The daily banner. (Cambridge, Md.) 1897-2008, 1912-12-19
new YORK GEL
NATIONS CA$H
Great Sums Lent by Coui|"y
Banks in Street. |
ATTRACTED BY HIGH RATE
Money Trust Witness Says or
Town Deposits Have Reached 8
600 600. - I

Town Deposits Have heacne5
100000. r
Washington, Dec. 18.-Attracti9 Mt
money from small banks throug 10
the country to New York when For
money market showed high rat or.a
loans was taken up by the NIT.
money trust" Investigating cor!
Tee. fent-
). b. Nl'en, III aoooun'a" that
ed mass of statistics showing !, in
country" banks had on deposit ru ct
thirty-two New York banks and I .nd
companies on NV %'A''Voo'Oov'ange
III aooltloh nau ient W Sun 4me,
SECURITIES S@4o'4oo'ooo. a. nc ligh.
ne saio' lne nione' ne' said
on july l. Win inoney oHs'' 10 O28,-
the country banks had only Sal,
900 out in stock exchange loans. that
The statement showed, he said,
1905 country banks maintained own
counts in New York. The out-of-t in
oahhs, lie saio' hau %''A'''o'1'oN. de-
capital and surplus. Their averageeoo !.
posts in New York were about
100000. rho
Ni'en coh'enueu ',a1 - nan I'd to
noAey III NC" Aoi 'n"' " re-
s'o.n p -, rect
ieasea NY cutting oo"h wan of
speculation, there would be uuwar III o
$350,0O0,0O0 made available for
! general needs of the country. N.w
freaerlck ne"isonh' VI .ne 10Th
iofA oanhihs III IL VI He put
efs' ueeiueu " "ne"oA ded
" ILL Wy INC piooo'' anu 'us suit
al ineiueh' "iiioa LII the
| in Mr.. Lewisohn being reported to ha.
nouse as ieo"ioiti ait "i'n' "1t of
ing hailed before the supreme couI, ,,n
the District of Columbia to be
| ished. "a
NIL He"isonn o"oseo day
!ouihihei' y, 'n0 pi'D1' VIZ JADE
Ny ieiuslhs " i0'ea. 'ne Pc
on the fotation of the California, hv
troleum company by his firm, ant =.
| William Solomon & Co. and HalT1th .
ten & Co., the three firms forming
| syndicate to float the concern. ~,
Lewisohn produced copy of ,iob
eynoicd.e asien' uuoi iolo-
Hallgarten &, Co. and William sors
mon & Co.,. as syndicate manag,ia
handled the stock of the Califo .a
Petroleum company. He also urod1 ; ~
s'a.enien. "ooa' eei co." sac.
| distributed the interest in the tran
ton. ,,,a,
| 1, tor NJ
iou nave ne'i'a'eu' .o SAINT
tee, ITO tell the committee how M ~
of this stock listed on the excha
was a profit to yourself and your
sociates. Do you regard that as ytho
private business?" YES" replied
witness. -
"But do you think that the -py
ought to know how much of as Z
listed on the exchange represent@
profit of brokers and interR sT6
y - hem-s,,,, ...A-er.44.ats M =
)llce 81 the property to the veha
Lewisohn said he thought such knB@l
edge might benefit the investing pub
lie.
J. F. Peter, of Lewisohn Brothers
tes..ied that he assisted In conduct
ing stock market operations in Cali
fornia Petroleum.
You arranged your sales and pur
chases to fit the situation as to wheth
er the public came in or not. isn't
that it," suggested Untermyer. no
we sold it as there was a demand fol
| it on the part Of the public replied
Peter.
You gave out buying orders to sup
port the MARKET" YES"
and GU gave selling orders to gel
| rid of the stock?" YES"
Peter testified that the stock was
sold when delivered" on the curb be
fore it was listed on the New Yorl
stock exchange. The first day on the
exchange it was quoted at Sc, and
within the next month the capita
stock was sold three and one-hal1
| times over.