Evening star., 1948-01-18
Speculation
Continued From First Page.)

open from time to time as directed
by me-"
Senator Ferguson, chairman OF
Senate appropriations subcom-
mittee investigating speculation,
told reporters Gen. Graham has in
formed Senators through his at
torney that he does not remember
signing the letter and does not
know the meaning of holding a
trade open.
Letter Part of Record.
The chairman said the letter ad-
dressed to Bache & Co. Of New
York is being made a part Of the
Official record after Gen. Graham
verified his signature" Senator
Ferguson said the attorney, Stephen
Angland, told him Gen. Graham
said the letter must have been
signed on the request" of the COM
pany.
When Gen. Graham's commodity
dealings first came to light, he said
he closed out his holdings i'm
mediately after President Truman
on October 6 sharply critized
gamblers in grain" Later he
testified he got out Of the. grain
market right away except for a
small holding in wheat which was
CLOSED out by the end of October" /"
Senator Ferguson said the ac-
count actually was closed out
November Is.
The letter was provided the COM
mittee by Bache a. Co. Senator
Ferguson said I'VE do not plan to
question the general about this be-
cause the letter clears up the mat
ter"
Gen. Graham mas acknowledged
he prof1ted more than $4,000 from
his trading.
Hearing to Reopen Friday.
The Senate committee will reopen
it's public hearings on Friday when
Harold E. Stas5cn, candidate for the
Republican presidential nomination
and Edwin F. Pauley, former Demo-
cratic National Committee treasurer
and now assistant to the Secretary
of the Army, are due to testify again
They have peen hurting verbal
brickbats at each other for some
time regarding Mr.. Pauley's COM
modify speculation profits OF nearly
81 100000.
In the meantime, the COMMITTEES
has been checking on the activities
Of number of other big" traders
whose names have come to light il,
the various lists made public by
Secretary Of Agriculture Anderson
One of these was Dyke Cullum OF
Washington. who has been acting as
broker for Senator Thomas, accord.
ing to the Senator. Mr.. Collum, who
was questioned by the Senate group
last week, said last night that on
advice of counsel he had. decided
against issuing statement on his
activities. He denied that he had
told reporters after last weeks hear
ings that he had had nothing to
do with Senator Thomas account.
Accounts of several other traders
are known to be under scrutiny by
the Senate group but Senator Fer.
guson would not say whether any
evidence has been turned up linking
any of them to Government en-
ployes.
Public Hearing Likely.
The Thomas case probably will be
taken up at a public hearing after
the Stassen-Pauley controversy Is
aired, Senator Ferguson said. Mr.
Cullum may be called to testify
during the Thomas hearings. Sena-
tor Ferguson promised thorough
public airing of the Oklahomarl's &C
/ tivities in the cotton market.
| In a report made public yester-
day, the Agriculture Departments
Commodity Exchange Authority re-
ported that trading in farm COM
modities topped that In stocks and
bonds during the 12-month period
ending June 80, 1947.
/ Stating that this is rarely the
case, the CEA said speculation in
securities was curbed by high mar
gin (down payment) requirements.
/ In its annual report, the CEA
said "a large part of the postwar
speculative interest sought an out
let in the commodity futures mar
kets, where margin requirements