Salt Lake Telegram | 1934-04-24 | Page 1 | Bill's Backers Hold Silver

BILLS BILL'S BACKERS HOLD SILVER Interests Associated With Legislation Revealed as Owning Metal WASHINGTON April 24 UP- UP Interests associated with the drive for tor silver legislation were revealed in two instances to own blocks of the metal in a partial JL t sil hold ers sent to the senate senat toda today by See Sec of Treasury Treasur Henry Morgen thau Jr The list showed that thai the tal Can company whose board chairman chair chair- hair man Carl Carf Conway was one or of the hosts last night at a dinner to silver bloc legislators held ounces Robert M. M Harriss of the New York brokerage age house of Harris Vose also was a host His firm was shown to hold long lone commitments as of Ma May 1 1933 The dinner was 1 given cn at a downtown down down- town hotel and members or of both house and senate were present Fa Fa- d on ru Pase St ln BILLS JILL'S BACKERS HOLD SILVER 4 Interests Asso Associated With Legislation Revealed as Owning Metal Continued from Pa- Pa Page One ther Charles E Coughlin was one of the speakers Bank Is Large holder In addition to its long position Vose were recorded In sev several eral instances to be the depository depositor for silver held by others By far the lart largest t silver holders Was revealed to be the Chase National Nation al al bank with ounces There was nothing to Indicate whether the theother other was held for others r Banks both foreign and dom domestic were large holders in the partial list which only included part of the names beginning with A through R H of the alphabet Large L rge numbers of persons living abroad also were established to have made heavy purchases which were being held for their account in this country Indications that the treasury des de was encountering difficulty I L j. in obtaining information were given in an accompanying letter by Morgen t thau au 1 May l Ie Mean n Sen Senate te Quiz The treasur treasury secretary suggested it might be necessary to develop the facts through a senate investigation Efforts along this line already are re under wa way Ferdinand Pecora senate sen- sen cn- cn ate banking committee investigator ator has issued a questionnaire asking Information In Information formation on silver holdings In addition to banks other large arJe holders were revealed re in many in stances to be those whose manufacturing turing processes require the metal The Eastman Kodak company the owner of ounces was a notable example of this t type pe of transaction Handy Harmon New York metal dealers held ounces That other transactions were for lor use in trade and industry was indicated b by the fact that short commitments commitment ire fret were were set down along with the holdings This would indicate a hedging operation Silver Market At N. N Y Is Weak NEW YORK April 24 The Thc New York silver market was weak today todar bar metal dropping a full tull cent to 43 1 cents an ounce and futures losing a cent or more Brokers attributed the selling ellin to reported indications that additional silver legislation could not be enacted at the present session of congress although although al- al though simultaneously Washington dispatches said a member of the senate senate sen- sen ate silver bloc had predicted favorable favor favor- able action on a bill authorizing purchase purchase pur- pur chase of a billion ounces for monetary mone- mone monetary tary purpose Mrs Beason Holds Ounces Mrs Elvera W. W Beason or of Miami reach Beach Fla wile wife of Ross Beason former for lor- mer Salt Lake financier was one of the large holders ol of silver metal whose names were laid before the senate Tuesday to an Asso- Asso dated Press dispatch Mrs Beason's holdings total ounces a total exceeded by only one other individual I Mr Beason is president or of Ross Beason Co of New York and president dent of Administrative and Research corporation