The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1917-01-23
President of Exchange Prom
Uses to Deliver Them.
Reopen WashingtOn-WaH st.
Leak in n. Y, Today.
HINT OF CONGRESS ACTION
Whipple Outlines Drive on Who
Made Big Profits.
President Noble Describes How
'Change Operates.

New York, Jan. 23.-After limiting
at possible congressional action to
prove concerted" bear drives on the
stock market, Attorney Whipple of the
house note leak committee this after
noon called for stock exchange clear
ing house records for the period of
December 1928. He also called for
all New York brokers' records for the
same time, along with names of their
big customers.
President Noble of the stock ex-
change promised delivery of the clear
ing house records. Whipple threat
ened to send the committee into every
brokerage house in the city if the
broker records were not produced
Whipple wanted to sift out the big
spectators in his hunt for possible
beneficiaries of a leak on President
Wilson's recent note to belligerentS.
After much discussion Noble promised
to take the request up to the governing
board of the exchange forthwith.
Noble himself has held there was
nothing immoral or unethica1 in Great
ing pool fund with which to increase
d selling movement, started by bad
news. Most of the morning session
was taken up with the A. B. c. lesson
in New York stock exchange methods
Shy as to manipulation
Resuming its sessions here, the body
had President Noble of the exchange
as Its first witness. He SHE'D al ques-
tions on "manipulations'' of the mar
ket 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 heard rumors
of "preconcerted movements to de-
press the market, Noble said he had
not.
Noble indicated he saw nothing i'm
proper in men getting together and
selling short upon unfavorable news.
Il don't see where it could be pre-
vented" he said.
That is a question the house might
have to consider" retorted Whipple.
Question OF Ethics.
Pinned down as to whether there
was any immortality or anything
contrary to good ethics in such man
ipulation, Noble said:
No l don't see any, as you put it
selling some stocks and then selling
more they decline
Chairman Samuel F. Streik of the
exchange clearing house explained the
operation of that body.
United States steel, Anaconda, the
Marine stocks, general motors, Willis
Overland, Reading and Union Pacific
we're mentioned as prominent specula-
tive stock in connection with an eX-
MIA nation as to the difference between
speculative and investment issues. The
hearing then recessed for lunch.
Move to Washington Soon.
New York, Jan. 23.-President No
BILE of the New York stock exchange
was called as the first witness today
before the house note leak probe
After a few days here the commit
tee plans to adjourn to Washington
where Mrs. Ruth Thomson Niscont is
scheduled to tell her story. She is the
woman Thomas w. Lawson claimed
had said Secretary to President
Tumulty and a Washington newspaper
man were in on leak profits.
Attorney Whipple of Boston, coun-
sci for the committee, had outlined
the purposes of the probers as an in
vestigation into the stock exchange
transa ctions in the week the president
sent his note; an inquiry as to names
of persons who profited or lost heav-
lily in the period and then, if evidence
points to a leak, to connect it up with
| Ieakers in Washington
Stock Exchange Keeps no Record.
Whipple indicated the committee in
tends to make a thoro investigation
as to whether there was a pre-concert-
ed scheme of dealing and whether
anybody was in on actual advance in
formation from Washington.
To get at this the committee plans
a careful examination of records.
Noble traced the history of the
stock exchange, which he said was IAN
unincorporated body of gentlemen
who operate on mutual agreement"
| Whipple appeared particularly in
| terested in the committee on bust
ness conduct''-the stock exchange
| body dealing with members behavior
and in the governing board, which
enforces rules.
| How vast the exchange is was evil
denced by Mobiles statement that 400
to 500 houses with LOO members con-
stituted the personnel.
! Noble gave a word picture of the
mart-the trading pillars, with busy
brokers making big deals on verbal
records, later noted in brokerage
house books and settled the following
day.
The exchange itself keeps no rec
ords of the transa ctions, tho tele-
graph operators gather the sales and
put them on stock ticker" Noble
said
The clearing house, however, gets a
daily from brokerage houses, showing
| the main purchase and sale of secur-
tiles.
| Advance Tip on Mondays Speech.
| The main leak they seek is that or
| the presidents recent note to beIliger-
ents. But. gossip in that great runnol
| center, Wall street, is that there was
little advance information on Presi
dent Wilson's peace speech yesterday
J. P. Morgan and other big men O
the district are slated as witnesses, bu
it may be several days before the,
are reached.