Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-02

that the light Of day should be per-
mitted to shine in upon all their de-
tails; that the names of the individuals
and brokerage houses should be made
public; that the stocks dealt In should
be made known; and that all the de-
tails of each transaction should be
subject to public scrutiny.
Legislation Is Difficult.
This program, as outlined by the
, Senator from Indiana, is so ambitious
that one has fairly good reasons for as
Stunning that little, If anything. will re-
suit from it. 1t was found difficult to
legislate the buying Of securities in the
days OF the boom, and 1t will prove
equally difficult to legislate selling in
times of depression.
Who are Wall Streets bad boyS?''
Rumor has it that Bernard M. (Ben)
Smith is chief among the bears He is
a member Of the New York Stock Ex-
change and makes his headquarters with
one Of the leading commission houses.
1t is believed that in the Summer of
| 1929 he was commissioned to head bull
syndicate with SIS ,000, 900 resources on
beI:alf Of a number OF prominent finan-
ciers yho, impressed with the new era
doctrine OF economics, felt that the
market Nss destined to go higher. The
| group quick.v reversed its position. They
began working on the short side and it
was gossipped that. year ego, they
had accumulated $500 600, 900. They
should have more Today, If the story is
! true.
Jesse Iivermore is another who is be-
lieved committed to the short side. His
activities, real or imaginary. date back
TO 1907, when he was believed to have
walked out OF the wreckage of tina: year
with no less than $3,000,0 900. He Is NJ
| lieved to have amassed millions as a re-
suit OF the collapse of the wartime
boom. He had been sold out (that is,
left with only one million), SO rumor has
IL; at the time OF the Coolidge market,
winch he had missed. He is understood
to have been on the short side since
| September, 1929.
Considerable prominence was gained
by John Washington Pope, one Of this
youngest and most daring of Wall
streets bears. He is a memcar of the
stock Exchange, and organized an in
veStment trust which, instead of buying,
SOLD securities. When Pope presentt !
/ ms nrst annual report to stockholders,
! the portfolio consisted of exactly moth
ing. To him are attributed activities in
! summons Hardware, one Of the pillars
OF strength during 1928 and 1929, Mont
gomery Ward and Fox Film.
Other Traders Mentioned.
Another prominent trader committed
to the short side is William Danforth of
Boston, who is said to have Abandoned
the bear side two weeks ago and thrown
his lot with the optimists. The re-
! neWeo weakness in the market during
mat period would seem to indicate that
Danforth has acted a bit prematurely.
Little Is known about the operations
OF Joseph E. Higgins, except that those
VINO think they know the young curb
broker classify him as a decided bear.
olographer described him as a triple
threat man Of Wall Street, runner of
pools Tor the mighty and for himself,
located and distributor of stocks. indie
pendent plunger." According to his
friends, he has insured himself and his
FAMILY against the whims of fortune bv
means OF an irrevocable trust.
~ one inquired as to who other prin-
| clpal pears are, one would hear the
names OF Wall Streets most select deni-
IenS: Matthew Brush, Frank Wander
up Fercy Rockefeller and Bernard Ba-
ruch are occasionally mentioned, with
out, OF course, furnishing conclusive
eNIoence OF these men actually being
committed to the short side.
A very we'll informed exchange official
informed the writer that there are thou
sands OF shorts; that the United States
Eas DEFINITELY discovered the short side
OF the market as a lucrative business.
and that their members comprise men
from all over. He further stated that
| experience teaches the wisdom of main
tanning free market, and that the
stock Exchange would gladly accede to
whatever requests Washington might
care to make upon it, but would insist
that Washington absolve the exchange
from the responsibility of the conse-
quences.
| Copyright. 1881. by the North American
| Newspaper Alliance, Inc)