The New York herald., 1922-02-23
BUCKETING inquiry
SOUGHT AT ALBANY
Senator Katlin's Measure
Calls for Action on
Revelations.
oman BODY PROPOSED
$4,000 Appropriation to Be
Set Aside for Work of
II Months.
PARTY SUPPORT NEEDED
Legislature Not Friendly to
Any More Investigations I'm
less Caucus Approves.
Special Dispatch to TIE New York HERALD.
New Norl Herald bureau

Special Dispatch TO TIE NEW YORK HERALD.
New York Herald Bureau.
Albany, Feb. 22.
Legislative inquiry into all bucket
shop frauds and the prosecution of
any person who has made any unlaw-
Yul transfer of stock is demanded in a
resolution introduced to-day in the
Senate by Senator Abraham I. Katlin.
Republican, of Brooklyn.
The proposal is for a thorough in
vestigation of the situation which has
been uncovered by THE New York
HERALD. Financial interests wEich are
always on the alert here to block any
inquiry into their affairs became
active Immediately to suppress the
resolution.
Senator Katlin, a member Of the
majority, announced he would make a
fight for the house cleaning. Unless
he succeeds in making his resolution
party measure. Katlin probably will
not get far. The leaders have an
nounced tkeir opposition to creating
new investigating committees this
year.
The resolution recites that charges
have been made publicly that certain
persons and corporations are defrauding
various persons by means of illegal
unlawful and fraudulent sales and the
practice of deceit and fraud in the sale
and transfer of shares of stock in cor
porations bonds, options and other evil
dence of debt.
Committee of Eight Authorized.
1t is proposed to create a joint COM
uittee to consist of three members of
the Senate to be appointed by the tenn
porary President and five members of
the Assembly TO be named by the Speaker
TO investigate and ascertain whether
amy person or corporal ton acting in his
or its own right as officer. agent, ser
want correspondent or representative OF
another. has engaged or is engaged or
assisting in the practice of any deceit
or fraud, or has made or is making any
false or misleading statement or rep
lesentation in connection with any
transaction or dealing whereby a sale
or transfer of stock in corporations,
bonds. options or other evidences OF
whereby any person is induced to pur-
chase the same, or has made or is maxi
ing or offering to make any unlawful
or fraudulent sale or transfer of any
such stock, bonds or other evidences of
debt. or has been or is conducting or
operating any business involving the
sale or transfer or pretended sale or
transfer of such stock, bonds, options
or other evidences of debt without actual
exchange or delivery thereof in violation
OF the laws of this State"
The committee is authorized TO en-
ploy assistants to sit and conduct its
Investigations anywhere within the State
and TO take and hear proofs and testi-
mony. subpoena and compel attendance
Of witnesses, compel the production of
books. records. papers and documents
ana otherwise have and exercise all the
powers provided by the legislative law.
IL is provided that no person shall be
excused from attending and testfying
before the committee or before any sub
committee thereof or from producing
books, papers. contracts, agreements or
other documents before the committee
in obedience to its subpoena on the
ground or for the reason that the tes-
timony or evidence documentary nor
otherwise required of him may tend to
incriminate or degrade him or to SUBJ
iect him to penalty or forfeiture but
no person so attending and testifying or
producing such books, papers or docu-
ments shall be subjected to prosecution
or to any penalty or forfeiture for or
on account of the particular transac-
tion, matter or thing concerning which
he may testify or produce evidence doc
umentary or otherwise before said COM
mittee or subcommittee.
Report Required Next Year.
The committee would begin its hear