The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-04-23
RASKOB MAY
Be CALLED IN
BEAR INQUIRY
Named as Pool Operator in
Testimony Before Sen
ate Committee.
LOST IN BULL MARKET
How Four of Americas
Richest Capitalists Were
Caught Is Related.

By United Press
WASHINGTON, April 2S.-Sub-
pena of John j. Raskob, chairman
of the Democratic national COM
mittee, will be necessary to COM
plete the senate stock market in
vestigation, Senator Smith w.
Brookhart Qem., Ia said today.
William A. Gray, committee
counsel, said if the committee per-
mitted him to do so he would sum-
mon RaSkob, w. c. Durant, Fred
Fisher and william F. Kenny and
others named today before the
committee as pool operators on the
Stock Exchange.
Durant for years has been a large
operator in the market. Kenny is
a millionaire New York contractor,
close friend of both RaSkob and
Alfred E. Smith. Fisher IS one Of
the Fisher brothers of Detroit, who
made fortune in the manufacture
of automobile bodies.
Details of how four Of Americas
richest capitalists and one Of the
shrewdest brokers on the New York
Stock Exchange pooled their wealth
and brains and still lost money in
q bull market, were given to the
senate banking and currency COM
nlittee today.
Pool Fails to Make Money
The combined financial resources
of Raskob, K. Kenny, Percy Rookie
teller and Fisher, and the astuteness
of M. j. Meehan, broker, were I'M
able to make money for an Anacon-
da Copper pool formed in 1929,
Thomas E. Bragg toll dthe committee
investigating alleged bear raids.
II lost about $500, 000," Bragg teS-
titled today and then casually add
ed he and some asSociates-men
supposedly abole to shape the mar
ket to suit their own desires
dropped another $4,000 each in a
Lima Locomotive pool.
Bragg, called after Rockefeller
testified Friday, concerning ter
rifle" market losses, appeared after
he had been reported by subpoena
servers as being missing.
He said the Raskob pool bought
10000 shares of Anaconda Copper
early in 1929-the height of the
bull market-at $170 share.
Shout at Witness
"The stock went down." Bragg
said. land 1 came back from Flor
ida and sold about $4,000 shares. 1
was pool manager"
Senator James Couzens (Rep.,
Mich.), a member of the committee,
took over the questioning of Bragg
and became belligerent in an at
tempt to soften up" the witness.
Then he allowed Counsel Gray to
resume. Gray began shouting:
"You aren't willing to tell us the
details of this, are you?"
I'm willing to tell the facts"
Senator Carter Glass (Dem., Va)
! interrupted:
81 want to protest against the
bully Raging of witnesses"
Bragg temporarily was excused
and Bernard E. Smith, another
Rockefeller associate, testified.
Raids Newspaper Talk
'You are known as big bear
raider, aren't your" Gray asked.
mo one ever called me that to
my face" Smith replied.
But you are known as big
short OPERATOR"
Eyes, sir"
Glass asked if "all this talk about
bear raids was manufactured by the
newspapers"
Il would think So" Smith said.
He added w. c. Durant to the
Anaconda pool operators. He named
them as follows:
Percy A. Rockefeller, F. j. Fisher,
Thomas E. Bragg, M. j. Meehan, w.
C. Durant, Bill Kenny, and John
j. RaSkob.
WAS Raskob in it," Gray asked
''I think So" Smith said, adding
there were a great many others.
He denied Charles Mitchell, presi-
dent of the National City bank, was
a member of the pool.
He said he and Rockefeller had
lost in Lima Locomotive, but he
told Rockefeller TO trust to my
Judgment and I would make it up.
did you make it up?" Gray
asked.