New Britain herald., 1917-01-23
Counsel For Probd GrislS Head of Sto( Exchange and R|
 quests All Records
COMBINATIONS NOT l
 CONSIDERED EVI

That There Is Any Immorallt4
 Combines-Chairm Henry Fol
 Direct Answer to Question A . Witness Quibbles.
 New York, Jan. .SearchlightS the house rules committee into ! 'leak' said to have occurred in q nection with the presidents pS note are to be turned immediately all tho short deals which took pI on the stock exchange from Decy to Dec. 23. It was on such specI tion if any that profits were nj on advance information reGarding1 recent peace note, 1t is averred.
 That this feature of the inq1 may be expedited the committed it's first session today ordered HI s. Noble, president of the stock ' change. to "reduest' the goverI board of the exchange to ask members to supply the comm forthwith with u list of all of q transactions between Dec. 10
 Dec. 23, designating all customer1 their real names and not by num or appellations. The statement secured also fa| show the numbers of stocks borrol by whom and to whom loaned the date returned.
 Noble was the first witness cd after Sherman l.. Whipple, cou for the committee had made opening statement. SamueLI Streil, chairman of the stock l change clearing house, the sed 1 witness, explained it's opsrations.I The investigation. aceSrding toaI plan Whipple outlinedasvi seeaI determine first of all tlfree thingsI l What were the activities on ] exchange during the week of Dccl when the leak on President WilsI 1 peace note is said to have occut
 and the possibilities for causing 1 cs? Where are the brokers reportsI the transactions during this perl Who made tho profits" 1 The second inquiry, Whipple d l should extend both to profits and 1 losses. l After that" he said, "tho comi Iltee may feel tl:at t is in q posi- I where 1t may irteiligeltly indl about those who DroGted and it se| 1 likely that those wllo profitod i,iisJ ! those who obtained advance infor] l ton. .'1nm" Lawson Absent. The familiar face If Thomas I.awson was missing from those scmblcd at tne nearing.
 The arrangements were thosc courtroom, 1Vhi9ple sat FGt one end tho counsel table and tho witt chair was at cho other.
 He outlined briefly tne events Id trg up to the Inauguration of jaqu!Ty aaG the scope it prohs would take.
 Announcing that MT. Noble wd be the first witness. nc sn;d aina other things, that he would uuea1 him as to the capacity of '"certain sues cooperating together'
 MT. Noble was asked to descr.bC the benefit of the committee workings of tho stock exchange. personnel of its management and rules and regulations.
 Mi. Noble described Tn GotailS activities of the market on tEc of the exchange on sample day. chara cterized the New York excFsl as a world market, emphasizing a substantial proportion Of It's D ness came from abroad.
 The exchange, itself, made no ] ord of the daily transactions as t occurred, this being done by the change tickers. If errors were m they were usually checked by in1 ested brokers and correction W1 be sent out by the ticket. The st exchange clearing house. however. receive at the end of each day ft each broker q statement of its T chases and sales, explained tho \ ness.
 Records Accessible.
 Then the stock exchange has solute knowledge of what occurs1 the floor?" asked Whipple.
 "That is right" Noble replied.
 And those are accessible to committee ?''
 "Yes"
 Tine board of governors of tho change, said the witness, can force penalties for the violation any of its members of the stands cf commercial morality and perst honor.
 Mir. Whipple questioned the ness as to the difference be+v speculative and investment secur' and asked if it was not true that speculative stocks offered the