The Bridgeport evening farmer. [volume] (Bridgeport, Conn.) 1866-1917, 1917-01-30

<AAICI ~ lS1u USCl1 UIOuShG Outa IAAL
Whites concern; the Federal Cherni-
cal Co., which he said yesterday he
had tried to interest Lawson in pro-
ducts used in making munitions, he
was excused and Barney Baruch, who
sold short heavily before the Presi-
dents note became public, was re-
called. White was asked to hold
himself in readiness to appear again
"in another connection"
Baruch declared voluntarily that
he was ready to answer any question
fully.
On Dec. II, he said, he bought
5000 shares of Steel, expecting it to
rise, "but it did not" and he sold the
following day at g. loss Of about four
points. Then came the address of
Chancellor Won Bethmann-Honweg in
the Reichs.ag regarding ;peace, Ba-
ruth said. and foreseei1g the effect
the speech would have on the market,
on Dec. 13 he sold short as rapidly
as possible, dealing in all in 23,4 400
shares of Steel that day.
II started selling in the morning"
Baruch said, land the only reason
didn't start earlier was that I had
been out OF touch with things during
from my Office
Baruch declared he believed his
tory would show that Won Bethmann-
Hollweg's speech marked the turning
point in the world war toward peace.
II realized he said, that the peo-
pies minds heretofore thinking only
Of war, would turn to thinking of
peace; that outside of the better
hi 1ox ir1x Of
peace would have on business and
finance, and that a man ought to act
quickly in selling securities"
Paying little attention to rumors
and having no special means of In
formation, Baruch said. he was guild
ed in dealing on the market solely by
service and the newspapers. He al
ways bought securities outright, he
said.
Hollweg speech, Baruch said, he was
in the office of another firm, negotiat-
ing the purchase Of some securities.
"I didn't buy 'em," he said. SCI
went back to my own office and be-
gan to sell everything I had.'r
He explained that the technical
situation of the market was bad and
that he sold Steel because cit was
at the top
t'The technical situation was bad"
ne said. ''but the Bethmann-Hollweg
speech was the principal reason I sold
and that speech still hangs like a pau
over the situation"
Were you watching for peace?"
"I knew when peace came it was
going to raise the mischief in the
Baruch went into detail as to his
stock market operations. On Dec. IA
ne sold short 1,600 more shares,
bringing his commitments up to 25,-
700 shares.
On Dec. Is the market broke and
he covered by buying in all but H. I
300 shares. He had gohe short, he
said, at around 123 and covered at an
average of 110.
On Dec. 16, he sold short again
200 shares and on Dec. 10, went
short 28, 400 more. On Dec. 20 he
covered 1900 shares, reducing his
short account to 25,500.
Between Dec. 10 and Dec. % his
1et profits in the market were $476,-
I68.47, he testified.
Touching on his December deals.
w
we're affectedjby any information from
regarding the admins
ration's attitude toward peace
Absolutely not" he replied.
Baruch said he had anticipated the
speech replying to the
German peace proposals on Decem-
,er 10.
"I felt it would be just what 1t
urned out to be, that 1t would leave
he door open for peace" he said.
Baruch was asked whether he re-
;arded his operations at this time as
arge.
"Oh, they were fair operations, but
we done larger" he replied.
Followed then a general denial by,
,aruch that he had any communica-
on with anyone in Washington about
he time Of the presidents peace note
4 regard to it. He talked with Sec
etary McAdoo two or three times, he
aid, about an appointment to the
Continued on Page "a