New-York tribune., 1922-06-19

Arfi -nhregor eiemehi'
-, own destruction. These reforms
cannot be enforced b. series o. judi
cial decisions
Incorporation o. the unions he
,ontinpes. rs not necessary. although
N nv judgment. il would he helpful 20
tho vn,orF I'm mat II would protect the
members agains' personal naplil'y.
Tho right 10 STRIKE or any other SUB
s.artjal right - the unions would not
ne endangered By the proposal. says
Mr. Untermyer
On the regulation o. stock exchange
the lawyer says thai 70" ~ inr gFfaI
trusts would ever nave been formed but
Tor The stock- jcbbinc opportunities Of
fered IN connection witt their organ
zstion and subsequent Illicit pront'
thst are madr hy manipulating their
securities ~ he sfock market end o.
these combinations" he asserts. 'l'fs
closer 20 tho relief o. ne housing prob
lem thsn would a. first sight appear.
Effective regulation, he insists, would
supprss':
our accoun' A broker should be
broker only.
b. The public is entitled n know
and should be gwen All the detai's con
cernlng sec1ity issue t1at aie dealt
IN o. ary public exchange. j, .s espe
cial,y concerned % know whother TO
dealings arc IN Tree market or IN one
ihai is being manipulated by pools or
synd.cates Every poo a. syndicate
agreement should be fled for public
inspection
G. The present statute Section f63
Of me penai Code does rot prevent
roes manipulation. Il = the bAldest
kind o. camouhage
d The exchanges should noi 0e per
nl'teG 20 deal On stock when i'sded"
unless all tnA details OF he property
ana all the facts connected With the
proposed issue are disclosed.
% The power % the governors %
the exchange 20 strike security from
the list and the expulsion Or suspen-
sion Of member. carrying with II. a.
i does. diSgrsce and destruction o. the
opportunity 20 earn living. should be
subject 70 the review o. he courts.
% Agreements which brokers arc
nov requiring Of their customers per
hitting the Former 20 re-hypothecate
securities Tor an amount IN excess %
the sun owing on these securities b;
the customers should be declared IN
lawful. /, was being done. the courss.
insists. in order 20 nrilify or clreum
vent the law that was intended lor the
protection Of customers
Sees Millions Saved
On thc question 81 making -ors
- 90. 80.
monopoly. Mr. Dntermyer tsys mat. in
ssmuch as = is made compulsory upon
the employer. there "a 70 reason any
ne state shoa.d not exclusively supply
the insurance.
"lf viii involve saving of ti2 900 001
year in premiums 70 the Industries Of
TINS state ne ssserts. and will give
relief agslntt the oppression and in
justices tnat are now being prac,iced
by private companies Sefinsurance
should be eliminated the working
mel are unit IN demanding exclusive
state insurance.
u Am sorry 20 say tina. this purely
arbitrary discretion Of ne court 20 dis
Mss en Indictment - abused almost
every day Mr.. Untermyer observes on
this phase OF MS recommendation
"Thr power n dismiss ird.ctmcr's
ssairst the rrotes.s OF projecting Of
fcials ana without remedy 20 the peo-
pc should eud a. thc earliest possible
moment. l. n, Indictment vas rightly
aismissea the defendant Will no, surs-
by an oppeAl By the people. y +; s eoa
w.tnol, lega warrant or author.ty.
VII" sholld .he people nct be enabled
80 review the decision >"
The memorials - Congress. SAGE 81
CnteTmyer. should slgge,t 'ae en.ats.-
men 0. the powers o.. he ftdera
Trade Conm.ss 20 conform - the
powers OF th, proposed sta:e :-sde com
mission. requiring every trade ass0:i.-
ton containing actsa. o. potential COT
octl,ors engaged IN interstate commerce
- sake olt i.craSc ard s1oicc- if1ei-
20 re supervision o. n. comrli- slol
ana aso Icg1.r.Hg 'ha' before z cor.
poTAtion engaged III interstate con-
mere ca7 teosire re stock or prop
tity ~ q compel or - shhl receive
permission from thc commission.
Mr. tntrrnyer - exptcted 90 return
frcm Europe September -, soor after
which me sessions % the comm ttse
are 10 be resumed