The Birmingham age-herald., 1917-01-10

] SOhntCllOn as 10 the effect that It might have on stocks?" T talked to only one man on that. He asked me what effect it would have l did not venture any opinion. Evidently you were in possession ot some information not generally
 known"
 T think I was"
 He added the source of his informa-
 tion was In no way connected with | the United States government
 would you object to stating for what purpose you made this state | ment?
 NEVER THOUGHT OF EFFECT furely my personal Judgment that it should be known" Sabin replied Then you had no idea in giving out this information of the effect it might nave on the market or of preventing possible effect on securities" Chip erfield continued.
 Never thought of it." said Sabin.
 gave out the news for no such
 He added that he had no knowledge of stock trading between December 10 and f2l He also said he had no information apout the Presidents peace note until he read It in the newspapers.
 sapin was excused from telling the source of his information about the Ger man peace proposal because he said it had peep given to him in confidence by some one absolutely without connection with the government of the United States.
 He was released by the committee from further attendance.
 otto H. Kahn of Kuhn, Loeb & Co.,. New York, followed, and read into the record a statement denying all connection with any leak He was excused
 Allan H. Curtis of Boston followed MT. Kahn and denied authorship of the "A. Curtis letter upon which Representative Wood chiefly based his charges. He wrote his name for the committee to show It was not the signature on the letter.
 BARUCH MAKES DENIAL
 Bernard Baruch of New York denied before the committee that he had any ad- vanced information regarding the Presi- dents recent peace note
 T had no information of any nature from any one connected directly or indi- rectly with the administration or from any other source in connection with the Presidents peace note or von Bethmann- Hollweg's speech until I read of them in the newspapers
 Baruch was named by the mysterious and missing "A Curtis in a letter to Representative Wood of Indiana as llav-' ing profited largely by 'leak'' inforlna- ton on the note, by selling short on United States Steel.
 Baruch said he first learned of the Presidents peace note on the morning that it was issued. At the time of market furry he said he had been buying United States Steel.
 '"The thing that affected the market" said Baruch, was, first, von Bethmann- Hollweg's peace note from Germany.
 That was followed by Lloyd Georges speech in Parliament which at the very outset tended to strengthen the market on December 19. The first cable bulletins said that Lloyd George refused to con- sider peace at all. Later as the full on to say, 'but'-and left the door open to possible peace negotiations. That caused a decline on the market. It was a notice to the world that there was no final bar to peace and whether it was coming at once or not we had to turn our minds to its effect on the market. Seeing this situation before me sold the market short on Tuesday, before the speech and during the speech, particu- larly when Lloyd George uttered the word but
 ''The next day I bought little over one-third of the stocks I was short on, or more than one-half of the stocks had sold on the Lloyd George speech. On the twentieth, after the Lloyd George speech, l bought. a large amount and continued each day to cover my shorts, and also bought some long. I knew noth- ing of the Presidents note until 1t was published on the morning of December o1