New Britain Herald Newspaper, March 22, 1923, Page 12

10190, Steel, personally directing ad- vertising and stock selling cam- | palgns, disposed of more than $20,- 000,000 in L, R, Steel Inc, and its various subsidiaries, As the money poured in new corporations were founded, chief among them being the L. R, Steel Service Corp, which had to do with stock sales; the L. R, Steel Realty Development, handling all leases and real estate owned by ‘the various branches and other interlock- ing corporations both in the United Statés and Canada, Ruled With High Hand, Mr, Steel, his former assistants said, ruled the policies and destinies of the house of Steel with a high hand. Any suggestion frory a suboramate in op- position to Steel's plans for expansion resulted in immediate dismissal, it was said, Chain stores werw purchases at what were alleged to be exorbitant prices; restaurants and cafetarias were opened and run at a loss; a Jarge sum was invested in a coal mine and about $180,000 was spent in ex- ploiting a permanent international ex- position at Niagara Ialls before the enterprise had advanced beyond the blue print stage. Steel also surround- ed himself with high salaried execu- tives and paid high commissions on stock sales in the various departments. Got Thousands Dafty. Stecl's methods were attacked by financial experts and financial publi- cations bt with little apparent of- fect his stock selling organization continued to bring dn thousands ot dollars daily. The first sign of distress so far as the public knew came in January when it was announced tnat Steel had surrendered the presidency of the parent and several subsidiary cor- porations. It was said at that time that he was broken in health and was retiring virtually without a dollar ex- cept his large investment in L. R. Steel stocks. Sales Stopped Feb, 20. A board of control was placed in charge and it was stated that a num- ber of promotions would be dropped and that going concerns would be placed on a sound financial basis, The 'HEAD OF STEEL ING, ! DIES BEFORE PROBE Leonard R. Steel Drops Dead on Train--Was Czar of Business Buffalo, March 22,—Leonard R, Steel, founder of the L. R. Steel Cor- porations, which went into recelver- ship on March 8, died early today on a train en route to Chicago. Mrs, Steel was advised of her husband's death in a telephone message from Toledo, where the body was taken from the train Dies Before Investigation. Steel’s sudden death came on the eve of investigations into the stock selling and other financial methods of his promotions by county and state authorities, Carl Sherman, state attorney general yesterday noti- fied the receivers that he desired to make a thorough examination of the books of the various Steel corpora- tions and District Attorney Guy B.| Moore announced last night that on account of reports of gross extrava- gance in the handling of the $20,- 000,000 invested by 50,000 stock- holders he would join in the inquiry. Federal agents are also in touch with the receivers but have as yet taken no action, Sold $20,000,000 Stock. Starting with a small capital in| s s s e i RELIEVES RHEUMATISM Reliet—blessed relief comes when good hot applications are used. The best and hottest is BEGY’S board however continued in operation, the L, R. Steel Service corp. and the sale of stocks did not stop until Feb- | ruary 20 when Attorney Gen. Shsr-i man acted under the “blue sky” law and the hoard of control entered into| a stipulation to sell no more stock un- til released by the state law depart- The board of control found itselt in financial difficulties within three weeks and on March 8 Iederal Judge John Hazel appointed receivers. Ar investigation in progress since ther MUSTARINE Just rub it on—it won’t blister— Neuritis and neuralgia also—30c—60c —yellow box. ~Best Home Brew Brew some tonight for the whole family—regulate the bowels—put lver and stomach {n fine condition—sleep better, Purely vegetable. 30c package. There's health in every cup of CELERY KING is said to have disclosed a scarcity of quick assets in volume approximat- ing a small fraction of the $20,000,-; 000 invested by stockholders, THREE-PIECE OVERSTUFFED LIVING $l ROOM SUITE in Velour only ........ 39 SPECIAL COTTON MATTRESS OUR SPRING LINOLEUM T ¥ is arriving g —John A. Andrews & Co.— THE BIG FURNITURE STORE 132 MAIN STREET audit it was sald here today at the | recelver's office will not be complet- ed until about April 1, in chain store corporation in 1918 when he conceived the idea of out for himself. ~—advt, agent for North & Judd Mfg. Co, has returned from a business trip. —udvt, church at Torrington last evening was preached by Rev, J. Leo Sullivan of New Britain. h ing of the White army of Everyman's Bible class tomorrow evening. for Saturday afternoons and evenings, wanted at The Big Store. once to Mr. spector and Mrs. who has been ill with pneumonia, is | reported as very much improved. Co.—advt. the Lady Tabs tonight at 8 o'clock in St. Mary's school hall. will follow the meeting. —advt, Steel was born in Middletown, Pa., 1878. He was employed by a branching oy . City Items. Open alleys at the Casino tonight, Thomas E. Salmop, purchasing Gulbransen Player Planos, Morans', The Lenten sermon at St. Irancis’ Rev, TFather Sullivan as been invited to address a gather- Shoe Clerks, both male and female, Apply at Mullaney.—advt. Kenneth Lyon, son, of Medical Iny Waterman Lyon, | Victrolas, Pianvs. C. L. Pierce & There will be a regular meeting of | A social| Victrolas and Pianos, Henry Morans ENGLAND EXCITED OVER INFERIOR AR SERVICE Press Comments at Length Upon Aviation Dept. Debate in Flouse of Lords. AFTER 3P. M. STOCK 15 RAISED 10 $250 (Continued from First Page) RS, market manipulators” asserted ,“as he bad violated an agreement with the stock exchange to keep available a floating supply of Piggly Wiggly stock to meet all trading require- ments, “I was requested suddenly by Mr, Jesse Livermore of New: York over long distance to for that elty and be there Monday morning of last week on & matter which ‘he stated over the phone that he could not discuss. Mr, Saunders London, March 22, (By Associated |long as I live I will not be president mid. Press).~—Tho debate on air defense in|of any company again that has its the house of lords last evening, at-|stock traded in on the New York tracts much notice from. the press, |stock exchange.” most of the morning newspapers giv-| “A razor to my. throat, figuratively ing®it great prominence while some|speaking, is why I suddenly without comment approvingly upon the con-|warning kicked the pegs from under cern voiced by various speakers over| Wall street,” he declared in detalling Great Britain's inferiority in the air.|his fling in the stock market, The newspapers point out that this of Burvival, anxiety does not imply a hostile or| “It was strictly a question gf wheth- suspicious attitude toward France; al-ler I should survive and likewise my though the extreme vulnerability of|business-and the fortunes of my Great Britain to an gttack by French friends or whether I should be ‘licked” air fleet and the great disparity in|and pointed to as the ‘boob’ from the respective alr forces of the two|Tennessee,” nations make comparison inevitable, In a telegram to the New York The conclusion of the commenta:|stock exchange quoted in his state- tors is that there is ample justifica-|ment he chided the “shorts” “for lack tion for uneasiness over the country’s|of fair play and an unwillingness to defenselessness and that the inequality| take their medicine” now that the is too dangerous to be allowed to|tables were turned, $10,000,000 of his continue. Friendship with France it|0Wn money having been jeopardized is pointed out will not bo less sin.|dUring the onslaught on Piggly Wig- cere if Britain's air strength is put|8'Y stock some months back. on an equal footing. Apologizes for Reference. The Chronicle, one of the seéverest| ‘T now apologize in advance for re- critics of the French Ruhrs policy|Vverting to a situation of some months goes father than its contemporaries|back when there was a stupendous when it declares that although there|Grive on this stock to force the price is not British hostility toward France|down. = ‘When it became necessary there is certainly French hostility|!or me to protect the market at much toward Great Britain. It cites the[CO8t to me and others, and yet not “malignant” comments by some of|9ne word. of Investigation was heard the French newspapers the Chronicle | {rom any source and in all fairness to asserts take their cue from ‘prominent|the honor of your exchange and its officlals of the French foreign- office|Members, the siience maintained at “who are abiding force behind the the critical time should be the same short lives of changing French cab- :fdw Wwhen the tables are turned; as I inets.” not at that time ask you for any The Chronicle asks what party in|i¢IP In my trouble, and those who Great Britain will be content to have|>"® NIOW short should be just as game and take their medicine the same as the strength of the British navy one- " eighth of that of France; why there. |} t00K mine,” sald the telegram. Denies Double Crossing. :g::.eg.pply koot oko o, A He denjed reports in New York that The Luther League of the First| Lutheran church will hold a regular| | meeting in the church parlors this! evening. A program will be carried | out under the leadership of George| { Root, and refreshments will be served. | Ukuleles, etc. C. L. Pierce & Co. —advt, | Unity Rebekah lodge will hold its! regular meeting at I. O. O. F. hall| tomorrow night after which there will | be a whist for members and friends. Shoe Clerks, both male and female, | for Saturday afternoons and evenings, | wanted at The Big Store. Apply at once to Mr. Mullaney.—advt. Special Prices on i FLOOR and TABLE LAMPS "'$15.50 Meet me at Sehmarr's for dinner.— The advt. COUCHES and DAY BEDS BEDS in Walnut, Mahogany and White Enamel as low as s | WA E | SRR WHITNEY BABY CARRIAGES he had violated an agreement with the stock exchange to keep avallable a floating supply of stock to ' meet trading requirements. He said he took over the direction of his buying campaign in New York personally and directed it from his office here when a difference arose between him and his New York trading represen- tative, Jesse R. Livermore. The difference he said was chiefly over the charging premiums on stock i e S N hrior to that action he mid M \q 00 or to al r. Now York, March 22.—The New|, lo 0o naq stated that he would York coffee and sugar exchange Will|¢o minate his relationship with the be closed on Good Friday and the'fol- | Memphis man becase of alleged lowing Saturday, it was announced|rumors that Saundérs had criticized today. the manner in which the transactions were being’ conducted but these rumors Saunders declared were dis- proved. ‘Worked at $4 a Week. Saunders, 42, came to Memphis about 20 years ago from Clarksville, Tenn.,, where he had been a grocery clerk, His first job was as a clerk in a village grocery store while he still was in his teens at a salary re- vorted to have been $4 a week. When h ecame here he was employed ag a salesman, latér became a part- Jner in a wholesale grocery firm and tren conceived the idea of the - self service chain of retail stores: system, the first store of which was estab- lished here about seven years ago. Advertisements which appeared in i | Memphis newspapers recenfly in| which class A common . stock was offered to the public on a part pay- ment plan at $55 a share contained these phrases: Flayed Moneyed Interests “Shall the gambler rule? On a high horse he rides. Bluff is his coat of mail and thus shielded is a yellow heart. His helmet is deceit— his spurs clink with treachery and the hoof beats of his horse thunder —Then shall good business flee? Shall it tremble with fear? Shall it be the loot of the speculator?” He said that his advertisements were the special subject @ criticism, he was advised by a Waid Street man, as well as his idea of selling the stock for $56 when it was commanding a much higher figure on the stock ex- change. Mr. Saunders denied a report that e —w, Children need LINONINE Becauseit supplies needed nour- ishment to the run-downsystem and gives new health.and strength with which to fight off winter’s dangers. Delicate chil- dren cat better, sleep sounder, jain in weight and improve in gulth when taking Linonine. 1t is pleasant to take, easily as- similated and does not upset the stomach. Its beneficial oils provide protection against coughs, colds, bronchitis and other diseases of the respiratory organs. Keep Linonine in the house all the time; WINTHROP COUNCIL PARTY. The prize winers at the Winthrop Council card party held last evening in O. U. A. M. hall were: Mrs. Rich- ard MdCollough, Mrs, Charles H. Ed- wards, 'Mrs. Henry W. Flagg, Mrs, Charles A. Bence, A. A, Stanley and James Sleath. as low as and $1.00 Bottles PIMPLY?WELL, DON'TBE le Notice It. Drive Them People w(i)tlla Dr. Edwards’ Olive Tablets A gmply face will not embarrass you longer i t a package of Bru.cfld‘wardl'%fiv‘r’: ablets. The skin should begin to clear after you have taken the tablets a few nights. Cleanse the , bowels and liver with Dr. Edwards’ Olive Tablets, the nm:s;fulmbnit;m fg?,utl:k'?flm‘"' T In| 3 i and just as . it t o?':fim {s gentle and M d;;.])(hve ‘Tablets is cursed with a brown taste, 2 ba a dull, listless, **no good constipation, torpid liver, bad or pimply face. are as low as complaints and Olive Tablets are the tients affficted immensely effective result. Take oneor .fi’ weeky Sshw uch “I arrived Monday morning and called at the office of Mr, Livermore, Shows Copy of Letter “He told me that he had written @ letter on Saturday saying he would do no further trading for my ac- count, a copy of which letter he show- me as, of course, the letter had pass- ed me on the way to New York. “Mr, Livermore gave ag his reason in"his letter ‘for terminating suddenly and without warning his relationship with/ me that he understood that I had made some statements reflecting on his-character and his handling of the market operations for me. B leave . immediately| ¥ Fat That Shows | Soon 21‘.‘”"" Prominent’ 'fat that ‘comes and stan where it s not nesded is & burden, a hin drance to activity, & ourb upon rlnnu off the fat It show druggiste. She- worl 0 wo t! ollar_for & case of order m:: direct Wro! 4613 'Woodward Av., can thus say good-bye to d) and fat, p ORUGS DXCTE " THE KIDNEYS, DRNK WATER it appeared that after .he wrote the|: letter, he changed his mind about thebe reports and had a witness there from Washington who oclajmed to be a partner of Harriman and Co, and that this gentleman was there pre- sumably for the purpose of clarifying and correcting the report that he had tranemitted about me as it was first claimed ' that a certain = banker at ‘Washington had recelved a certain telegram in which it was claimed and signed by me in which references. were made to Mr. Livermore. And in addition thereto " it was claimed that some unknown party has visited Washington, who was supposed to speak as my personal representative (and by the way I knew of no such person) and who also had ‘spread derogatory reports regarding Mr, Liv- ermore. Report Proved Falie “This gentleman from' Washington with Mr. Livermore explained that they had traced these reports a little more fully and that they had' found that in reality no such telegram had been recelved by the Washington banker or-if it had that it would not be produced and the so-called person- al representative of mine referred to could not be positively identified. “So ‘this part of my trip to New York seemed to have been amicably adjusted. pe “I asked Livermore what support- ing orders he had in on my stock and he: replied that he had none as he thought that I was looking after that myself. “I immediately instructed Mr. Liv« ermore to place the supporting claims as he had been in the practice of do- Ing before through my regular brok- ers and he replied with an emphatic no, that he would not do this, and that if I wanted the orders placed to do it myself, which I did. ‘“‘He gave me the impression that he was a little afraid of my financial situation and that he did not care to be involved in any crash should this happen. But of course.this did not happen., . ““Mr. Livermore had told me on several occasions that if 1 would buy enough stock so that he could ab- solutely dominate the market position of the same he could make a big profit for me in handling the trades. Charged a Premium “But Mr. Livermore charged a pre- mium for loaning only one or two days and while it is in accordance with the regular rules of the New York stock exchange I was told by Mr. Livermore that he would after this have to back down from his po- sitign; that he could make money off the shorts by charging them pre- miums on loaning the stock as, he said, the New York stock exchange was & law unto itself, and, while their rule allowed others to charge a pre- mium on stock the stock exchange had objected strenuously to any pre- mium being charged on Piggly "Wig- gly stock and that there was no doubt in his mind, if he charged any premium on stock loaned that my stock would be stricken from the list. “So when I left Mr. Livermore 1 told him that I would handle entirely all buying orders in the future, “I left that same day on the Cen- turn for Chicago and at Albany I was handed a telegram signed by John H. Watkins, 7 Wall street, New York. Asked Explanation The telegram asked Saunders for an explanation of an advertising and efforts to seil stock below the market and other miatters, Saunders said he replied by send- ing a telegram from Syracuse to the New York stock exchange in which a full reply was made, *“The investigation of the New York stock exchange, Saunders continued, ‘“was not justified on any basis and was done purely for the purpose ac- cording to my judgment to unsettle confidence in the market position of my stock and to engender fear in those who were interested in the pub- lic offering my stock as to just what was going to happen. Claims Discourtesy “Therefore when I made a direct answer to the New York stock ex- change in writing and was not given even the courtesy of an acknowledg- ment to my communication and when I had, figuratively speaking, a ‘razor at my throat’ held by the business conduct committee of the New York stock exchange as to what was going to happen the next day, there was wothing left for me to do—except to beat them at their own game apd that was to act quicker than they could TEXTILE MEN AGREE Willing To Have Citizens' Committee Listen To Arguments For and Against Wage Increase. % Fall River, March 22.—The Fall River textile council today torwarded to the Fall River cotton manufactur- ers’ assoclation a letter adopting the suggestion made by the manufacturers that a committee of citizens be pres- ent at the conference tomorrow after- noon for a discussion of the council’s demand for a general wage increase of 16 per cent, James Tansey, president of the tex- tile counell, sald ‘the ¢ommittee of citizens would not participate in any. way in the wage deliberations but would simply listen to the arguments advanced. There’s nothing magic about Herald classified ads—They do what they are supposed to do. Take Salts at First Sign of Bladde Irritation or Backache. The American men and women must guard constantly against kidney trouble bécause we often eat too muck rich food. Our blood is filled with acids which the "kidneys strive to fliter out; they weaken from overs work, become sluggish, the elimina. tive tissues clog and the result is kid« ney trouble, bladder weakness and a general decline in health. . ‘When your kidneys feel like lumps of lead; your back hurts or the urine is cloudy, full of sediment, or you are obliged to seek relief two or three times during the night; if you' suffer with sick headache, or dizsy, nérvous spells,” acid stomach, or if you have rheumatism when the weather is bad, begin drinking lots of good soff water and get from your pharmacist about four ounces of Jad Salts, Take a tablespoonful in a glass of water be- fore breakfast for a few days and your kidneys may then act fine. This'famous salts is made from the acld of grapes and lemon juice, com- bined with lithia, and has been used for years to help flush and stimulate clogged kidneys , to neutralize the aclds in the system so they no longer are a source of irritation, thus often relieving bladder disorders. ° Jad Salts ig inexpensive; cannot in. jure, makes a delightful effervescend lithia-water drink and belongs in every home because nobody can make a mistake by having a good kidney flushing any time. By all means have your physician examine your kidneya at least {wice a year. WOMEN! DYE T " NEW FOR 15¢ i Draperies Ginghams 8tockings Skirts Waists Coats Buy “Diamond Dyes"—no othes kind—and follow the simple direc« tions inevery package. Don't wonder whether you can dye or tint success- fully, because perfect home dyeing is guaranteed with Diamond Dyes even it you have never dyed before. Just tell your druggist whether the ma- terial you wish to dye is wool or silk or whether it is linen, cotton, or mjxed goods. Diamond Dyes never streak, spot, fade, or run. ASPIRIN Say “Bayer” and Insist! Unless you see the name “Bayer' on package or on fablets you are not getting “the genuine Bayer product prescribed by physicians over twenty- 'two years and proved safe by millions . for Headache Lumbago Colds Toothache Earache Rreumatism Neuralgia Pain, Pain ., Accépt “Bayer Tablets of Aspirin” only. Each unbroken package con- tains proper directions. Handy boxes of twelve tablets cost few cents. Drug- gists also sell bottles of 24 and 100. Aspirin is the trade mark of Bayer Manufacture of Monoaceticacidester of Salicylicacid, Y ———r———e————— BALTIMORE - WOMAN'S MESSAGE TO~ MOTHERS At 820 W. Hayward Ave, lves Mra Henry Johnson, who a few weeks ago wrote what may be termed a good message to all mothers. She sald: “I have used Dr. True’s Elixir for more than ten years and know it is good.” She used Dr. True's Elixir, the True Family Laxative and Worm y to rid her childrén of worms. is hardly a child but wifat need ) True's Elixir, for ‘they all usually have worms when _growing up. Mrs. Johnson appreeiates what Dr, True’s Elixie accomplishes. Your chil- dren will be in better health through its use. ¢ Symptoms to watch: Constipation, offensive breath, slow fever, bilious- ness, pains in stomach, red points on tongue, swollen upper lips, starting s