The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-06-03
BEAR RAIDER
HINTS DRAW
RASKOB fire
i Am Not Great Operator to
DepreSS Stocks, Sen
ate PrOberS Told.
TELLS OF HIS LOSSES
ShreWd Bull Market Admits
Dropping i Don't Know
How Much

BIZ fHifcd Prcss
WASHINGTON. June 3.-John j.
Ragk.ob. supposed to be one of the
shrrwdest Of the bull market hnan-
ciers. told today how he had lost
money on one transaction in the
stock Of General Motors Corpora
tion-a concern that he helped
build up to lofty place among
American industries.
He testified before the senate
banking and currency committees
investigation OF alleged bear raids
on the Stock Exchange.
Raskobs position as chairman Of
the Democratic national commit
tee caused senators and William A.
Gray, committee counsel. to bicker
throughout the testimony as to
whether there was any significance
in the fact that prominent Dem
ocrat had been called to testify.
Senator Carter Glass Dem. Va
asked If any Republicans are go
ing to testify?"
Glass said he was referring 10
whispers around the capitol that
this investigation is supposed to
reach certain prominent Demo-
Gratis"
Smiling, Pleasant Witness
Rsskob was willing. pleasant
witness, and grinned as he told OF
selling 1880 shares of General
Motors in the last part of 1927 and
early 1923 on which L lost don't
know how much money"
Mr.. Gray has made great deal,
Raskob said, of my sale Of $4,000
shares in 1927 and 10000 in 1928.
I would Ike to point out that sold
the $4,000 shares for 1921 and
that the high in March was 1879 and
the low was 1867. so lost money
on that. I don't know how much
Gray repeatedly attempted TO
prove Raskob was selling short, and
every time he made the charge,
Faskob was careful 10 correct him,
finally saying
Denies He's Bear Raider"
I always have had in my regu-
lar account more than I sold, ex-
cept in two instances. Then was
technically short because Of inability
to make deliveries Of small blocks
of stock I sold"
He added that there is no crime
in short selling, but II is not true
that I am great bear operator
seeking to depress stocks.
Personally, I don't care if have
that reputation. but IS chairman Of
the Democratic national committee
90 care"
Raskob said he did not recall
the exact reason for selling the
1890 shares. but thought 1T may
have been for income tax pur-
poses: to establish a profit or loss.
L must confess l don't under
stand what all this has to do with
the stock market said Senator
James Couzens rep, Mich)
I don't either" RaSkob said.
Tells of His Holdings
The witness explained how eighty
principal men" in General Motors
had prohted through the Manage
ment Securities Corporation
THE eighty men put up S5.000,000
OF their own and borrowed $4,000
600 from the Du Pont Company,
Raskob said.
How much stock in General Mo-
tors did the Management Securities
Company have?" Gray asked.
4 can't say, but 1t was very large,
Raskob said.
i can't see why the committee
is examining Mr. Raskob's personal
affairs" Sena tor Duncan U. Fletcher
Dem. Fla) broke in.
Gray explained he wanted the
Management Securities information
for the record.
Raskob said the s23 100000 was
paid back in seven years. His pres
ent interest in General Motors, in
Guiding the Management Securities
interest, is something over 100000
shares"
He explained that the Manage
ment Securities Corporation got 5
per cent Of all General Motors