The evening world. [volume] (New York, N.Y.) 1887-1931, 1908-10-20

HSSLEI VI CLES
the stock when it went to 30 and yo,
wanted to sell? A. No. l was under NJ
physical restraint.
Stimson Makes a Point.
But you did ask Mr.. Morse to sci
! and he refused?" put in Mr.. Stimson.
1t amounted to that" admitted the
witness
Q. What were his exact words a:
you recall? A. He said to me Il will
no.
Y. Yet you owned the stock? A. Yes
q. And you permitted Mr.. Morse tc
use that language to you and to follow
his own will in the matter? A. Yes.
Mr.. Stimson forced Mr.. Oler to admit
that of the SAG 900 of assets of the
Ice Company in 1895 more than $4,000
geo was made up of good will. water
rights and patent rights. Only three
quarterly dividends We're ever declared
these being paid in 1901. No dividend
had been paid for four years before by
the American Ice Company. which the
American Ice Securities Company had
meanwhile absorbed. but the, year of the
combination IL suddenly bloomed out
with per cent. dividend.
You haven't tried, have YOU" asked
Mr. MacFarlnne, TO give Mr.. Morse S
exact language IN telling of his re-
marks at the time you wanted to sell
out at 80 and he wanted to hold for
10? Ism; II possible YOU put diff
s ferent construction on his words from
what he really meant
Well began Mr. Oler. III l hadn't
thought the bank really -owned"--
He, got no further. Up leaped Mr.
MacFarlane, wildly protesting that the
witness was not answering his ques-
ton. Stinson fought TO have Oler com
plete his hAlf-begun sentence but the
Judge ruled 1t out.
Mrxau R5cL ~ c+,n.i
Special Examiner Edwin Money. of
the Department o. Justice. WHO testi
ned ct length last week, was recalled
by Mr.. Stimson Mickey produced the
accounts OF John Wallace & Co.
brokers'. With Morse in the years 1905
The account showed that John F.
CAROLS purchase of Ice in the sue
eeessfu! nrst pool was guaranteed by
Morse 1t was in the second poo.
which Morse did not guarantee that
carroll. along with all the rest OF the
syndicate, got SO BADLY gated Wallace
& Co. had also been instructed to guar
aniee the Charles +. Barney purchase
One after another Moxey unfoldel
accounts with various brokers showing
that Morse. the kindly patron saint of
the tirst Ice pool. guaranteed practical
~ al! The purchases in the deal wherein
Carroll. Barney, Schwao, Gates. Oler.
Isaac Guggenheimer ana the rest drew
down fat checks without the actual
riskins of any real money to gain
them In most instances the accounts
We're carried openly in the name of c.
W. Morse.
Record sheets of the various brokers
from June to October. 1906. listing the
daily operations ard containing the ac-
counts controlled by Morse showed that
he generally bought more than he sold
On some days the sales exactly bal
anced the purchases, the inference be-
Ing that washed sales" We're being
conducted
Dealings in lice"
After the noon recess the witness
went into the dealings of Morse and
his associates from October, 1905 on
into 1906. As rule purchases in No
yember and December We're 90 per cent,
larger than sales The value OF specu-
lation showed steady increase after
December. For January, 1906, sales
ran much heavier than in the proceed
ing months, the totals being 49, 100
shares sold and $3.50 bought. on some
days one broker would buy 40 shares
on Morse's order and sell 500 shares at
me same pi!ye. In February, the
on March 20 the Morse crowd-or
Morse To- be eNact-was credited by hi.
various brokers with dealing in 80, 500
Yet the stock Exchange records for
that DAY showed total of only 81 30
sHdrcs dealt in. Totals for March were:
/ Purchases $500. sales sg.2Sl, showing
that lie sold 4Sl more shares than he
bought. Stock Exchange figures for
the month showed l1S.0H transactions,
whereas TIE ostens!ole total for Morse
alone was 1850
Aprll's figures on the Morse pool
were 10000 bouGE; and l4j. 100 sold, be-
ing a net change of only 200 shares in
In April Morse's commissions to his
brokers rockers, must have amounted TO $500
amounted to almost nothing.
In the report Of his testimony yester-
gay ,Ipan r, Carroll was quoted as fav-
ing Kuhn, Loeb & co. were his brokers'
His brokers were Loeb & co.
/ Traces Progress of Pools,
I Mr. MoNey finished his reading Of
ne stand moro than three hours. lie
had traced the progress OF the two pools
through 10 pct. ST. 1871, after the fnal
collapse mad occurred and after the
men who prorted Ia Morscs first syn
d.cate had lost their mill uns or their
hundreds q thousands apiece in the sec
ond Inc lEuTes for the last year we're
Chases were 800 and sale, 2 500 With
",hp traded In on the .&yhaugc Feb
luarNi 500 bought, l@" sold and 2,07s
recorded ON the exchange March. $500
bought. 100 sold. a,3i5 on the exchange.
Apl a.3, bought 1000 sold, ASA on
me exchange. May |1 bought, >1n sold.
lought 100 sold lpea on the exchange.
July, la.p bought iu sold, with 3lI5
trades recorded on the exchange Sep
lcinter none bought 3Jl sold exchange
ldid Siv, o''2ossr o" bought 1880
over the objections Of the defense all
lhetr hElr"s were made Il part of the
The Go'crnmont hen introduced
Thomas st1fEie former Fire Commits
.h'I Hna al pIesent of The Cantinenlal