Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1912-12-12
Iraie Bankers and Brokers
Demand an Early Hearing.
Inside Facts as 10 How The
Copper Market Is Handled.
Tariff Revision Hearing Daies.-Pres.
Taft Starts, Dec. i9, for Panama.

Washington, Dec. 11.-An irate
group of New York bankers and
brokers surrounded Samuel Untermy-
er, counsel for the banking and cur
rency committee of the House, when
the committee adjourned its Money
trust hearing, late today. and de-
manded that they be either excused OF
placed on the stand at once. The New
York men have been in Washington.
since Monday, and they were told. to-
night, by Mr.. Untermyer that they
would have to await their turns for
examination.
In the group waiting to testify vera
Rudolph A. Keppler, former president
and member of the law committee OF
the New York Stock Exchange; George
w. Ely, secretary of the Exchange.
Frank Sturgis and John G. Millburn
of counsel for the Exchange and 10
brokers; Walter Taylor, Henry X.
Pomroy, Samuel F. STREET, P. j. Good
heart, c. w. Turner, John H. Griesl
and Henry Content. John Aspegren,
president of sthe New York Produce
Exchange, is also awaiting examina-
ton.
These men declared that business
and personal matter of great import
ance demanded their presence in New
York and they objected strenuously to
being held while Mr.. Untermyer de-
veloped his line of examination. Mr..
untermyer insisted that he told each
witness as nearly as possible when he
would be called and had asked them
to arrange the matter
start win be made, tomorrow, on
this list of witnesses, following the
beginning. today, of the investigation
of the operation of the New York
Stock Exchange. Two specific incl
dents furnished the basis of the DAYS
examination, after general statistics
showing the detail of operations in IA
leading Stock Exchange securities,
during the past seven years, had been
placed in the record. The Withholding
OF vast amounts of copper metal from
the market, during 1901, was discussed
in connection with stock market
transactions in Amalgamated Copper
stock by Tobias Wolfson. assistant
manager of the United Metals Selling
Co, and the Hooking Pool of 1899 was
discussed by Perley Morse a public
accountant, who went over the books
or the companies engaged in the pool.
Mr.. Wilson testified that. during the
months from April to October 1907.
his company, of which II. H. Rogers
and William Rockefeller We're mem
beers. accumulated vast holdings of
copper metal The market price. he
said, was rs cents a pound but the
sales, during that time, amounted TO
only about $4,000 pounds, as against
n,S62,0oo pounds in March of that year
Mr. Wolfsen said his company held
the metal because to have sold it
would have forced hte price down a nd
embarrassed the producing companies
Tor which, he said, the United Selling
GO. advanced money on the metal to
the companies who wished to sell
through it. His company, he added,
was finally forced to dump the metal
on the market, in October of that
year, when the price dropped To IL
cents. In that month the United Sell
ing Co. sold 93,000000 pounds Of metal
During all this time the price Of
Amaigamated Copper in the Stock
Market was held up by the price OF
the metal, was it not2" asked Mr.. I'm.
termyer
i can't say. don't know any
thing about the Stock Market" an
swered Mr.. Wolfson.
Mr. Untermyer produced the rec