Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1912-12-12
Men Of Big Business, Sum
moned as Witnesses in
Money Trust Investigation,
Want to Get Back to Work,
COPPER OUTPUT is
SUBJECT OF INQUIRY
Pool Headed by Late H, H.
Rogers and William Rocke-
feIIer Controlled Market by
Limiting Sales of Product,

tBy Morning journal Special Leased Wire
Washington, Dec. 1l.-An iratf
group of New York bankers and
brokers surrounded Samuel untermyer
counsel for the banking and currency
committee of the house. when the
committee adjourned its money
trust hearing late today and de-
manded that they either be excused OF
placed on the stand at once.
The New York men have been in
Washington since Monday and they
were told tonight by Mr. Untermyer
that they would have to wait their
turns for examination. In the group
waiting to testify were Rudolph A.
Keppler. former president and mem
Der of the law committee of the New
York stock exchange, George w. Ely,
secretary of the exchange; FRANK
Sturgis and John G. Milburn, of
lowing brokers':
Walter Taylor, Henry X. Pomeroy,
Samuel r.. STREET. p. j. Goodhart, G.
w. Turner, John II. Griesel and
Henry Content.
John Ashergen president of the
New York Produce exchange. Is also
waiting examination. These men said
business and personal matters of
great importance demanded their
presence in New York and they OBJ
iected strenuously to being held here
while Mr.. Untermyer developed his
line of examination. Mr. Cntermyer
said he had told each witness as near
" as possible when he would be call
cd and had asked them to arrange
the matter.
At the hearing today. the with
holding OF vast amounts OF copper
from the market during 1907, was
discussed in connection with STOCK
market transactions in Anna lgamated
Copper stock by Tobias Wolfson, as
sstant manager of the United Metals
of 1909 was discussed by PerleN
Morse, a public accountant, who went
over the books of the companies en-
gagged in the pool.
Mr. Wolfson testified that from
April to October 1907. his company
of which II. II. Rogers and William
Rockefeller were members, accumu-
lated vast holdings of copper. The
market price, he said, was rs cents a
pound, bat the sales during that time
amounted to about a35,000 pounds as
against / 100000 in March OF that
wear. Mr.. Wolfson said his company
held the metal back to sell because
it would have forced the market
down and embarrassed the producing
The United states Selling
Company advanced money on the
metal to the producing companies that
wished to sell through it. His COM
pany, he added, was finally forced
TO dump the metal on the market IN
October of that year.
During all this time the price ot
Copper in the stock
market was held up by the price or
the metal was il not?' asked Mr.
II can't say. ! don't know anything
about the stock market" answered
Mr. Wolfson.
Mr. Untermyer produced the rec
ord Of operations in Amalgamated
stock. from 1900 to date to show that
there was great activity in the pur-
chase of the stock for u year prior TO
March, 1907. At that time when the
metal was being held. he said great
quantities Of the stock were sold on
the exchange evidently from the ac-
Of former purchases be-
spite sales of 2.l4T,005 shares IN
march Of that year. the prirc "hlch
had been 121. was maintained there
after during the period the copper
metal was held. until when the metal
was released in October, the STOCK
lrOpDed to Sc.