The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1912-12-14
DO NOT REVEAL THE
METHODS EMPLOYED
Pools Are No Longer Form
Cd 70 Advance or Depress
Stocks Because OF the
Danger of Members Sell
ing Each Other Out-The
Hearing ! Adjourned I'm
til Monday.

waahinrton. r,ec la-+ntauiruia
finn" ur abrrf sHies nn ere New fcfA
stock eNrhanma aa FORM uf thN
aambIlnn mflhuds al stock cEchanse
hrokrfa formed fne haFir rl ihe beer
nn before fhe monef trnHf committee
~ tna huuae rhe nrst W@eh a tan
hrarinra wuH completed aud aalaufh+
meat nkrn unui MondaI
Ffnnk 81 sturels farmcr president
81 the Nrh Vorh eHchange une aEain
a vatfnnnn ana sala that sahort HelhnE
81 matter which rterN indit'aaal
muat aafile with ha 0un ccuFrlenre-
Mr Rtfueia and Rudolph heHf ler
nufa members of tHe vaveTnfnH e'arA
af fhe exchange admitted some onora-
ti1na on taf STOCK exchause melualnf
nanlpuiatian and short atiuna were
of q ramhiinr nature tut Attorrel
lfnfnnmvnr gor tfe rummiftre. faiie4
"a aacnre from them description ~
fha mafhods employed in adtaugiug ar
aenfcsNiaE stocks.
Harry Content. 3 broker said pools
aFu ne longer formed lecauae their
s dan4ef of mnmhers aeiHng each
ether QUE aua insfead are big erorh-
f8Fs worked Individually
GeofHf Al Fiei8 viee prtNiaeut of
Sac NaW York nank Aota Cows any.
testified fhat chs New York eachanEe
ruled ere Nofh 81 SIS ramFant on thc
nrrharNes ste& Ae1 tNnI fhat lhe
Nlth of tH6 wafk 10 the exenanne of
fhe stocks uar douo b. tse American
nank Nufr Company fIe said the eN-
change refused tn iiEt bonds af New
Vorh citv and the state or Rhode
Island. which hls company engraved
AZ sturKis was Ird ny Counsel Un-
fsrnvfr. Tor tha committee through "a
lengthy discussion 81 IRE moral aspect
~ anaort sales or sales of stock which
the SELLER does not possess He ad-
mitted that personally De- believed 'the
marai oblouuv of Hurh transactions
overcome auN argument iu See favor.
NOT ENGAGED lN REFORMING.
Il is not PERT ~ ms duty Co urge
moral reforms upon the cor munity
raid SIR EfurwH He took tHe same
stand an to aniruiaUou' ~ stock tU
e higher or lower Bowel bg cross- -saisa
and purchases. deciarInH traf che cx-
change a. Hlca did NOT recognize such
transactions
SIR sfurRis held that the "duty ~
fha stock exchange toward ire public
ia only a. zee that TfnFtr place IH
maintained far buying ana selling ana
that proper restrictions are observed
on the question of short aaieE. Mf.
rufermyer asked
ha mnfter ~ fact short selling
"a lust EambNnH pure and aimrIer"
'Yos. very hraeIy that" replied Afr
Ttlrgis.
1Ir KenrIcr. uao followed Mr sf1r-
glr On the stand. declared thnf "mrn-
ipulation~ war perfectly prsrsr 81 Iouv
aa BE- wac leFIumalrv cor furted. tha
'eommissionh were r1fH. and there
waa no collision.
uo you sFrer win enc conclusion
r. The WuEhen comm lesion thnf q
HutHianf.al part uf tfa lrHusagtianf au
ne .iarf rFrHHnHrs ore gambling
nskei Wr rrfermrsr.
would HaN faHf some transactions
rn the Hfcrs aTrHHnHHe Hra somewhat
~ g EamhiIuE nature answered Nr.
kernier
AMOUNT o. BUSINESS DONE.
three uemHeFs ~ ere committee
were e. HAND when fhs session Pei.
ran.
Mr uuterwvrr rrHearoraf fr Frau
from Mr surr a. estimate 81 fra
amount af buHnHsa zone sn fr. E.e.
Nafk sfnra eN.rHHra HHr#rHr H.f a4e
unturensarul Tho lawyer re.F fr4H.
fse anHweFu furnished Hr fr. .r-tr-..
- Questions go EF# Hughes .rmH.Hs.
Hnn an oafimat. rf rasr8r Hra#raaa
am1untins ta fHat1.ra 600 share. sf
tcanuuusf oa FaEa rvel