The Birmingham age-herald., 1922-06-08

simultaneously"
 How do you know 1t does not?"
 Because it does not. We do not wash stock, Mir Untermyer. l resent that implication"
 "All these resentments, you know, don't count. The facts are what we are Looking for.4
 Then put the question in the way so that they are facts and don't twist things"
 Mir. untermyer
 'Mr. Chairman. you had better warn this witness that he is not in his
 Mir Schiff: office 'ui
 Mir. Untermyer:
 Mir. Chairman-
 Mir. Schiff:
 Mir. Chairman, MT. Untermyer is trying to put words in my mouth. that We are manipulating stock. and VIII not do it. I refuse to answ ger another question:"
 Senator Lockwood. the chairman:
 you oo not understand the ques- lion do not answer"
 MT. schiff: If you are not going 10 cnanse your question, I refuse to chances"
 VIII Take Untermyer Along
 Mir Untermyer: Then you take chances of going to jail"
 MT. Schiff: All right. I will take that chance, and you will appear in my company" think not this time" | The Chairman. ~.1., swer, Mir. schiff. you will state SO
 MT. schiff: MT. Untermyer won't permit me to answer questions. He twists words in my mouth"
 Mir. Untermyer: You answer my question"
 T am answering your question"
 The Chairman. T think you can answer that question"
 MT. Schiff: "I cannot answer 1t yes or no, because it is phrased In such a manner that 1t is impossible" Mir Untermyer: Very well, the witness cannot answer that question. You can either answer the question tor you cannot. Now. just as soon as this transaction Is concluded your syndicate proposes to market this stock on the exchange?"
 Not necessartly we may hold it..
 obHBation Only to Buyo
 How long are you contemplatin taking to dispose of these 5o5,Ooo shares of common stock. and 250,00O shares of preferred stock7"
 T don't know"
 Well an operation of that kind takes months. doesn't it?'
 Sometimes 1t is done over night"
 Not as big block as this?"
 Bigger"
 You expect this one to be done over night?''
 T don't know; have no expecta- tions."
 50 this Is buying and selling syndicate. isn't it?"
 No, 1t Is only buying syndicate."
 But this syndicate Is selling and buying. isn't it?"
 ''The obligation of the syndicate is to buy"
 And the purpose of employing the managers Is to sell, isn't it?"
 "1s to liquldate the holdings of the l syndicate"
 That means ng-liquidating
 Yes"
 aso It Is a buying syndicate and selling syndicate?"
 Tt Is a buying syndicate according to the bankers idea. Every syndicate lis q buying and selling syndicate. :"
 And they buy and sell at the same timer"
 "No."
 T do not mean at the same second, mean during the operations of the |syndicate?"
 NO. That Is where you are wrong. Mir. Untermyer. You may have had experience in that way but I haven't. I know something about your trans actions. I know you have a large in- terest in Bethlehem"
 Don't tell me about your exper- fence or mine: think I know yours and I do not think you know mine. If you think you know any of mine you are at liberty to state them now from the witness stand and not dare make these contemptible insinu- ations" 1 T resent the word 'contemptible."
 They are contemptible because they are not true
 T do know some of your trans- actions, I know you are large shareholder of Bethlehem"
 The Chairman-"Every one knows that"
 MT. Untermyer-"I told it to the committee when I started I am not selling it. I have held 1t for fifteen | years. Is that what you call an operation? You will get along bet ter if you do not make anybody mad. I am trying to get facts. That is all."
 Are you going to have the same brokers for the selling end as for the buying end" Mir. Untermyer--"Mr Chairman, I think 1t Is time to admonish this witness. I think endurance has reached it's limit
 Mr. Schiff-"There is animus in that question"
 The chairman-"I think you can state that question in little dif- lferent form" l Giving No Wash Orders
 Mir. Schiff-'I haven't the faintest lidea of what we are going to do, but you can be sure of one thing; we are not giving any wash orders. That is your inference"
 We are not discussing your characterization of these orders. The question is are you going to have the same brokers execute the orders for the buying end of the syndicate as for the selling end?" T haven't the faintest Idea what brokers we are going to employ for any purpose whatsoever
 Have you taken into consider ation the fact that the United States Steel company can make from three to five dollars ton when these companies cannot make anything?" We hope this differential can be reduced. It is one of the factors" 1 Have you given any study whae- ever to this twelve hour a day question:" "Not sufficient to be able to ex- lpress an opinion"
 Don't you know that the Presi- dent had requested this change of