New-York tribune., 1922-06-14
Curb Market
Yields; Drops
Steel Merger
lon.-l.n.a f-nr r,s. enN

tcet.iausd from r''' ea'l
jury By Mr. Untcrmyes and member
= Mr. Bantor's staff.
The question ", whether the legal
proceedings viii now be called OF. in
view Of the action OF the curb market,
is 4 master o. debate. Mr. Untefmyer.
when n.ormod of tho c-rl's move, said
ne would refrain from pressing the
charge II le co1ld obtain the assent
of the District Attorney and Judge
Gicgeric" . 49,
rnver. these stock Exchange men will
never take dislnterestcd. weli-meant
advice except under pressure or until
II is too late. Just see what lot o.
unnecessary trouble they have caused
me i'm bringing them 90 time.
Compares Big and Little Tonds
"The instincts Of common honesty"
ho continued. should have prompted
them 20 realize that any law student by
reading the Penal Code could have told
them that iu Authorizing gambling on
their exchange blind pool in this
phantom stock coy were doing an un-
ethical and unlawful act. The curb
must get rid Of the obsossion that be-
cause Us big brother has all its life
been doing these things the miniature
exchange can with impuni:y follow that
rerniciols example. Ii should know by
this time that much is tolerated from
The big toad in the puddle which the
little toad is made 20 suffer for imi-
tating
"Now. with ttc permission Of Judge
G.ccefich and the grand jury. and with
the assent of the District Attorney.
shall refrain from further pressing the
charge ii az past dealings aTe can
cslol aad anrulicd. the stock stricken
f.om the ia. end future dealings pro.
libitcd. unless when my back Is turned
an attempt is made 20 revive the game.
In That even there will be some one
hcre 20. act, ~ 10 will not be 50 easy
The next titme.
at would be n pity % send these
men 20 prison for practices, Of which
this as bot one OF the many that have
been Taught them BY their biz brother
and that the b,c exchange has at these
years been following with immunity
Discusses Money Pool
THAT reminds me- again to inquire
when the stock Exchange proposes 20
request the bic bankers 70 dissolve tho
more pool aad syndicate for which
stock opera ions are rt the moment
being conducted by irr syndicate man
'pcIs on n big scale. he pgbiic u on
titled 20 know whether they are buy
Ing in D free market or IN one that -
beng opefoied by a pool or syndicate.
Scorer or later the exchange will have
% surrender and give the public q peep
.n. j. might better do 50 now than 20
hrd Itself IN This same kind Of jam
and De forced % capitulate 20 the de-
mands for publicity and fair dealings
The Investigation In deals of re rev
company stock began about two weeks
ago. when the Lockwood committee
TOOK I'd tho inquiry Of the Bethlehem
Lackawanna and tho Mdvale-lnland-
Republic proposed steel con hinations.
At these hearings the heads Of tho
thrco-coI pany merger. 4. G. Dinkey. of
She Mdvale Steel and Ordnance Com
pany: John A. Topping. Of the Republic
Steel and Iron Company, ene others
tod the committee that the combina-
tion was sui iu an indefinite and neb-
ulous state and that no figures or facts
could be furnished.
Soon after they LEFT the stand an
official statement was issued By
Thomas l.. Chadbourne. the lawyer
promoter OF the proposition, giving in
a general way the terms Of the ,rans-
action. Topping and Dlnkey were re-
sailed 60 The stand and grilled IA con-
noclion with their testimony IN the
liglf of the latter disclosures. but they
insisted they had been ignorant OF tnc
details up % the minute Of publica-
ton.
SchiI Called in Inquiry
AZ later scs.ion Mortimer L. Schf.
Of the firm 81 Kuhn Loeb & Co.. WAS
examined On the witness stand. this
firm having .ereed. according to the
record, 10 act as bankers IN tle deal.
Questioned on the details of the plan
for financing the proposition md issu-
irg new stock for the company, Mr.
Schif said his firm was neither NOR.
ally nor legslly obligated 20 finance The
deal, although the stock OF the new
Company had heen dealt IN on the cuIb
07 when issued" basis. and il had
been advertised that Kuhn. Loeb e. Co.
had agreed to act as bankers. He tcs-
inod be knew l'ttle OF the transactions
in the stock OF tie curb which began AZ
p. N. on June 2. and that he did not
KNOW what brOkCrs were gong % be
employed 20 trade In the stock or how
it was 20 be marketed.
~ a hearing following this testi-
mony Mortimer Altmayer, q curb bro.
ker, said under oath that ne lad been
instructed By Kuhn. Loeb & Co. over
a private wire, which be had running
into fhe banking house. 20 purchase
on fhe curb 10000 Aarcs Of North
American Steel for the firm at $50
share. Emil Mosbachor. another curb
hr0ker. Of Ct Exchange Place. also tes.
sized 20 dealing In several thousand
shares Of the stock, but declined 70