The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1917-01-23
TO FORCE EXCHANGE
TO DIVULGE NAMES
Counsel for Leak Committee
Says He viii Probe Every
Record II Necessary.
CONTINUED from First Page

Continued from First Pags.D
ing what IL a specuIatorr" 10 which
Noble replied: 81 should say q man
who buys In the hope OF making q
PROFIT"
Getting down to the question Of
manipulation. Whipple had difficulty
getting definite explanation from No
BILE, who professed not to."understAnd
just what you mean"
We'll. hope you will think Il over
prayerfully. for the committee will
want to go into that matter more .spe
cifically later" whipple retorted.
SHES nj Questions.
Noble SHE'D at questions on man
ipulations" OF the market or Of pre-
concerted movements" to raise or
lower the market.
He had read" about such move
ments to lower prices, he said, but
had no personal, direct knowledge Of
such things"
Asked whether he had investigated
rumors OF 'preconcerted movements"
to depress the market, Noble said he
had not, though the conduct commit
tee had inquired into reports Of
wash sales.Y
Noble indicated he saw nothing i'm
proper In men getting together and
selling short upon unfaVorable news,
so long as they fulfilled their con-
tracts.
Couldn't BE Prevented.
Whipple pressed for an expression
on the propriety OF a concerted move
ment, backed by a fund. which would
be used to accehtuate a situation
wherein selling occurred.
II don't see where II could be pre-
vented" said Noble.
That Is question the House
might have to consider" retorted
Whipple. What / want to know is.
would IT be in accord with the ethical
standards Of the stock e3chanRe?'
Il don't think they could be dis
ciplined." said Noble.
Congress Might Decide.
Again WhippIe suggested that
might be a question for Congress 20
decide.
Pinned down as to whether there
was any immortality" or anything
contrary to good ethics in such a ait
uation. Noble said:
mo. ] don't see any. as you put
it-selling some stocks and then sell
ing more as they decline"
Broader Question.
Whipple retorted his question was
broader, covering concerted effort TO
depress the market when already
shifting downward on bad news.
Chairman Samuel F. Streik, of the
exchange clearing house, explained
the operation OF that body.
United States Steel. Anaconda, the
marine stocks, General Motors, VIII
lys-Overland. Reading, and Union Pa
cifc were mentioned as prominent
speculative stocks in connection with
an explanation as to the difference
between speculative and investment
issues.
Meet In Biltmore.
, The Rules Committee gathered at 30
this morning in the lobby of the Bit
more before taking the subway for
the Customs House.
Chairman Henry at that time said
vestigation starting today would last
very long. though he suggested that
after further inquiries in Washington
on a basis of information ELECTED here
the committee might return. The
chairman as well as other members of
the committee expressed confidence
that just what the committee wants
can be obtained without great delay.
and in a clean-cut maner that will
beyond a doubt who
profted from the leak. IL anyone
At the outset Mr.. Whipple indicated
that IL the investigation demonstrates
that there was a leak from which
anyone profted. the committee will
take up the consideration OF remedial
legislation for the purpose of pre-
venting a recurrence.
Four Republicans.
There are four Republican members
on the committee and six Democrats.
OF whom all but two or Southerners.
From the fact that all the Southern
and Western members OF the COM
mittee pride themselves on their ig-
norance OF bull and bear methods
In stock excahnge transactions. 1t
became clear even before the hearing
opened that the sessions must start
with the education OF these members,
whose desire for education has humor-
ously been attributed to the interest
the South and West takes in proc
ing into the affairs of Eastern
financiers.
Mr.. Whipple's methods have ordi-
nary been much different from those
of spreadeagleism. II he has II Ill
mind to develop evidence in support
OF the bill Congressman Henry has
before the House for regulating opera
tions of the stock exchange, the fact
has not yet come to light.
He has declared his intention OF
following the trail of whatever indi-