New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-06-04
,you'II Be in My Com.
nauy." Banker Shouts
From stand When
Lawyer Hints at Prison
Spectators Applaud
Steel Inquiry Row
Memorandum of Merger
submitted; Kuhn, Loeb
SCo. to Get 1870 Profits
, and Will Buy Stock

- a.,srrined efforts OF Samuel IN
-, counsel % the lockwood com
zee. TO ,1tr,e, the complete ae'ans
:, -. TIRE. company steel merger
g. " MARINER L. Sehia. a member Of
tss banking Arm Of Kuhn. Loeb - q co. i,
.,,yl,.d Yesterday in verbal dual OF
t,.,.-,.,s unparalleled in The commit
tees history. A.
y, sebiH. in reply 20 some OF Mr.
Cs,srnyers biting questions charged
he attorney With trying 20 VS. tW!st
s,or6s in nv mouth ard WIN mlaAins
Fimrroper implications and snsIlly os'
el,rsd he would not reply 70 sny iul-
tSsr questions unless they we're pu' III
STbsn YOU take the chance OF 60
i,v 70 isil." observed the counsel 81.
sAiI rvht. | will take that ehanoe.
.tx hack the witness "snd you Will
sppetr In ny company ~
.he discussion Va0ed hotter MI
f,nternyer requested the chairman 70
war; the witness he was not N MS
aEeithsr are you in your ohee,' re-
torted Mr schiA.
Spectators Applaud Tilt
TIE lively exchange continued dur
gry almost the entire course Of the
,ysnjnat!on. With the spectators fire.
uuer.ly adding 70 the excitement with
rourds OF applause or laughter.
Mr Uu,ermyer contrived 70 obtain
fror Mr. schi4 2 copy Of the memo
rsndun bearing what purports 70 be
ire full financial terms Of the consoli-
eaton Of the Midvsle. Republic and In
land steel companies, all the money
matters Of which are being handled by
Kusni Loeb & Co
II vas disclosed in this connection
ttst the Hrisr Hill and the Youngs-
torr Sheet and Tube are not definitely
out Of the combination and that the
transaction still was open 70 them.
There is also some discussion Of the
participation Of another concern. the
identity Of which was not revealed. il
bst testified
hittec by Mr Schif. his hrm Is 20 re-
eeived IS per cent Of any prohts aceru-
ING % the syndicate for the banking
houses service and management. Il
there is no profit. the firm will get
ho,hing. In addition, however. the
trm receives the privilege Of purchss-
Ins $4,000 shares Of stock N the new
tonpsny tentatively called the North
American Steel Company. at SO q
fhare Il IS the same stock for which
the company IS 20 get S4S share.
II vas testified also that Thomas L
ttsdbourne. the attorney who initiated
the negotiations for the merger, Is also
tc have the privilege Of purchasing
$500 shares Of stock al SO a share
II The deal is successful. y was said
ths would net him about 100000.
Chsdbourne Stubborn Witness
". Chadbourne was also one Of th'
hitnesses before the committee, but h
thsd little more light than has ALREADY
beer cast on the deal By other wit
tusss. He contented himself for the
most Part with declining 10 answer
uves,ions and refusing 70 produce
pertinent documents. on the ground
ths. Il would be a violation Of his
sorklentisl relations as counsel with
b. clients
NJ Chsdbourne fatty refused 20 pro-
uucs certain papers IN response 70 a
tubpnns o. the committee. Mr.. Un'
tsrmyer said he thought the witness
Vss elesrly IN contempt, and asked the
Committee 70 consider Mr.. Chad
tourrs's action in the light Of possible
contempt proceedings.
. John A Topping, chairman Of the
board OF directors Of the Republic Iron
lr~rtlnus5 On rs7s four