New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-12
Wall Street Men Angry at Be-
ina Kept in Washington as
Money Trust Witnesses.
FAIL TO MOVE COMMITTEE
Investigators Take Up New
York Stock Exchange Opera
tions, Beginning with Cop
per and Hooking Pool.
rFrom rhe rribune Bureau.l

vestisating committee, was the suoJect VI
heated comment at an impromptu ihdis-
nation meeting held by New YORK s'ocA
brokers and members OF the Stock hA-
,bsnge after to-day's session of the COM
n,,ttee The stock dealers emphatically
resented the determination Of the commit
tee and its counsel TO keep them in Wash
irgton from day to day while they are
awaiting the call to the witness stand
When adjournment was taken Iate Vo'
dav, after tedious examination OF TOUT
of the twenty-odd witnesses present
delegation Of New York Stock EXCHANGE
mon. headed BY James B. Mabon' presl-
dent: George W. Ely, secretary anu
Frank sturgis. counsel sought out MI
t-ntermyer and demanded to know Wheh
they would be permitted 20 take the VIII
ness stand.
Mr.. Untermyer was not positive ana
the New Workers reminded the cher IN
ouisltor for the money trust commit
tee that they were busy men, that STOCKS
we're nuctuating in New York. and that
their presence was desired al their re-
spective Offices. Why, they deHlanueu'
could not Mr.. Untermyer excuse thein
until such time as he was READY 10 put
them on the witness stand forthwith!
The money trust" counsel gave the
protesting brokers no satisfaction anu
Chairman Pujo proved equally unsatis.
factory. Thereupon more than dozen OF
the prospective witnesses retired to 1ar
corner NJ the committee room and eN-
changed opinions concerning the manner
{, which tbe money trust" probe was be-
ing conducted. Mr.. Untermyer's ears prop
ab1, burned. but he was unruffied ana
stood pat.
Want To Be Here Tomorrow.
The subp1nas under which the WIZ
nesses have been brought to Washington
require them to be in constant attendance
on the committee. and the brokers anu
bankers assert this is most inconsluer-
ate and embarrassing requirement Inc
Wall street contingent expressed an espe-
cial desire TO be in New York on FRIDAY
for some unknown reason, but Mr.. uhter-
mver was unTelentng and the WITNESSES
viii continue to cool their heels and NUT
ter under their breaths
Among those who privately expressed
heated criticism OF Mr.. Untermyers
co,,rso were the three officials of the Stock
Exchange and r. A. Keppler, Of the law
committee Of the exchange; Walter Tay-
lor. c. w. Turner John II. Drissell, Harry
content. samuel f. STREET. \, A. Good
hart and II. $. Martin. all identified with
the exchange.
Two specific incidents furnished the
basis Of to-days examination, AFTER gen
eral statistics showing the details OF
operations in fourteen leading Stock EK-
change securities during the last seven
wears had been placed OH the record
The Withholding OF vast amounts or cop
per metal from the market during 1897
was discussed in connection with stock
market transactions in Amalga mated
Copper stock by Tobias Wolfson assist
an, manager OF the United Metals Sell
ing Company, and the Hooking pool OF
1909 was discussed by Perley Morse,
public accountant, who went over the
hooks of the companies engaged in the
pool.
Mr. Wolfson testified that during The
rontbs from April TO October, 1907, his
comnanv. of which II. III Rogers and
william Rockefeller were members ac-
cumulated great holdings Of copper metal
rho market price. he said. was p cents
a mound. but the sales during that tim
amounted to only about sS'w POUNDS
against 1852. 900 pounds in Mareh OF that
year.
Mr.. wolfson said his company heiG the
metal because to have sold IL wouio nave
forced the price down and embarrassed
the producing companies, for which, ne
said the United Selling Company ad-
,anced money on the metal TO those who
wished 10 sell through IT, His company
he added. was finally forced to dump the
metal on the market In October OF that
wear. when the price dropped to 10 cents
In that month the United Selling Com
n.oy so,d % 100000 pounds OF metal.
.Durins all this time the price OF Anal
ssmated Copper In the stock market was
held I'D BY the price OF the metal was IL
not?" asked Mr.. Untermyer.
II can't say. ! don't know anything
shout the stock market answered MT
Wolfson.
Nr I-ntermyer produced the record oil
oneratlons in Analgamated stock from
1900 10 date TO show that there was great
activity in the purchase OF the stock lot
q wear prior to March, 1901 Al that time
..hen the copper metal was being held
h. said great quantities OF the stock
uare sold on the exchange, evidently
from the Accommodations OF former pur-
Aases. Despite sales of 2,lH,o6 shares
an March 10 OF that year. the price, which
RAD been about 12l, was maintained there
,uer during the period the copper metal
xa. held. until. when the metal was re-
t.ss.d. I'm october, the stock dropped TO
~ Mfr Untermyer tried to get Mr. Wolf
AZ, IN connect these two transactions but
without result.
Ar Wolfson said that at about that
lin. his company controlled the sale Of
40 or so per cent OF the entire copper out
nut Of the country
The pool agreement under which J. NJ
F.,sk & Co manipulated Columbus and
Hacking Valley Coal and Iron stock for
a syndicate of brokers in 1909 was put in
evidence by Perley Morse. The details OF
the Hooking Valley pool, the manipula-
tion of the price from 70 up to 90 the
final drop 20 points, and the disappear
ance Of Hooking from the market. were
described.
Before the committee took up stock ex-
changes Walter e. Frew, chairman OF the
New York Clearing House put into the
record report by the committee on in
land exchange OF the Clearing House
showing the cost Of and the charge for