The sun., 1910-03-17
KEENE HOOKING SOLD AT TOP
HE FORGOT THAT MS BROKERS
MAD GENERAL DISCRETION
To Protect ThemseIVe~ when Hls Line On
Margin Got Toe i.oag He Learned 06
the sale Only the Other DaS Pools
Temporar, AerosIaIic Gonditisn.


LAPS. on January ~ and the day before
his brokers. acting under an old agree
m.nt that they could 'Is.. his stock a. they
saw M. sold about I.OOO shares ~ Hooking
and delivered his shar's out ~ total of
i65O shares they were carving for him.
OF which q Io shares b-Iong ged to the pool.
g. knew nothing about IT, b" s,,li until
February ~ ~" 4: ysaft rLis a.-t eNITn'-
nation befor" Cunmisaon'T NJ, N.ra.T
Ralph Wolf. c"r.r-' for Rec lv"r Ernst
81 IN. FiSkn finn. who bed b.tUrr him
th. record oI th" k''I, tr~rsactious
fIrn l-h..d bv hs brokers. Popprr 4 Storm
-Iarh said u showed that IN" stock WAS
soli for ~; SSard ~ .p.! sd NJ h 'Es
IL h hliut map.' 'ps'vp o.S 1t thl
transactior Mr. k'"n"'s cnGns. !! Edmund
I. Mooney. objected - NJ" QUESTION.
abd H.. didn Z hEvc 10 answer
~ K.- ~. who hid nc"n kep' IN his
= oorn hv Iiu, ~ until yDst rday, looked
pal. and thar nd - on" stage Of tbs
examination y,st ,riav h.. sari that his
head WIS Tainrng him ana got his hook-
k."I.r To answ' Z questions relating 10
his h0oks Al aijournm"nt for week
S.is taken after the examination 20 permit
Mr. ko-.n- 10 go tn th" country aud rest
AIr ka.n- was asked first whether the
pool members felt that they had no right
To ssil any Hooking stock on their own
account and what his own opinion was
on that point
I suppose they had a legal right %
sell. but | don't think they had a moral
n iRht h- SAID IL was HIS intention not
to sell anv Of his pool stock and he sup
posed the other members understood IL
! tn. same way
Iwant you 10 tell me yes or no. whether
, the members had right To sell, said
Mr. Wolf
I think they wouldn T : said Mr.. Keens.
Didn't you cay you Wouldn't
4 don't think 20. because they knew
a. a matter II fact that ! wouldn't"
Has any Of your pool stock been sold?-
i suppose a portion of 1t has h~sn de-
livered'
I asked you Il IL had been Sold said
Mr. W IT,
I don't know I've been told that it
has been disposed of for my brokers own
account
Haven't you bsen told that m January
~ and 10 your stock was used To make
snort saless-
! L was told on February - that it
had been used 20 cover sales without
nv consent or without nv know ledge
! vas 30 astonished and dumfounded that
| didnJ 90 into the extent oi the sales
You must have been Uold how much
Was sold weren't you:'
know that on February n my broker
informed me ot ~ when ! was pr~ssei
by YOU for "A statement of every kind %
transaction He said I've used SOME
u your stock m delivering stock We sold
on our o~n account I suppose tbs
brok -rs must have -oii short
Did they tell you they had used your
stuck eyclSiv-ly:-
No
After Mr. Ka-na's counsel had Ob jectsi
tO the question az 10 whsther hs hadn':
ma,i. Sso oso out "f this sale 10y his brokers
10 said. I Was told that -"rue rf ~ had
b--n faii.-d "n
-Mhv acre y"U - asst. ..nieis'
L was astoundcd h--Cau-. gave ~
orders " look 81 90 N. on 10. first hlIsh
A. Il they had done a very N Iurio,is thing
=" me hut when they referred ~ tu"ir
righta ant saii tL,v wsr- Al liberty a.
All time. e., f,... at,y st,c, If nv op n for
their own purpose or for the purpos.'
., any other custou..r. realized mat
&. h,l, 4, as ions. IN . very ,pi,id,ci,,,
and imoy,p.r manner tb.v - ere wtth,n
,b.,r nights
-on a bat did they b... ,b..,r ,,,b,.-
-On . verbal a.r....rp..p, ar uu.I,r.
standing mad. Nv. wears Ago m my
90. Ihs firm had tb,. r,yIt 20 -.iI to,
,h,.,us.ly..s or any customer a ho cam. in
s,oc. ,ha, ,bev bapc.,ed % n. carrv,p,
,,r me u,,h this r.s.rvatiop tina, on ,Sar.
,v.,our hour. no,,c. and ON the payr,ent
- wba, ovrsd I so,,Id call Tor ,h. &c..
They said ,b. reason they INSISTED ON
.uch An a1ream.p, was thai th.v had
h.,.,, ,sngh, 10, M, sno,r,o,,. .,,n, an ,h.
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