Show 4 TIIE SALT LAKE TRIBUNE SUNDAY MORNING A APRIL 21 1932 GERMANS SEEK BIG BEAR TRADERS foooooooooooo oooooooooo LINK NEW AIR DESCRIBE POOLS 100000 Wall Street Speculators Tell Solons of erations in Anaconda Stock (Continued From Psse One) it my face knd I don't know what meant by taider" he retorted He agreed without any show of resent mcnt however that he had heard he had that reputation He denied any knowledge of pools operating with the aid of a specialist who knew the pending orders of the stock in question “Anybody who would do that would pick a pocket” Glass interjected The committee made no attempt to delve into the short opeiations of the witnesses leaving that for future in vestigation after studying their records Both Bragg and Smith testified fice ly about personal short operations but said the pools they described were on the long side of the market Smith a member of the exchange said he had used his wife's name In the Radio pool He testified that Rockefeller Rlrs Elizabeth Meehan Bragg and W F Kenny participated but In this instance was not sure about Raskob and Fisher "They may have been” he said Senator Couzens questioned both witnesses closely about their Income tax returns Both said they had made them annually Smith said he kept no records but finally testified that his secretary kept some Bragg said he was “ahead" on his but 12 years of market operations gave no estimate Smith who testified to trading since 1903 did not re veal how he had fared When Smith denied Meehan was in the Radio pool himself and then testified that Mrs Meehan was Sen ator Gla-- remarked: “Then he is one of those rare creatures who never tells his wife anything " The committee will meet Monday to determine its futuie course Predictions were made tonight that it would sehd investigators to New York for a thorough study of the rec ords before resuming the investigation of Bragg and Smith Glass Criticises Attorney Today's hearing was marked by another clash between Gray and mcm-beof the committee Senator Glass took him to task for “bullyragging'' Biagg during a sharp cross examination He was criticized yesterdav by Senator Couzens Republican Michigan for being too “tender" in questioning Matthew C Brush In response to a question Smith said he did not believe Chailes E Mitchell president of the National City bank was in the Anaconda pool Telling of his operation of a joint account with Rockefeller on Alaska Juneau Smith denied he was the spe eialist on that stock He said Rocke feller left him with the operation of the pool with what they had left from a pool in Lima Locomotive Smith said he had made up for losses In the locomotive stock by long and short operations in Alaska Juneau Before the two operate! s took the Stand Edward Knight former brokerage accountant described the op eration of pools and said the aid of a stock specialist was almost necessary for a long pool to operate successfully He described It as a “betrayal of the public" for a specialist to give his information to pool operators He sug gested that it would be necessary to examine the books of the brokets to detern lne what practices they had engaged In Lining the day Gray announced that a subpoena had been issued for William Danfprth known ax a big tiader but that he had not been located In his operations with W E Hutton Bragg said ho was chiefly on the "up side” when stocks were going up and on tha “down side” when they were going down He said he kept a long position until 1929 “When did you begin to establish a short position? ' “In September 1929" said Bragg Biagg Bald he had geneially had a shmt position In the market since 1929 but had held a1 few long Interests In specific stocks "Generally speaking you have been shoit?” "Yes" Bragg testified he was now short on the market as a whole but long on a small number of stocks Bragg said his largest short account was 50000 shares "How many now?" “About 12 or 15 thousand " “How many share were you short In January “About 25 or 50 thou and “ Bragg said these records were of bis own Individual account Gray asked Biagg if he coveted any faige amount between April 6 and April 8 After some hesitation Bragg said he didn t recall Couzens aLed Biagg about Ms pool operation with Percy HockefeUet and B Smith In the Limn Locomotive pool Roikefeiler he said suggested Lima Locomotive would be a good slock "So Rockefeller suggested the poor" Couzens sud St GGESTtD STOCK the e “Maybe Smith or I sugac-decount Mr Ro kefcllet suggested the “ s u k ’ He wax a director cf the National Citv bank?" "Ym " "lhd Lima Locomotive have an account wnh that hitik ’ ’ “1 don't know " Br ij?g raid the relation of U e I im Loromo'ive company and the bank w ia not riiscuv cd 'Mr Roi ke'ellar said Lima had dunk a vett and that be thought it wax an exiellmt purihac " "You weie the nminigir of the syn diititc?” alc'l Cuuzerx “No we ail had equal shaiex" "How nuu-h?- " ‘One hi r died and fifty thousand h “ dollars Biagg added tbit only 0 000 each Was actually put up I think we lost about 120 009 each" be added Hregg said lr was Io in a pool In Anaconda Ciiqct stuck wph or he' Her much M y u put In tbi ’ r fw pf11 “About $500000" “How much did Rockefeller?" “Much less " Asked who else was in the Ana conda pool Bragg named John J Raskob chan man of the Democratic national committee M J Meehan W A Kenney P A Rockefeller and Fred He couldn't recall other Fisher namps “What wax the earning when you invested $500000?” “I don't recalL The price of copper broke very soon The stock sold down from 174 to around 100 “Anaconda paid $8 at that time” “Is Anaconda a depositor with National City bank?" “I think so" When the pool broke Bragg said the stock was distributed He said he got about 80000 or 80000 aha les which he immediately sold and avoided a big lost “How did you make your Income returns if you kept no books?" asked Couzens "Through the clerk’s records and all the papers I had" “Have your operations been profitable''” "Yes sir” MADE RETURNS' “So you have made income returns to tha government?” "Yes sir" Grey estimated the Anaconda pool at ?32 300000 "Tell me why you nd your associate paid $170 a share with the stock only paying $6 a share unless you planned to manipulate the market?” Grey asked "If copper had continued at 24 cents the Anaconda earnings would have been increased In value” "Didn't profit you anticipate through manpulatlon?" “Of course we wanted a profit but I have never seen manipulation work out very well" Giay pressed Bragg for a definition of man'pulation Relating the history of the Anaconda pool Biagg said: “It went up to about 174 then nothand tha ing happened for a while 1 came market went down When back Horn Florida I sold 40000 or 50000 shares at about $160" “For vourxelf?" “For the pool" Bragg went on “Yes but what did you do to put the prl'r? un?” demanded Gray‘ “Nothing I was In Florida “Your purpose In forming the pool was to put up the price?" asked Senator Glass of Bragg what happened Our buy“That but we got It ing the stock did put up It at almost the peak” he was told of Na Gray asked if the affiliates tional City bank were selling Anaconda short at the time the pool was I °P'TdouT know of It" replied Bragg apparently suipnsed Senator Clnxs asked if the National City bank didn’t send out literature said he regarding Anaconda Biaggalter the understood that happened pool dissolved Gray asked Bragg what other pools he wax In He listed pools In Briggs Manufacturing and Radio “Were hmlth and Meehan with you In radio?" “Yes sir" “Was Meehan the specialist In Ra- dio?" “Yes sir " Bragg also said ha was In a pool In St Louis and Southwestern railroad Couzens asked where the records of pools were Bragg said In the various offices whera the pools were organized He expressed confidence he could find all the records s Bragg promised to bring all the he could find when he returned reo-ord- WENT TO U WITH FAR EAST Op- CENTS Bragg said when the pool went Into Anaconda copper was selling for 18 orl® cents and ft later went tip to 34 "Was there a move to Increase the price when you went in?” Chairman Korbeck asked "Ye“ h- said Smith -agreement" was axxociaied with Perry Rockefeller and Bragg In Lima Locomotive "A pool" he continued “is a legal doc iiiBfnl In i syndicate there is no written agreement" He termed the Lima Locomotive de it t syndicate "You have heard of pools that op erata with the eid ef speclall-t- e who give them Inside Information?" Gray 'No I never heard of It" the wit-ne- u id Glims asked if It Wild not be flle- - for a sprualijt to give hie Information to drains ‘ I don t think so" Smith said “Anybody whowould do that would pxk a pock el" Clam said Smith said one of the poo's he had been tn was Radio Cirv pointed out Biagg had said Meehan waa In the pool and was the gil perllut I In Radio don t bcl'eva tt" Smith said told u he was" Grsy “Rikg Jint replied ’Median wax never In the pool” Smith aaid 'It was In his wife s nme ” 00000000 OOOOG GOO 3 By H A PETERS United Press Staff Correspondent BERLIN— While the world spotirned on the advancelight is beln ment of German airship communication through the Graf Zeppelin in its regularly scheduled trips to South America German av lation also is reaching out to sections of the world formerly isolated from this means of OOO 1 nn A transportation After difficulties in establishing a line to the Far East by the southern route across Asia Minor and India due to lark of landing places German effoits are now turning to a connection direct with Shanghai over Sibena and the Gobi desert interHostilities in Manchuria rupted plans for a line across that country and on to Tokyo and Shanghai Therefore another route across inner China was plotted out and successfully flown by a pathfinding Junkers’ plane in December of 1931 Chinese Give Aid The Chinese government has recognized the Impoitance of such a connection with Europe crossing territory and the next steps for the ensuing months are the building a task up of a ground organization which laigely will fall on the Germans The German promoters also expect a favorable result from negotiations with the Russians since the Russian Deruluft has woiking arrangements with the German LufthanIme sa on the Moscow-Berli- n The proposed route which covers some 3(150 kilometers in China was flown in 23 hours from Shanghai over Nanking to Peiping thence across the Gobi desert following the ancient caravan trail thence along the mountain chains In the north of east Turkestan to Urumtschi about 400 kilometers from the Siberian border Orientation over the Gobi desert was very difficult but w as considered as practicable Time Cat Down The ancient caravan tiail which has been followed up to the present for freight and some mail has required three months' travel to reach European points The route across Siberia and fiom Dairen to Shanghai by ship requires six weeks (in peace times) The proposed air route which would connect by land from Taibag- atainear the Siberian border with the Russian air service at Semipalatlnsk and thence by air to Omsk and on to Moscow would require three flying days and would be flown once a week each WBy The plans are being worked out by the Germano-Chtnescompany Eu- rasia Aviation corporation of which d is owned by the Geirmins and by the Chinese This service was opened in 1931 connecting Shanghai with the coast cities and Nanking and Peiping Jtfl ra The ONLY PLACE You Can Get Such Values as These $2000 Value Bed for-- SPRING MATTRESS FREE Has Bod much Letter than pictured head and foot Walnut grained finish on This bed is a special quantity purchase from pleel Moulded tubing edges And besides you gel A REAL SOMETIIING-FOK-NOTIIINone of the very best factories DEAL because we are gh ing with this Bed a fine Ilelical-tie- d Felted Mattress with Coil Spring valued at $1000— and also a full sides rolled edge four stitched and covered in an exceptionally attractive tick— ing the value of $1200 A full-pan-el- G 50-Pou- JUST THINK TIIES £ TWO IT EMS — VALUED AT $2200 — GIVEN FREE W ITU THIS BED TERM3 — $2 DOWN— $1 WEEK - O a We Have Selected Sensational Dining Room Suite Value FOR THIS WEEK Priced the Lowest Ever at— e one-thir- two-thir- Penns jl vania German Puzzles of $3 DOWN University $3 MONTH LEWISBURGTPa!” UP)— A study of Pennsylvania pronunciation German conducted at Burknell university here met with difficulty because the spelling of the words is not standardized This lack of standardized spelling prevented use of written forms for the study and turned Professor Karl Orth St Ingeberg Germany to tho ue of phonetic mean From this work Orth had students from Pennsylvania German homes read from the “Boonastell" a collection of Pennsylvania German ai tides He selected a single esxay for the work In addition he made studies In er PennRemtingpLancayter sylvania cities whera the dialect is xpnkcn Early Investigation led Orth to believe that Pennsylvania German Is not the homogeneous dialed it is believed to be but a series of dialects differing ax to locfilltiox He has not reached a definite conclusion however regard ing this discovery This is an eight-piec- e suite in walnut consisting of Buffet Table and six Chairs The Chairs are upholstered in plush and the design of the suite is in keeping with the latest style trend VISIT OUR pool’" “No sir “It's funnv Mr Rockefeller said yexteiday he waa in a pool on that with you" observed Gray “We hud 1 joint a count” explained Smith ax committee members smiled ' We still hsve 5000 share We startwith the money left ed that fiom tho Lima Locomotive account MADE l'P LOSS “He trusted tn my Judgment and I have made up the loss In Lima Loco- motive" “On the short side’" Gray said “On tlie 'Unit and long side" Smith added that was ''about all” the areount he could remember Smith said he didn't know whether Ra kob had uved his own name if he wax in tha Radio pool “Do vou know anything about hear t raids’" asked henator riehher Florida "What do voii mean’" "An organized effort to depien Ih market “ “Not an organized effort “Well concerted effort (ClEBa Be RUG DEPARTMENT Tills Week lor the GrcatesiSur- prises in Values That You Will Find Anywhere end-oth- s lie said —- : Undertaking Value of Tie Seeing With Europe t “A signed ‘Or J China Aids “What was National Citv company doing? Were they unloading?” “I don't know Bernaid E Smith then was aworn by Norbeck and Gray began the examination He testified he was a specialist in WOMAN NAMID CLFRK U 3 Railway Tidewater Associated MALDEN Maxs (UP)— Miss Besbut not In Radio or Alaska Juneau sie L Holden has been appointed temSmith said he has traded since 1803 porary city clerk to fill out the "You are known as a big ahort opteim of her father Leverrtt erator?" D Holden who died recently whiio “Yes nr” his fiftieth term In the of“You have been known as a big bear serving fice raider” “ r rr "No one has called me a raider to This brought a roar of laughter la vmy face and 1 don t know what from the committee meant by raider" shot back Smith “You know vou have that reputa“Then he Is one of those rare creation don't vou?” persisted Gray tures who never tells his wife any"Well 1 nave heard that has been amid laughter said" agreed Smith speaking slowly thing" observed Glass Smith said he too had used hlx and in a mild voice e in name the wife Radio pool end He told Senator Couzens he did not named the following in the Radio keep books pool “So vou al-make up your income Perev Rockefeller Mis Meehnn tax return fiom Information you get Mia Gertrude D Smith his wife fiom the brokers the clciks and tn Biagg and VV F Kenny elevator man?" aked Couzens Asked about Rakob anti Fred Full“And from my check book stubs" er he said ‘"Ihev inay have been ” added Smith In the Anaconda pool Smith said it waa F J lixhrr who was the one Smith said he had a secretary named by Biagg lie also listed W named Frank Quinn who had records C Durant ax a member of the pool Gi Ry asked Smith to name the poofs together with "a great many others he was In “Was Charles Mitchell in It?" "Lima Ixxsomotlve I wouldn't call asked Giay “I don’t think so" said Smith pool" he begun “What do you call pool?" svked “You were In the Alaska Juneau Gla-- OOGGOGGOGOGOl OGOOOOOOOC p-- n These listed prices are only a sample of the hundreds of bargains you will find 27x54-INC- H Value 36x63-INC- H 300 AXMINSTER Now RUGS-Reg- ular AXMINSTER RUGS-Reg- ular Value $500 Now SIZE AXMINSTER RUGS— Regular $1950 Now SIZE AXMINSTER RUGS — Regular $2950 Now 6x9-FOO- ¥ miner THE T WORLD-RENOWNE- “F A Whitney” Baby Carriages MINSTER SIZE AXRUGS— Regular Value $30 Now $2150 SIZE AXMINRUGS — Regular STER $3350 value now 0X12-FOO- Shown in an abundance of styles and colorings for Spring Our regular $3000 Carriage Specially A TP reduced for this week to C4 Dil D $175 $350 $1350 $2050 T Buy on “Madsen’s" Easy Terms Another Triumph In Values Never Before Such a Value as This Coil Spring DA BED Sensational Linoleum and Other Floor Covering Reductions FELT “CERTAINTEED Tdk newvpxpers?" inquired Glass “ ' 1 think so In the 75s SI 00 $11212 GENUINE INLAID LINOLEUM — Regular $137 a square yard Now HEAVY INLAID LINOLEUM— Regular $150 a square yard Now EXTRA HEAVY INLAID LINOLEUM— Regular Now $282! a square yard 6x9 SIZE “t ERTAINTLED" FELT B1SE RUGS— Regular $390 Now SIZE “CERTAINTEED” FELT BASE RUGS— ! ''Regular Now $4 SO 9x9 SIZE "CERTAINTELD" FELT BASE RUGS— Now Regular $575 9x10 6 SIZE “CERTAINTEED” FELT BASE RUGS— Regular $6 65 Now 9x13 S17E “CERTAINTELD" FELT BASE RUGS— Regular $760 Now 9x13 SIZE “STANDARD” FELT BASE RUGS— Regular $660 Now Paneled ends Covered lit a fine Art Cretonne Regular $23 00 value Reduced for this week to— $200 $275 $340 $465 $545 $460 mm(t Bocks' tir name on Our P W MADSEN Deui-wre- “No " ' What is this talk’ BASE lar 50o a square yard Now — LINOI:tL:M:R:JU:37i2c BURLAr BACKED PRINT LINOLEUM— Regular $105 per square yard Now A FURNITURE CO 2 Down— 30 Week SX-5- 7 EAST FIRST SOUTH ' |