Evening star., 1932-04-24
Democratic Leader, w. C.
Durant, W. F. Kenny and
Others Named in Pool.
TWO BIG BEAR TRADERS
SURPRISE COMMITTEE
Thomas E. Bragg and Bernard E.
Smith Appear Voluntarily 10
Tell of Activities.

The Senate's delivers into stock ex-
change operation dug out yesterday
the history of an Inflated So, 900 900
"bull' pool in Anaconda Copper which
netted heavy but unstated losses for
many persons prominent financially,
socially and politically just prior TO
the final market collapse of 1929.
John ]. RaSkob, chairman of the
Democratic National Committee; Percy
A. Rockefeller, w. r. Kenny, New York
contractor and close associate of for
mer Gov. Alfred E. Smith; w. C. Du-
rant, once head of General Motors;
Fred J. Fisher, who still holds place
near the top of that industrial Or
ganization, and M. j. Meehan, broker.
were among the notables described as
taking part Of the beating.
The inquiry session as well threw
some light on the inner methods Of
moving and dealing with stocks-inci-
dentally enabling Senators partici-
pating to indulge in some passages of
acrid criticism of financial arrange
ments. 1t foreshadowed, too, the
future compelled attendance Of several
men notable in speculative enterprise,
and laid the basis for further search
ing and detailed inquisition into the
mechanism of the late speculative era.
1t did not, however, bring forward any,
thing except negligible data as to COLI
lusive short selling, or bear raiding,"
the type of tactics against which the
Senate Banking and Currency Com
mittee, conducting the investigation, is
at present aiming its dragnet.
Dropped Temporarily.
Thomas E. Bragg once a partner in
the exchange house of w. E. Hutton &
Co, and Bernard z. Smith, who reluc-
family conceded that people do call me
one Of the big operators" though he
sharply asserted that nobody has ever
called me big bear raider to my face.
whatever they have said elsewhere" I"
were the prime sources of the commit
tees information yesterday.
Both men were brought into the in
vestigation when Percy A. Rockefeller,
tesifying Friday, told of their participa-
ton with him In speculative ventures
They were led somewhat reluctantly by
the round table of senatorial inquisitors
and by william A. Gray, the committee
attorney, through the tale of great out
lay in high-priced stocks of 1929.
Dropped only temporarily from the in
quiry, both were warned to return with
complete records of all their trades and
transactions and their associations with
pools and syndicates, for many years
back
Both Mr. Bragg and Mr.. Smith,
sought unsuccessfully Friday by Senate
subpoena servers, presented themselves
voluntarily to the committee, having
come instantly to Washington on learn
ing through press reports that their at
tendance was desired.
Mr.. Bragg, after his connection and
general activities were established and
after promising the full report of
transactions from his private record,
told Mr.. Gray that he had mostly had
a long position in stocks prior to the
Summer of 1929 and mostly a. short
position since" Protesting that he
didn't know whether the quantity
could be considered important" he es-
timated that he had been short as
much as $4,000 shares at one time, but
right now my short accounts are be-
tween $4,000 and $4,000 shares"
Describes Transaction.
Senator Couzens, Republican, of
Michigan, switched the examination to
specific transactions in which he had
associated with Mr.. Rockefeller. When
the witness told of the purchase dur
ing 1928 in joint account with Mr..
Smith and Mr.. Rockefeller of a con-
siderable block of Lima Locomotive,
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