Evening star., 1932-05-19
Group, Including Raskob,
Made $4,924,O78 in Week
in 1929, Counsel Says.
BRAGG, TRADER, QUIZZED
BY SENATE COMMITTEE
Kenny and Schwab Listed Among
Prominent Persons in $12,6 ,6S3 900
Operation in March.
BY the Associated Press

BY the Associated Press.
How John J. Raskob and other prom
inent persons profited S4.924.078 from
a weeks pool operations on new Radio
stock in March, 1929, was related today
in the Senate Banking Committees in
Yestigation of the stock market.
The investment in that short time
was placed at $12,683 600.
Those listed by William A. Gray
counsel for the committee, as having
culled handsome returns along with
the chairman of the Democratic Ma
tional Committee, included
Percy A. Rockefeller, Charles M.
Schwab, Walter P. Chrysler, Mrs M. j.
Meehan, H. B. Swope, Mrs. David Sar-
noff, w C. Durant, T F. Mara, J. A.
Stlllman, Fred j. Fisher, L. P. Fisher,
William A. Fisher, A. j. Fisher, E. F.
Fisher and Charles T. Fisher.
j.. p. Tumulty Named.
Testimony also was introduced that
persons who put up no money for the
pool shared in the returns, among them
j. P. Tumulty, secretary to the late
President Wilson, and Eddie Dowling,
the actor.
Senator Glass. Democrat. of Virginia
called 1t the same "aS gambling at a
card table with a card up the sleeve"
The pool operated through three
firms. Meehan Il Co, w. E. Hutton and
Block. Maloney & Co.
In the seven days, Gray said, 1,493,-
400 shares we're bought for Sl4l, ,424,322
He described the Radio stock movement
as having gone from 7724 on March 5
to a high of 1924 on March Is. The
pool began March II and closed out
between March 18 and 20.
Raskob was listed as having put up
sl,000.000 and prof1ted 1921 900, while
Schwab invested 100000 and made
$58,000
Mrs. Sarnoff, wife of the Radio Cor
poration executive, put up no money,
but participated in the profits, Gray
said
Kenny's investment was placed at
$l,000.000 and profit at 1921 900.
This evidence was developed for the
record while Thomas E. Bragg, Wall
Street trader, was on the stand.
Data on Other Pools Expected.
Gray announced before the hearings
were resumed that Bragg, James Nc
Connochie and Esmond OBrien would
be questioned on operations of the pool.
The committee also has information
from which 1t expects to develop the
existence of a General Asphalt pool, a
ChrySler pool and an Anaconda Copper
pool. Other cases which will be de-
veloped, Gray said, involve the Goldman
Sachs Trading Corporation, Indian
Motor Cycles and General Foods.
McConnochie and O'Brien are part
ners of M j. Meehan, specialist in
radio, whose wife participated in
another pool previously described to the
committee. Bragg, who has testified
before, participated in that pool with
Meehan's wife and told Of several other
pool operations.
In the Spring of 1929, Bragg was a
member CT the brokerage firm of w. E.
Hutton. He named his wife as "a par
ticipant in the new Radio pool of
1929" He managed the pool, he said,
with help from Franklin Ellsworth.
Gray placed in the record a circular
sent out by Meehan & Co, March T.
1929, announcing formation of the syn
dicate. This said the pool would no.
exceed 100000 shares or the long or
short side of the market. Profits OF
the managers, the circular announced
would be 10 per cent of the net profits
Reading the list of those in the pool
dealing through the firm Of Hutton
Gray named Mrs. Bragg. as putting up
100000 and making a profit of sll6,-
684
Percy A. Rockefeller was named as
putting up $4,000 with a profit OF
$29 900.
j. A. Stillman was listed as making
a profit of $4,000.
Bragg. Bernard E. Smith and Percy
A. Rockefeller we're named as having
a Joint account.
Bought 1,493,400 Shares.
Bragg said he was familiar only with
those in the pool through Hutton & Co
Relating the movement in the stock
in response to inquiry by Senator Wat
son, Republican, of Indiana, Gray gave
the following dates and prices:
March 5. 77A: 6, IA; 7. 8134; 8, 80;
g. 90; II, co.'s: IL. 9la4, 10. "a; IA