New-York tribune., 1904-10-26
PLAY WITH POWER STOCK
Letter Tells Hoe He and HOGdLey
Made 1t FIuctuGte.

Joeph Letter testified to-day that he and Joseph
HOadley international Power stock up and
down they pleased. He repelled the insinuatlon
that~Power a wildcat stock saying that Wild
cat stocks jumped up % points or SO and then feI
back again. Power only fell three or four points
at time. he declared.
This testimony was In the second trial OF the suit
brought by Mr.. Letter against the brokerage firm
OF Thomas & Post to recover sls,oOO which he
alleges he lost through an unauthorized transac-
tion IN national Power stock. begun yester-
day before Justice Miller and a jury IN the Su-
preme Court The FIRST trial resulted in verdict
for S1T70. which at the request Of Mr.. Letter was
promptly set aside by Justice MacLean.
Mr.. Letter in his complaint. says that on May
/. 1901. Thomas & Post held subject to his order
one thousand shares of International Power stock
and that on May S. without his authorization. they
disposed Of Ave hundred of the shares. BY this
alleged unwarranted transaction. he says. he lost
the $1,000 which he seeks TO recover through the
courts Thomas & Post. in their answer. say that
they disposed Of the i've hundred shares of Inter
national Power stock because Letter failed to re-
spond TO the call for more margins.
Mr.. Letter. who the first witness. said in
reply to inquiries by his counsel, Assistant District
Attorney Rand, that he a coal operator, living
in Chicago At the time he bought the l.O00 shares
4 Post his check for s2sSo5 He then returned to
Chicago Mr.. Letter denied that he receive either
fore. Thomas a Post sold the 900 shares OF Power
stock. IL great surprise TO him to learn that
cIafed
Mr. Letter was cross-exannined by Herbert c.
Smyth. attorney for Thomas q Post as follows:
Odd you not operate largely in international
Power stock in May. 1907 A.-That depends on
Q-Did you handle as many as 100000 shares Of
that sort OF stock? A,-No. Possibly 1900 shares
or 1900 or l6O0. l cannot give details because at
the time was interested in other stocks
Q.-HOu knew more about International Power
then than nyoody else did? Al thought knew
about other persons.
Odd you and Joseph Hoadley and Cyrus Field
Judson form a pool on International Power stock?
Q.-Who controlled and operated the pool? Al
did while l here.
Q.-How much interest had Cyrus Field Judson
in the pool7 A.-His small below one-third
Q.-You and Hoadley controlled it? A-Yes
e-N hat was the pool capitalized at! Al
Q-Is it not fact that you and Hoadley man
ipuRted international Power and made the stock
rise and fall as you pleased? Al guess that's so;
Q--Do you understand what wildcat stock meanS2
Al DO. i IS stock which jumps up % points
Q.-Was not International Power wildcat stock?
A-No; II only fen OF points al time.
P-Dld II not drop on May s, 1901, from GO to 40
points? Al don't think il went down as far
that / did not pay much attention to it on that
Q-You stood 10 lose 5000 or s. 900 that day?
A;2FRst a nat didn't oIr ~ Worry @ me me much :.
the stock went up TO 200? Al told him 1t
Q-what margins did you put upq A-There
was no agreement as to margins staples.
4?t 4?.Bqt you you put up 70 per cent margins on Inter
nalonal Power? A-The S25G00 was part OF the
o,-Don't YOU know that under the Law. notice has
he has 10 serve notice wait a reasonable time.
S-Mhat 40 you consider reasonable time in
SUCH transactions? A.-Forty-eght hours
Odd you know that a panic struck the
marker on May 5 1901 and II was 10 your interest
Al did not secrete myself, but went openly to
Chicago. 1 was sold out on rising market
The trial Will be continued to-day