The Birmingham age-herald., 1917-01-25
CHIPERFIELD EXCITED

Chiperfield, apparently excited, stared defiantly at Whipple. The lat ter, seemingly disturbed, paused a mo- ment and then addressed Chairman Henry and the witness.
 If I impugned the statement of the witness I certainly did not intend to- he said. DO you think inn pugned the witness, MT. Chairman?"
 CT want it in the record" Chiper- field declared, emphatically, that I ob- ject. want to say that now so that some day I can make a comment which desire to make. As an individual member of this committee I am going to follow certain lines without regard to counsel or the rest of the commit tee"
 Chairman Henry explained that he did not think MT. Whipple intended tc impugn the witness statement
 MT. Whipple said if 1t was thought he had impugned MT. Noble he would apologize.
 T want to say that I. for one, am impressed with the spirit of cooper alton of these gentlemen" was Chip erfield's closing comment.
 Whipple then said he did not desire to examine the witness further.
 DIRECT TESTIMONY
 Most of Nobles direct testimony was
 
 the list. He said that stock in which there is little dealing because of it's scarcity on the market is usually with drawn. He also admitted that short dealing in narrowly held stocks was dan- gerous, because of the inability of specu- lators to borrow it.
 Representative Bonnet wanted to know if Bethlehem Steel was not an example of a narrowly held stock of the kind which was dangerous for out-of town speculators to deal in because of the dif- ficulty in always making prompt deliv- cries. Noble said he did not think Beth lehem a good example, because there was always plenty of the stock in circulation. Representative Chiperfield also wanted to know if stocks were ever held abroad to escape taxation.
 Mot to my knowledge" replied Noble.
 STREET EXAMINED
 Samuel F. Streit, chairman of the stock exchange clearing house, was examined on the exchange machinery.
 Streit declared the first data from brokerage houses could not be furnished inside of two weeks. and that some Of the larger houses could not do it in d month.
 { Streit said that his own firm had only from 125 to 150 accounts, but that the status of each account in the form re- quired, could not be provided in less than two weeks without calling in extra ac- countants.
 There are not enough. expert account ants in the city to do this for every house." he asserted.
 Some houses, he said, had as many as a thousand accounts and the names of some of the customers were kept in branch offices in Chicago, Boston, San Francisco and other cities.
 TREMENDOUS UNDERTAKING
 By devoting their entire time to gath ering the information the committee de- sires, Stret said the brokers clerks could furnish it in two or three days. He did not think that experts unfamiliar with the books could make that much speed.
 Streit produced copies of a clearing house sheet showing the transactions of an unnamed firm December 13 one of the days of the period during which the Teak" is alleged to have occurred. The sheets showed a preponderance of sales on that day, with United States Steel showing net sales of 15,600 shares. This, Streit explained, did not necessarily mean that there had been "short' sales. but whether the sales were short could be determined by the firms books. The committee then went into execu- tive session to consider recessing the hearing.