profits. So at least It
seemed. If you died your heirs got
your insurance; If you lived long
enough you yourself got your Invest-
ment back—with a chance of a large
profit.
The kind of policy that combined,
or seemed to combine, all (hose
things was a revival and an adapta-
tion of the old tontine or endowment
policy, which, simply as an endow-
ment policy, had never been popular
In the United States. By combining
these three things Mr. Hyde hit the
popular combination.
The new kind of policy—It is the
common one now sold by all these
companies almost, to the exclusion of
all other kinds—the familiar twenty-
year policy, or some variation of It—
this new kind of policy had several
very great advantages for the com-
pany that sold it. It brought a much
higher price, it left a much larger
margin to pay agents, It brought In
money, a part of which (as we shall
see presently) need not be accounted
for.
The old companies at first de-
nounced this kind of policy and they
denounced Hyde. But both Hyde and
the policy won. The other companies
all adopted ft because It became the
most popular and the most profit-
able.
The Trick Laid Bare.
Now. there is a trick in all these
“investment” or “endowment” poli-
cies—and we are Just finding it out.
Take two men of the same age. I^et
us say that at 30 A buys an old-fash-
ioned “straight” policy. B. also at 30,
buys at the same time a twenty-year
endowment policy. B. of course, pays
much more than A. But A puts in a
savings hank every year a sum equal
to the difference between what be
pays the insurance company for his
“straight" policy, and what B pays
for more costly "investment” policy.
to compel them to
Now let’s see how these two men
fare:
At the end of five years A’s policy
would yield $16,00(1 If he died; so
would B’s. But A would leave also
a considerable sum in the savings
bank, whereas against that B would
receive a much smaller sum In "divi-
dends" from the insurance company.
A, therefore, has the better bargain.
If they should die after ten years.
A’s family would have a still greater
advantage over M’s; and a greater ad-
vantage yet If they both died after
the lapse of nineteen years.
Suppose they both lived twenty
years. B will receive, if he likes, a
cash payment from the Insurance
company. But A has a still larger
sum In the savings hank.
The trick Is here: If B dies before
the twenty years have expired he
loses his savings. He hag paid for
two things—insurance and invest-
ment. He gets one or the other, not
both.
In a word, the Insurance company
Is a less good savings institution than
the savings hank.
Popularity of This Policy.
But the kind of policy that Hyde
popularized made it appear to be a
better savings Institution. It did have
this advantage—many a man would
deny himself to pay the Insurance
company who would not deny himself
to deposit a corresponding aum in a
savings bank On the other hand,
the lapsed “investment” policies be-
came an enormous source of Incomo
to the Insurance companies.
This was the revolution In Insur-
ance that enabled the companies to
secure able agents, and many of
them, and that made an Irresistible
appeal to the public, it was by this
trick of a policy that the business
became colossal. As it began to be
colossal, other changes came-—mainly
at the hands of this same extraordin-
ary man, Henry B. Hyde, for he was
the creator of modern insurance, and
a man of the most marvelous energy;
A definite series of events followed
the great growth of the business by
which, as It grew big, it* conduct
changed, and at every step the mar-
gin of safe irresponsibility was made
wider. We are lust now discovering
how wide that margin has become.
First came the vicious plan of “de-
ferred dividends." The charter of
the Equitable society required that
an accounting should be made and
dtvldens paid every five years. That
was changed so that evefy five years
became “from lime to time.” For a
time there were loud complaints and
stilts were brought to compel the ac-
counting and settlements, and deci-
sions of contradictory kinds were
handed down, till at last the highest
state court rendered a decision that
practically left the policy holder pow-
erless and that permitted the insur-
ance companies to pay dividends
when they pleased. The policy hold-
er must accept what his company
chooses to pay in dividends—he can
do nothing.
At every step, all these years, the
New York legislature has made such
changes in the Insurance law as the
companies were willing to have made
or wished made. Thus it came
about that all these companies have
large sums of money for which they
have not been held to accountability.
To prevent Insolvency they must I be done, if not by the state, then by
have now power
account for.
Enormous Profits.
The bigness of those sums that
must, be Invested brought difficulties.
How to Invest hundreds of millions
Is a serious problem. It was Hyde
again who hit upon the plan of erect-
ing insurance buildings In many cities.
It wag Hyde who took the next easy
step !n organizing safe-deposit, com-
panies, irnst companies and hanks as
subsidiary organizations. These sub-
sidiary organizations used the InHur-
aqce company's money; but they
must be managed. They offered
chances for personal profit, to their
managers that, under the circum-
stances, were sure to lead to tempta-
tion and to fall. If the Investment
of the Insurance company should yield
only a small percentage It was not
In the power of any person, outside
of its management, to call It to ac-
count.
Another easy step in thought and
In action followed In due time. The
commissions to agents grew and grew
and grew. There were agents, and
there were “general agents.” The
money paid to agents became a very
large part of the cost of conducting
the business, and agents' commissions
ran for the lifetime of the policies
they sold. The agents, In effect, had
a mortgage on the policies. If agents
and general agents acquired this per-
manent kind of interest In policies,
why should not the man who made
the agents also have a similar per-
manent Interest in the policies? Thus
Mr. Hyde credited himself with a
commission on new business. His
example was followed In some form
by the heads of other companies.
By this time, of course, the old
fiduciary sense had vecome pretty
well blunted. These vast sums of
Incoming millions and hundreds of
millions of dollars doubtless belonged
to the policyholders; but the business
had become so big that there was an
indefinite margin over and above all
the liabilities to which the companies
could he held. Insolvency was un-
thinkable. Irresponsibility gradually
ate like a canker Into the whole
world of Insurance management..
Bankers and broker* were put on
boards because they could buy and
sell bond* to and from the company.
Railroad men were put on hoards be-
cause they wished to borrow. The
whole world of high finance gathered
about these rich treasure houses, and
all caught the infection of a certain
degree of Irresponsibility,
Thla Is the way In which it grad-
ually came about that, the Insurance
companies became Hie agencies for
the debauchery of the world of high
finance. Great sums of money with-
out rigid accountability have, in all
ages of the world, produced a similar
result.
The far-reaching question Is not
whether there will be a change of
management (which seems inevtta
ble), not whether there will be crim-
inal prosecutions (which Is possible,
perhaps probable), not whether the
combination-investment kinds of pol-
icies will become obsolete and men
will demand the old-time straight pol-
icies (as they are doing already), not
whether the insurance laws will be
radically changed ao a* to compel
frequent and full accountability and
payment of dividends (this Is sure to
who betray trusts and manipulate the
stock market and enrich themselves
and their friends by the misuse of
trust money be tolerate 1 as pillars
of the church and a* ornaments of
society?
If the question were loft to New
York city alone to answer, It Is doubt-
ful If any higher level of morals could
be expected, for the financial world
is too strong a factor In determining
morals here. But since the whole
country must answer this question
there is hope that It wilt he answered
with emphasis; else American char-
rcter ha* sunk to a lower level than
there has yet been evidence of. The
test question Is whether the whole
hitherto dominant group of men In
the financial life of New York shall
be damned by public opinion us es-
sentially dishonest and their financial
me:hods as robbery. In this sense
these revelations have put the char-
acter of the country to the test.—
Boston Transcript.
Dr. Eiger, of Warsaw, a Jewish doc-
tor tn the Russian army, who is at
present a prisoner of war In Japan,
has been elected an honorary member
of a scientific section of the Univer-
sity of Toklo.
VETERAN NEWSPAPERMAN HERE
Major W. M. Spence Knew El Paso
Ae a Trading Poat.
Major W. M. Spence, a veteran
newspaper man of Texas, now lo-
cated at Austin, arrived in El Paso
yesterday enroute to Hoswell, N. M.,
to visit his son, who has large min-
ing Interests there.
Major Spencd Is known all over
Texas and Is familiar with the early
history of the entire state, especially
with El Paso and the western portion.
He was In the frontier service and
visited El Paso many times in its
earlier days, when the town was then
but a trading post. He la pleased
to see the great strides El Paso has
made and says It Is destined to be a
great city. Major Spence Is stopping
at the Angelos and will remain here
for a fow days.
United States Senator Frank B.
Brandegee, the new member from
Connecticut, has a particular fad for
the planting of trees and tho cul-
tivation of shrubbery and vegetation
of one sort or another, and hts fa-
vorite line of reading is biology. ‘
have enough to provide for all the
death claims and for the maturity of
all their policies. They have had this
and enormous sum* in addition which
theoretically belong to the policy
holder*, but which the policy holders
the federal government)—these are
all-important results of these revela-
tions. But a far more Important
question il whether pufllc opinion
will force a higher code of moral* on
the high financial world? Will men
—
Big' Shipment of
5c and 10c Goods
Just Arrived
including wire goods, hardware, wooden-
ware, enameled and tinware. More and
better values than ever shown in El Faso
for this price.
See Window Display
Christmas Toys
We are now unpacking the biggest
line of Christmas toys ever brought
to this section.
h. i. m
109 Texas Street.
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El Paso Sunday Times (El Paso, Tex.), Vol. 25, Ed. 1 Sunday, November 12, 1905, newspaper, November 12, 1905; El Paso, Texas. (https://texashistory.unt.edu/ark:/67531/metapth595823/m1/3/: accessed July 5, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Abilene Library Consortium.