The New York herald., 1922-06-04

Hittee when / starteds-@l am not selling
IL. l have held it for fifteen years. IL
that what you call an operation? You
Will get along better II you do not make
these groundless insinuations against
anybody. am trying 70 get facts
That is ALL"
fare you going TO have the same
brokers for the selling end as for the
buying end?"
THAT is an unfair question. Mr..
Mr. Untermyer Chairman, |
think II Is time to admonish this wifi
ness thinlx endurance has reached
its limit"
Mr.. Schiff--"There Is animus in that
question:"
The Chairman---'I think you can state
mat question In a little different form
Giving No wash Orders.
Mr.. Sehiff-"I haven't the faintest
Idea OF what we are going to do. but you
can be sure % one thing, we are NOT
giving any wash orders. That is your
inference"
I'VE are not dicussing your charac-
terlzation OF these orders. The question
Is are you going to have the same
brokers' execute the orders for the buy
ing end or the syndicate as for the
selling end?"
II haven't the falntest- idea what
brokers' We are going 10 employ for any
purpose whatsoever"
Have you taken into considera ton
the fact that the United States Steel
company can make from three to five
dollars ton when these companies can
not make anything"
we hope this differential can be re-
ouced. 1t Is one of the factors"
nave You given any study whatever
10 this twelve hour day question:"
Not sufficient to be able to express
an opinion"
Didn't you know that the President
had requested this change of hours ?"
only know that the President had
taken II up with the steel men and that
they had appointed a committee to study
IT," =
think that is all. except this, that
IL there is anything you want to say.
IN fairness-because / know you
want to be fair"
- am glad you have reached that
conclusion"
II assume that, you want to be fair,
think this statement that insiders can
unload and outsiders be loaded up,
should be withdrawn If made"
Mr.. Untermyer--Mr. Schiff, 1 will
make my own statements, In my own
way.
The Chairman-It Is outside Of the
examination. 1t is not part Of the record
Eight Companies Originally.
Mr.. Chadbourne testified that he had
undertaken the merger of several steel
ompanies--eight at the outset-about
year ago. as an independent venture
and because he thought the steel situa-
tion needed merger and needed II very
badly He took the position that in the
negotiations lie was acting as counsel
and in confidential relationship and
declined to answer pertinent questions.
Alfred b. Sturges, secretary of the
New New York Curb Market Asso-
citation. presented letters from Moss
bacher. the curb broker, requesting au-
thority to trade In North American
Steel The letter was received at the
office of the Curb market early Friday
morning, he said. Information concern
ing the merger issue was then obtained
from Mr.. Chadbourne and trading began
at l o'clock Friday afternoon. In two
hours, Sturges said, 10000 shares had
been dealt In at around SO and 81. The
data obtained by the Curb Association
from Mr.. Chadbourne showed, according
to Mr.. Untermyer. no mention Of any
additional stock issues; of the syndi-
cate managers bonus or of the provi-
sion under which a fund of $S75, 900 was
to be furnished to take care of back
dividends of the Republic Iron and Steel.
Mossbacher was subpGnaed but did
not appear. If he is produced at the
next meeting ne VIII be questioned con-
cerning who sought the listing of North
AYneriCen Sfaal On the Cnrb market