The New York herald., 1921-10-08

by his increased demands. He has
done his part, but II has been forced
on him BY pressure from behind. The
profiteers and the criminal combina-
lions have compelled him to ask more
in order to secure a living wage. They
have led the procession Of rising prices
and it is at them that we must first
strike"
There is no such thing. Mr.. Inter
myer maintained, as the "open shop
In the final analysis. he said, plant
was either union" or "non-union." and
In times of great business activity, when
there Is an undersupply of labor. the
unions get the upper hand and force out
the non-union men.
The greatest enemy to our Industrial
life and peace. based upon a friendly
understanding between capital and la
bor." Mr.. Untermyer continued. 'in my
opinion. Is the United States Steel Cor
poration. which under the pretext of
the open shop has been for years con-
centrating its vast power In the carry
Ing on of vast campaign of espionage
and oppression aimed at the destruction
OF all organized labor. The reports of
the Interchurch Association must con-
vince any fair minded man, II he had
not previously been a student of the
the second story. bludgeon' methods of
the company in dealing with labor. that
the company will sooner or later have to
be brought to severe reckoning before
we can have industrial peace in this
country. What an impertinence for a
combination to say that while II may
maintain its corporate existence no
combination Of its workmen with others
for protection against its autocratic
power shall be recognized The mere
fact that such stand is tolerated is
In itself grave Indictment of our form
of government" Mr.. Untermyer then
reviewed testimony taken before the
Lockwood Committee In New York
which he declared proved the efforts of
the Steel Corporation to destroy union
labor by attempting to control the erec-
ton OF structural steel and its handling
by nom union workers.
Favors Jail Sentences.
Mr.. Untermyer deplored the failure
of the courts to pass jail sentences
upon individuals convicted OF violation
of the State and Federal ANTITRUST
laws. and said that the enforcement
of the criminal laws against Illegal COM
binations was prerequisite toward
any programme for effective reguiatlon
Of the less harmful combines.
But above and beyond all these con-
siderations." he concluded, lis the abb
sence of a loan market. without which
there can be no construction on large
SCALE" While the largest and most
prosperous savings banks were invest
ing as much as go per cent. OF their
total assets in secured mortgages. the
great fire and life insurance companies
are unwilling to invest 40 per cent. OF
their funds in this same class of Sc
curity Instead. he charged. they pre-
fer to deal in wildcat" stocks. the de-
probation on which in many cases has
been enormous. He cited particularly
the Mutual Life, which. he charged
was still holding some of the securities
which it held In 1906 when the Legisla-
ture ruled that life insurance companies
should dispose of speculative stocks
within a five year period. Mr.. Inter
myer compared the record Of the
Mutual Lfe's investments in realty
mortgages with that of the Metropolis
tan.
1.-THE investments of the metropolitan
in real estate loans have increased.
he said. from $72. 100000 to upward OF
s34O, 900. 900. while companies like the
Mutual Life have been calling Their
loans and decreasing their real estate
investments in the ratio In which