New-York tribune., 1922-11-10
2 Stock Exchanus
Members Expelled
Another Suspentled
Holzderber Charged Wa
Making More Than praa :
er Commission; OH,
Partners Not InyoIvas

Drastic action vas anrn,
ssrday ny seymour Z. Cromwell n,s., sess
dent OF the Stock Exchange. VIZ slss1
specs TO the conduct Of tive r,a,sa rw.s sc.
while q third, Ell 8. Newhsrgssr,. 'oefss
suspended TOR period Of Ten Ten sss sst
from November 8 for a minor "a csys
Of the rules OF the exchange rs,ss;s ssiss
TO advertising. ts'atins
Charles p. Holzderber. o. Ho,,a..,
q Co., was expelled from the sIserees sysss
according to Mg. Cronweipa snsasss sassss
fs1ent, "for 50 manipulating rsnars. ,.avsass. !.
executions tnat he was abIe e q
profits on many orders execnt.s sasss
him over and above his nyo,.ss a ~
mission. These acts war. ~. ~. cela-
number. The period duriny wh;ay h;sIy =
| Egoverning) committee haa n-s., sas
the acts wss In 19fe.o p'VT o7
Others Not Invsiysa
Mr.. Cromwell made II e,s..
eve2. that the present associate ot ~ -
Holzderber in the firm Of cSs,;a.a - ~ y
Hoizderber & Co. were In no ~ g 8
voived in the actions Of Holzdsrbsgs ,ss y.
that immediate steps would bs t.saa saa
for the dissolution Of that Aym Ieasa 1ss
eraI Oliver Bridgman and r. We.
Edey, partners In ths Arm. ,nsd. .A.sss ~
following statement rsraySins M ~
HoIzder0er's expulsion: AI
1T IS q raost unfortuaste eesur,..
and all who have been asaoesssss 49,
Mr. Holzderber feel the dessest W.. s.sa Z
pathy for him In his troubIs. Il E.
rothing to do with the afsasy - az ass
firm recently organized, as tss ps.i. .is
affair happened six years aga ps;la =
was member Of ona of the Isr..S
Stock Exchange firms. This a.;ssn 1;
no way affects the remaining mst,ssr.
OF the firm"
Samuel Mast, who was a nasuks, e
the failed firm Of Mast & Co. IA.
ycago house, was expelled az tke rssr,e
of charges that his insoivsrev o.
been brought about through ssessIs.
tion with the funds of his clienssS srs
RECKLESS and unbusinesslike desl!nrss
"The action Of the governing con-.
mittee," said Mr.. Cromwell, atoIIovss
an unreserved acknowledges. bv Kr
Mast of the truth of these charyess
The failure of Mast g. Co. took plscs a.
July Ii last.
In extenuation Of the ease Of n,
Newburger, member Of Landen. yerrsS
& Co, Mr.. Cromwell said that The nss.
atty imposed contained no inpllca.laa
of wrongdoing or any improper de.
ings on the part OF the frm, asbm
standards are high and whose repu,x
tion is above reproach."
Newburger Issues Statement
Mr. Newburger, in behalf of bis d,rn.
made the following statement:
in regard to the announcement rrads
by the Stock Exchange af the suspen-
sion of our firm for a period Of ten
days, we desire to state that this uun-
ishment was meted out to US for The
infraction OF the exchanges rule re-
quiring the approval of the business
conduct committee on all advertising,
"On the occasion of the dedication a
the stadium OF Ohio State Uniyerssy
we placed an advertisement IN the "a.
dunn edition of sThe Columbus nis
patch complimentary to the uniyM
sity, but failed to ask the commits
for approval. This was violation i
the resolution of the exchange adop.s
December 15, 1921, reading as fSlloss:
THAT no member of the exchsngs
and no firm represented theron shan
publish any advertisement unless eitis.
it is in a general form chat las been
approved by the committee on husinsss
conduct or it has been submitted TO
said committee and approved By IT,
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