The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1917-01-24
PLUG IN "LEAk"


continued from Page t,ne.I
then recalled and examined on the de-
tails of the exchange machinery.
STREET., contrary to the opinion given
By President Noble that the first re-
sponses from the brokerage houses
might be expected in day or two,
declared that the data could not be
furnished inside of two weeks and
some of the larger houses could not dc
1t in month. Some houses, he said,
had as many as thousand accounts
and the names of some of the custom
ers were kept in branch offices in Chi
cago, Boston, San Francisco and other
cities.
Resume About Teusday.
When the meeting adjourned most
of the committeeman rushed sfor
Washington trains, and Sherman L.
Whipple. counsel for the committee
detailed what had taken place in the
meeting.
President Noble of the stock ex-
change he said, had agreed to submit
to the board of governors of the ex-
change a supplemental request for
certain information regarding mar
ket transactions between December %
and December 90. which would make
it possible for the committee to re-
sumo its inquiry sometime next week,
possibly Monday or Tuesday. He was
inclined to think it would be Tuesday
because personal business promised to
detain members in Washington.
Every indication, Whipple said was
that the exchange members would
comply with the supplemental request
but if they did not the committee
| would be hurriedly reconvened and
steps taken to insure production of the
desired records. The board of COVER
nors was to act on the request later
| in the day.
Laws to Curb Curb Market.
New York, Jan. 24-Recommenda
tons for corrective measures toward
| the New York stock exchange are
practically certain to be the outcome
of the present leak probe.
A prominent Democratic member or
the house committee conducting the
investigation admitted today that
! Sional action. voiced by Attorney
Sherman L. Whipple, had the definite
purpose of furnishing the committee
information on which to make recon-
mendations to congress.
The committee particularly is after
short pools who rig the market and
| 'accentuate" bad news by manipula-
ton. Likewise. the committee may
recommend a change in rules concern
ing hypothecaion of securities. AT
present, lone poor little piece OF
stock"-as Whipple puts it-does a
|
broker to another and then to anoth-
er, and so on, each time having its ef-
feet on the market. In short. one
share of stock offers speculative op-
portunities beyond its own actual mon
ey value. tho the loaning possibilities
are not entirely unrestricted.
Get Any Tips From Capitol?
| The committee gained a victory in
its first clash with the stock exchange
| for last night the governors agreed tC
request" members to produce records
showing business and customers from
December 10 to % and, moreover, to
| say whether they had any advance in
formation from abroad on the presi-
dents recent note.
Wall street is mad. It doesn't want
to give up these business secrets and
there is talk of fight among some OF
the dealers. However. this may dwin.
die and the committee believes al
brokers will comply rather than have
to face subpoenas requiring presenta.
ton of the desired data.