The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-06-04
COPPER POOL
TO BE AIRED IN
STOCKS INQUIRY
John D. Ryan to Testify
Today Before Wall Street
ProberS of Senate.
BIZ United Press

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WASHINGTON, June with
John D. Ryan, chairman Of the An
aconda Copper Company as a wit
ness, senate stock market investi-
gator hoped today To develop a COM
plete picture Of how Wall Streets
leading figures manipulate a stock
into public favor.
Ryan was called by William A.
Gray, banking committee counsel, as
a closing witness in the inquiry into
the operations of a multimillion-
dollar Anaconda stock pool in 1929.
Ryans name has run like thread
through numerous hearings regard
ing pool operations in the stock of
the nations leading copper pro-
Queer.
The pool operated early in the
year that saw the beginning Of the
great stock market collapse. 1t
closed with a loss on its books, but
under it's tutelage the stock had
shown a substantial gain.
Bank Didn't Deal in Stock
Ryan's name figured prominently
Friday in the testimony Of Charles
Z. Mitchell, chairman of the Ma
tional City bank of New York.
The bank itself did not deal in the
copper stock, Mitchell explained. but
its affiliate. the National City Com
pany, conducted selling campaign
in the stock at about the time the
pool was active.
He said that between early spring
and the collapse of the market, the
company bought S167, 526,904 worth
of Anaconda stock and sold $685.
020,509 worth to its clients.
The famous bankers testimony
was made more interesting by the
fact that two equally famous men,
bers of the banks board of direc-
tors, Percy Rockefeller and James A.
Stillman, had been participants in
the pool.
Seemed Well Worth Price
Mitchell was firm in his convic-
ton that Rockefeller and Still
man probably did not know of the
National City Company's activities
in Anaconda.
do you think it was proper to
be in a pool of that sort and on
the board Of directors of a bank
that was Interested" asked SEN
ator Carter Glass dem. Va, bank
ing expert, and unrelenting foe Of
stock market speculation.
Il don't like to pass on the ques-
ton of the other fellows conduct"
the banker answered. II can't re-
proach him, though I might some
time reproach myself"
Pounding the committee table,
Mitchell declared Anaconda in the
boom days seemed we'll worth SIPS
a share because copper was selling
for IA cents a pound. Anaconda
stock is now selling for 81.
Raskob's Story Is Told
The banker said he believed those
who lost money in stocks were in
no worse position that those VINO
lost money on farm lands.
The situation was the same, he
said, with land declining in value
as wheat prices went down. and
stocks declining as the products of
the corporations became less valu-
able.
John J. Raskob, frequently men
toned in the hearings, testified in
detail regarding his transactions in
the stock of General Motors. He
is a director Of the automobile cor
poration. Raskob strongly denied
that he had sold the stock short.
Interest in Raskob's appearance
centered about the fact that he is
chairman Of the Democratic ma
! tional committee. He frankly was
perturbed about the bearing the
testimony might have on his po-
litical position.