The Birmingham age-herald., 1912-12-12
BANKERS BECOME IMPATIENT ID TALK BEFORE COMMITTEE Demand That They Either Be Placed on Stand or
 Excused TRANSACTIONS IN
 COPPER ARE SHOWN Withholding of Vast Amounts of Cop per Metal from the Market in 1907 Discussed by Wolfson.
 Details of Pool

Washington, December n-An irate group of New York bankers and brokers surrounded Samuel Untermeyer, coun- gel for the banking and currency committee of the House, when the com mittee adjourned it's money trust" hearing late today and demanded that they be either excused or placed on the stand.
 The New York men have been In Washington since Monday and they were told tonight by Mr. Untermeyer that for examination.
 In the group waiting to testify were Rudolph A. Keppler, former president and member of the law committee of the -SNew York stock exchange; George w. Ely. secretary of the exchange; Frank Sturgis and John c. Millburn of coun- sel for the exchange. and John Aspe- Sren. president of the New York produce exchange, ....+...
 8s Object to Being Held
 These men declared that business and personal matters Of great importance demanded their presence in New York Nf- held while MT. Untermeyer developed his line of eyamlnation. MT. Untermeyer insisted that he had told each witness as nearly as possible when he would be called and has asked them to ar range the matter.
 start will be made tomorrow on this list of witnesses following the beginning today of the investigations of the oper- aa.- t,.T-. .ISs1rt Two specific incidents furnished the ba- sis for the days examinations. after general statistics showing details of op- erations in fourteen leading stock ex- change securities during the past seven years had been placed in the record The withholding of vast amounts or copper metal from the market during 1907 was discussed in connection With stock market transactions in Amalga- '~mated Copper stock by Tobias Wolfson assistant manager of the United Metals Selling company and the Hooking pool of 1909 was discussed by Periey Morse & public accountant. who went over tne books of the companies engaged In tle pool.
 Mr. Wolfson testined that during the months from April to October, 1907. his company of which II. H. Rogers ana William Rockefeller were members ae- c,lnulated vast holdings of copper methh The market price he said, was D cehts 8 pound, but the sales during that tiiae amounted to only about &5,oOo ponnus as against Il, ,s62, 600 pounds in March or that year.
 Company Held Metal
 Mr wolfson said that his company held the metal because to have sold It would have forced the price down and .mha rrassed the producing companies Tor which he said, the United Metal Selling company 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 nrice dropped to 13 cents. In that month inc United Selling company sold 9S,OOOoOo pounds of metal.
 "Durirg all this time the price of Amaleamated Copper in the stock market was held up by the price of the metal, wasn't it?' asked MT Untermeyer
 ..I can't say I can't say anything about the stock market" answered MT Won- son.
 MT. untermeyer produced the record of operations in Amalgamated stock from 1900 to date to show that there was great activity in the purchase of the stock Tor . year prior to March, 1907.
 At that time when the copper metal vas being held, he said, great quantities of the stock were sold on the exchange evidently from the accumulations of for rner purchases. Despite sales of 2.14l.oo5 shares on March 15, of that year, the price, which had been about 12l, was maintained thereafter during the period the copper metal was held, until. when the metal was released in october. the stock dropped to 56. Mir. Untermeyer en- deavored to get Mir Wolfson to connect these two transactions. but without re- suit
 MT. wolfson said that at about that time his company controlled the sale of about 50 or 60 per cent of the entire copper output of the country.
 The pool agreement under which J. M Fisk & Co manipulated Columbus and Hooking Valley coal and iron stock for the syndicate of brokers in 1909 was put in evidence today bmfy Perley Morse. The details of the Hooking Valley pool, the manipulation Of the price from 2a ,ip to 90, the final drop to two points and the disappearance of Hooking from the urac deecrihed