The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-02-20
ADMITS He
TRADED|N
SINCLAIR
STOCK
Denies Getting Any Tips From
FaII-Denounces Probe.
Ready to Testify.

Senator Davis EIkin, (Rep.), of
West Virginia, one Of the many
whose names have been drawn
into the Senate investigation of
oil leases and stock market oper-
ations, admitted today the buying
and selling of some thousands
Of shares Of Sinclair oil stock,
and denounced the whole Sena-
torial Investigations as politics
and propaganda"
"There is no law against buy
ing and selling anything" Elkins
said heatedly to an International
News Service reporter. "When
buying and selling stops the ma
ton stops. Even farmers could
not live il they did not buy and
sell.
Ri. Willing to Appear.
81 bought and sold Sinclair Oh
stock" Senator Davis added, 'but I
did it without knowledge Of the oil
leases. / do not make a business
Of buying and selling stocks. How
could I, here in the Senate, without
looking at a ticker all the time?
"I am perfectly willing to appear
before the committee. I am always
on tap.
"All this is political drive start
ed by the Democrats, and think
they are going to get the worst of
it as it is now turning out. They
have already mentioned McAdoo and
Gregory and other Democrats. It
Is propaganda. It's all POLITICAL
Senator Elkins is reputed a
multi-millionaire. He was close
personal friend and frequent golf
companion Of the late President
Harding.
Secretary Issues Statement.
A statement from him earlier
this morning followed the revelas
ton that his name, among others,
had been disclosed to the Senate oil
examination Of the books Of q New
York brokerage house.
The statement was issued by
John w. Fenton, jr.. secretary to
Elkins, after a conference and fol.
lows:
Specializing Fifteen Years.
''Senator Elkins has for the past
fifteen or twenty years been buy
ing and selling stocks through vaTt
GUS brokers in Washington, Phila.
delphia and New York. In many
cases he purchased on margins and
in others he brought stock out
right, feeling that he had q per.
feet right to do SO, the same as
If he bought an automobile and
sold it for piece Of real estate
and disposed of it.
"It is true that Senator Ellxins
has purchased from time to time
various shares Of Sinclair Oil stock,
as he did various other listed Sc
curities, particularly cotton. AS
soon as the price Of oil dropped,
like in other stocks, he sold out.
But so far as Sinclair Oil stock
is concerned he did not make one
penny profit.
Regarded as "Joke."
Senator Elkins has been confined
to his bed with grippe for the past
three weeks, and he has evaded no
OuO All TIC PURPOSE u COAICOd1LlS
the few shares of Sinclair Oil stock
that he purchased in the open mar
ket.
HE probably did not purchase
more than 5000 to 10000 shares of
Sinclair stock gathered through
long period of time.
HE is willing to help prosecute
any man who has tried to conspire
against the Government, and will
do SO.
Senator Elkins feels that il is a
big joke so far as the use Of his
name is concerned in connection
with Sinclair stock"
Challenge By Ell1ins.
Elkins offered to appear and tell
everything. The committee, how
ever, did not formally act upon his
but individual members
declared they wanted the West Vir-
ginia Senator to appear and explain
all of his stock deals.
The formal request for Elkins'
is expected to be made
after Senator Walsh Dem.) of Nom
tana, who is in Pinehurst, N. c.,
has been consulted.
Walsh may be asked to cut short
his vacation and return to Washing.
ton before Monday, when the COM
mittee scheduled to resume open
hearings.
Elkins challenged anyone to prove
that he dealt in the stock as the
result of tips" received from pri.
vate sources nj about the time that