New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-12

with a letter from Frank A. Nanderlip,
of New York declaring that the banks
suffered loss of about 10000 a year
on out-of-town collections. Mr.. Frew de-
clared he Ibid not wish to criticise' Mr..
Vanderlip.
Mr. Cntermyer was eager TO discover
what Mr.. Frew knew about the attitude
Of New York banks toward demands OF
out-of-town depositors for their money
during the 1907 panic. Mr.. Frew denied
emphaticaIfv that he ever knew of the
New York banks refusing to allow the
country banks to withdraw their funds
Lawrence w. Scudder public account
ant. of Kew York. who prepared tables
! of all transactions in certain stocks or
the New York Stock Exchange at the re-
ouest of the committee. produced a vol
luminous series of tables and diagrams
which, he said, showed the number OF
shares OF stock listed. the number OF
shares sold on the Stock Exchange. the
high and low prices. and the number OF
shares Of stock really transferred on the
| books of the company for large number
Of concerns from 1896 10 date.
On an average. Mr.. Scudder said, the
entire capital stock of the Reading Rail
| road was sold 3o.s times year. and the
! brokers' commissions on transactions IN
Reading over the period amounted to
about 10 per cent of the value Of the
stock.
The table of the United States Steel
CORPORATION showed the capital was sold
on an average Of l-5 times year. the
transfers were about q per cent OF the
shares sold. Amalgamated Copper. ac-
| cordine 60 the table was sold on an
average sos times every year from 1917
| TO date. Union Pacific transfers since last
winter, when the stock books were lost
I'm the Equitable Building fire in New
\ York were 16 per cent OF the sales. Cali
fornia Petroleum, with l05,729 shares
listed. sold 3e2. go shares in one month.
perley Morse. another accountant. said
4 ne had made an investigation OF the so
called Columbus and Hooking Coal and
Iron pool and had secured statements OF
the operations Of $50 or 2oo brokers in
| Hooking.
what we want" said Mr.. Untermyer,
us concrete account of how pool is
manipulated in the stock market
Mr.. Morse said that James r. Keene
was the manager" OF the Hooking pool.
He explained that a pool manager, 10
make market for q certain stock,
would give orders TO some brokers to buy
and 10 some to sell. If buying orders
were heavier. the movement was to force
the market up. If selling orders were
| heavier. the movement was toward a
lower price.
| A CODY Of TIE Hooking pool agreement
Nas nut into the record, showing the al
,o,ros,t ~ shares 10 be secured by each
member of the pool
The witness traced the sales and pur-
cbases of Hooking stock from March, 1902
wben Il was at 20, up TO January TO- 1870
when II was above 80. At that point he
said q short sale, 1t was claimed, broke
che nool and In one day the stock dropped
hock 20 20 and finally disappeared en-
tirely
Mr. Irntermyer brought out that under
the rules OF the Stock Exchange that in
stitu,ion mad the power to investigate the
tIocking pool. He declared he never
knew OF any one being punished for the
stock manipulations incident to the pool
The witness was unable to say how
much stock was sold 10 the public because
Of the activity OF the stock as a result
of the pool manipulations. He was asked
IN prepare a statement OF the detailed
sales OF the stock by each OF the broker
age houses I'm the pool.