New-York tribune., 1921-12-06
Probe i'm Helm
Failure To Be
Sought To-day
Creditors Ready to Proceed
Against Brokerage House
Now in Voluntary Bank
ruptcy, Counsel Asserts
His Lawyer Enters Denial
Points to Collapse of Other
Complaints as Proof That
His Client Did No Wrong

NuAtlpIaalltS as ErDOT lnat
His Client Did No Wrong
Filing of petition In Federal Court
for an examination cf Milton Helm in
connection with the voluntary bank
ruptcy proceedings Instituted hy him
tor hts brokerage house, Milton Helm
& CO., of IA Broadway, was delayed
yesterday, 1t was announced last night
| by L. B. Glueckheld,s chairman of a
committee representing creditors. The
committee charges that examination of
the firms books and other evidence in
its possession indicate irreguarities.
Mr.. Glueckfeld, who il a lawyer, said
that he made an effort in the afternoon
TO file the petition, but because Of the
lateness of the hour no Federal Judge
was available. to sign the documents
necessary to the action. He will com
plete the fling this morning. he said
! Helm on Sunday, when charges mad
by spokesman for the committee were
recited to him over the telephone,
agreed to meet reporter In his Office
at 2 o'clock yesterday afternoon, but
he did not keep the appointment. His
attorney, Frederick Henley, explained
that he had instructed his client not
to talk for publication.
"My client has nothing to hide" Mr..
| Henley continued. "But in view of
these charges and the committees at
titude generally, this is not the proper
time for him to make statement.
Seven Complaints Have Failed
"There has been absolutely nothing
of criminal nature in connection with
Mr.. Helms business methods or in the
affairs of Milton Helm & Co. think
this is proved conclusively by the fact
that no less than seven criminal COM
plants against him, made since the
bankruptcy proceedings were started
| in September. have been thrown out
[ by the magistrates and district attor-
neys to whom they were referred In
each case the authorities failed to find
! justification for them.
at is merely a case of an ordinary
business failure, that is all"
"How about the committees state
ments that friends of Mr.. Helm were
carried on the company's books with
out being required to put up mar
| gins ?" he was asked.
"Tkat is no crime" Mr.. Henley re-
piled. "a broker has the legal right
| to do that for any one he believes
financially sound. Possibly there
should be a law against it, but there
isn't"
did Mr. Helm use several fictitious
names as his own house accounts in
connection with the firms trading ac-
committee 2"
~ have not heard of any"
"Is the charge true or untrue that
Mr.. Helm, when he was a partner in
the old firm Of Goldberg G. Helm, was a
business associate of man named
Kastel, who was indicted with Mrs
Kastel for an alleged badger game
which a Newark manufacturer declared
had been perpetrated on him ?"
at is untrue"
"Did- not Kastel, shortly before the
dissolution of that firm, bring suit
against it for what he declared was his
interest in the partnership profits 2"
eyes, he did. But as / recall it he
neither won the suit nor proved his
contention that he was a partner"
"ls Mr.. Helm, as is stated by the
committee spokesman, now backing q
relative in new brokerage venture on
Broadway"
Denies New Venture
mo, he is not
Because of creditor assertions that
many persons had been given to under
stand that Milton Helm was a close
relative of Marcus Helm, who for many
years was treasurer Of the CONSOLIDATED
Stock Exchange and a we'll known and
respected figure in rne financial dis
trict, reporter saw the latter at his
Office at 80 Broadway.
Milton Heim," Marcus Helm said
us my second cousin, but I know very
little about him and we have had nc
business dealings whatever. In fact
the first time that | ever saw him was
came into my office, announced he was
relative, and asked for my help ir
getting a seat on the CONSOLIDATED
Stock Exchange.
"He said he was getting $75 weel
as cashier at the time, and I advised
him to stick to his job and not go into
stock trading. When he failed to take
this advice l merely referred him tt
the regular channels for membership
application in the Exchange.
Later, when the firm of Goldberg &
Helm was formed, considerable confu
sion was caused Among persons wht
supposed | might be member. pro
tested to the president of the exchange
and thereafter the full name of Miltor
Helm appeared on the firms letter
heads.
II am glad to avail myself of this on.
portunity to make it clear that / am
not and never have been interested in
any of the business affairs of any one
else bearing my name."