The evening world., 1912-12-11
STOCK EXPOSURE
SHOWSSHARESSOlD
MANY TIMES OVER
CONTINUED from First Page)
investment--the rest was speculative'"
Jynt.rn,yar aleried

investment--the rest, was speeuiative'"
Untermyer queried.
YES" said scudder.
In September, 1906, he said, 6,33O0D
shares OF Reading stock we're sold. or
over six times the amount Of the rail-
roads capital stock.
Scudder explained that every sale
recorded was included In his figures 30
II a ioo-share block was sold ten times
It would be recorded as a gross sale
Of 1000 shares.
The capital stock Of the heading,
such - was subject TO sale, was sold
ON an average over thirty times ysaz.
EN- 1908 ana 1907, During periods Of
great sOtivity. the price Of the stock
was high ana during low activity II Was
low" he added. "It rose TO eleo 70 olvo
Q share In 1909, and has remained shout
that since. In September, lsoe, The
stook ranged mp sAa aown so,k points"
scudder said the highest sales since
1906 In any year were forty-three uUes
the Readings capital, and the lowest
about twenty times the amount OF &C.
tual stock capital.
The witness then took UP statistics IN
stock transactions sof the Erie Railroad
for the same periods.
The figures showed that 900 shares
OF Erie were listed on the stock Ex-
change.
Returning to the Reading figures.
scuddsr said the brokers' commissions
on a years sales would amount to IN
per cent. of the entire par value and
about 20 per cent. Of the par value Of
Erie. the dealings In Erie being
smaller, however.
The figures on United States Steel
shares were then produced by scud-
der, covering sales from 1905 to date.
The Steel shares listed. he said, aggre-
gated $4,000 common.
In 1906 the figures showed that 23.-
47S.000 shares were sold and only
CISCO transferred on the company's
books. The actual transfers reported
to date were 25 per cent. Of the shares
sold on change.
Scudder said the preferred stocks were
more In invsstors' hands than the COM
mon shares. ...-.-
Taking up his figures on Amalsamated
total capital was i.S,jS.000 shares until
1910 and 10 now l,5so,0o shares. In l4i
the market salss were li,Ssi,0o0 shares,
and In 1906 30, Ss, i36 shares. In January,
1900. the sales were nearly three times
the amount Of capital stock.
"ainos 1901 there hes bssa An avsSAGs
Of eight tunes the capital Transferred
esah year." said the expert. "on March
10, 1907, a,l47,ooo shares were SOLD, or
one and . half times the capital stock
and In one day"
Statistics upon Union Pacific Railroad
stock were then produced. They In
olude only 1911 and 1912 transactions
"since that time / transfers repre-
sent about Is per mt. Of the sales"
said Scudder. at has been sold ever
about eleven and u half umss u yeas
since ls0. or nineteen timos over In
1901. sixteen times In 1907 and 1905; ten
times In 1909, nine times IN 1910; sax
and three-quarter timea In 1911. and
four times over In lSls."
The inquiry then switched 10 Call
fornia Petroleum Company stock. The
statistician produced figures showing
that S6e, 30 shares were sold last Oc-
tober. and only 1Oo,276 actually trans
ferred on the books,
IN Mexican hl xhares, bcudder SAID
2O6.t5o sold the first month, or nearly
twice the listed capital stock.
scudder next ssys his figures on Stool
Exchange transactions In hruoklys
Rapid Transit stock, The listed share,
In 1906 were $4,000, he said. and IN,
highest sales In any one month wsr,
1000 shares. in January, 1906. IN tina
Year this capital was traded In tlftsel
times over, he testified.
In 1918. scudder said, the dealings wsr,
double the capital, In 1895 the transfsr
were sM per cent Of the sales.
1T would indicate the speoulatiy
dealings We're W per cent. OF all deal
ings," the witness observed.
Brock Island" statistics were the'
given. The railroad had 10000 share
listed, the accountant said, and In 100
, the dealings we're A.s62.ooO shares, Onl
! l,l67,000 shares we're actually transferred
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