To Brigadier General Charles Gates Dawes the New York Stock Exchange is just a "peanut stand" (see p. 12), but to the Senate Committee on Banking & Currency the low price of Wall Street peanuts is a matter of grave concern. Fortnight ago the committee summoned Exchange President Richard Whitney, heard from him that not short selling or bear raids, but liquidation by "people who are trying to give these United States of ours away" is responsible for the currently depressed stock market (TIME, April 25). Last week the committee continued its bear hunt.
Somewhat irked by Mr. Whitney's composed manner and cool utterances, the committee set off on a new angle of inquiry. Senator Walcott of Connecticut, President Hoover's good friend who started the inquiry, had less to say last week, left the conduct of the investigation to Chairman Peter Norbeck (who was in the West when it was voted) and to the committee's new counsel, William A. Gray of Philadelphia. First move of the committee was to publish the names of 350 traders who were short 2,500 or more shares as of April 8. The 350 included many well known operators, many dummies. Among them:
Matthew Chauncey Brush, president of American International Corp., famed bear and first witness called by the committee after Mr. Whitney. American Brush Co., headed by G. S. Brush, brother of Matthew. Bernard E. ("Sell 'em Ben") Smith, known in Wall Street as "No. 1 bear." W. E. Button &; Co., where Smith makes his office. Ludwig Bendix, no relation to Vincent. Miss M. A. Boyle, who was identified as an associate of Bernard Mannes Baruch. financier and Democrat, but denied she held the account for him. George F. Breen, famed as a "market maker." Harry Content ("most cold-blooded man in Wall Street"). Arthur William Cutten, once Chicago's best known bull. Marquis de San Miguel. Herbert L. Dillon of Eastman, Dillon &; Co. Stnyvesant Fish. Bertha, Joseph and Paolino Gerli (silk). Thomas Montgomery Howell, Chicago grain operator, who last summer cornered 70%, of the visible corn supply, squeezed shorts, said: "I go along, ask no quarter, don't give any." Coleman F. Madden, known on race tracks as "Handsome Coley," who recently told friends he "preferred Wall Street to the horses." B. C. Neidecker, War aviator, managing director of the Travelers Bank of Paris (also listed). Raymond Patenotre, member of the French Chamber of Deputies. Zalmon Gilbert Simmons (beds). Greva Compania, headed by William Greve, president of New York Investors, Inc., vice chairman of Prudence Co., Inc.