Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1913-09-30
SULzER STOCK
DEALINGS
SHOWN
MEL WILLIE B. FULLER, STOCK BROKER
ON WITNESS STAND IN lihpEACH.
MENT TRIAL TODAY OPENS BOOKS
AND SHOWS DETAILS OF GOV.
ERNORS TRANSACTIONS.
ENTRIES CHANGED
BEFORE INAUGURATION

1kI
4 Albany, Sept 30,-Mrs. William
Sulzer had borrowed money from the
Carnegie Trust company of New York
and it was to aid her in her tinancial
difficulties that the governor borrow
ed from the stock exchange firm ol
Harris and Fuller. This was the eX
PLANTATION which Melville B. Fuller
head of the firm, a witness today al
the impeachment trial, said the gov
ernor made to him.
The books of the stock exchange
firm of Harris and Fuller with whom
Governor Sulzer dealt for three years
were changed two days before his in
auguration, so that it appeared in
stead of his account being specula-
/ tive one, the firm had merely loaned
the governor money, according to evi-
dence adduced at his impeachment
trial today.
Melville B. Fuller, head of the firm,
produced the books, testified that
cross entry had been made in the
governors account under date of Dec.
! 80, 1912, showing that the firm had
| loaned him $4,000 or the debit bal
ance against the account on previous
stock transactions. These dated back
to early in 1910 and there was put in
to evidence letters showing that dur.
1,n1 tod
" called on the governor for more
margin because of the steady decline
of the stocks involved in the account.
Some of the securities Mr.. Sulzer had
bought through the firm, others he
had deposited as margin against those
he had bought, and at the same time
had borrowed money on them, His to-
tai borrowings, including the 100000
debited against him in the "cross en-
try" transaction, amounted to $780,
900. according to the books.
The "cross entry" was made. Fuller
testified, because his partner thought
'it would not be wise to have stock
floating around the street III Govern
or Suffers name
otherwise, as is frequently the case
in margin accounts. the stock might
find its way into the collateral put up
in the firms transactions with banks.
Attorney Kresel for the impeach-
ment managers, intimated that thls
"cross entry" was not made on Dec.
80. 1912, but at later date the
books showed that on June 10, l9l3,
another ''cross entry had been made
after "A check for 5000 given by for
mer Governor A. F.. Spriggs of Mon
tana had been paid into the account
and that, as in a regular speculative
account, dividends on the stock had
been credited and interest charged.
These latter transactions reduced the
governors debit balance to about S35,-
600 and the second "crOss entry
showed that on that date the firm had
made the governor new loan OF 500
900.
At the opening of the Sulzer trial
TODAY, Melville B. Fuller, of the brok-
eraee firm of Harris and Fuller. was
recalled to the stand. He opened the
firms ledger at the page bearing the
account of VIM. Sulzer. The account
was opened, he said, on March Is,
1910. The first entry was the sale OF
100 shares of Big Four Another sale
of 100 shares followed on May H.
Then the account was closed.
The account was reopened again on
June 27, 1910, according to Fuller,
when the firm bought 100 shares OF
Big Four at 80 and 100 shares at ",
on which the firm loaned Mr.. Sulzer
as the witness expressed it, $4,000. On
July 6, 1910 Big Four had dropped to
II, wiping out the governors margin
The firm then called on Mr.. Sulzer to
make a deposit Their letter to Sui
ger on July 6, said:
"Your account has been in bad
shane for the past week and you have
not responded to our requests for mar
gin. At the closing prices today, your
account was short $1,000 of the re-
auired amount and we beg to request
YOU to make deposit of this amount
tomorrow"
Afternoon Session.
Joseph Choate, former ambassador
to Great Britain and Henry White,
former ambassador to France, were
spectators at the afternoon session.
When Fuller resumed the stand he
identified a note written by Governor
Sulzer to his partner in relations TO
tie Spriggs check. 1t read: what
Governor Spriggs says is agreeable to
me-
Fuller said that the Spriggs mes
sage related to closing the account
end that the outcome of the confer
ence was that Lieutenant Commander
L. J. Josepthal of the militia, men,
Der of the governors staff, took up
the account on July Is.
Josepthal came, he said, with a card
from the governor, to close the trans
action.
please carry out the suggestion OF
the bearer and oblige me- 1t read
THE suggestion was that we transfer
the account to him." said the witness.