1948 - USA, Government: Senate Committee Hears Stassen & General Graham on Stock Market
Intertitle: US Senate Probes Market Trading By “Insiders”.
14:20:51 Harold Stassen standing taking oath before Senate Committee. Stassen seated testifies, SOF: “It is my information that if you follow thru this investigation thoroughly, you will find that these Administration insiders were directly dealing food markets in this country since the war directly to an extent & in excess of twenty million dollars / $20,000,000 & that they profited personally in those dealings to an extent in excess of four million dollars / $4,000,000. It is also our information that in addition to Mr, Pauley, Mr. Ralph Davis, Mr. Graham, that there are a number of others high in the administration involved.”
14:21:37 MS Truman Physician, General Wallace Graham testifies, SOF: “I am a surgeon, but I am not a financier or economist nor ever pretended to be one. I have never initiated the purchases of wheat or any other commodity at any time. The broker initiated & recommended every transaction.”
14:22:02 Sub-Committee Chairman Home Ferguson SOF: “So then it was a discretionary account, he could deal in the market (interrupted)
14:22:08 Graham: “No it wasn’t a discretionary account, I don’t know if it was or not, but it wasn’t that, I’m sure.”
14:22:13 Committee member “Now when did you come to that conclusion that you may be one of these?”
14:22:17 “Frankly it was one night, or one afternoon down at the lunch table, everyone was razzing everybody else & they said ‘well we sure pity the poor devil thats got any wheat on the market’ and all like that & I was kidding along with them only I was getting a little more serious about it (laughter)” (edit0
14:22:41 Committee member: “What made you leave the market when you were making money like that?
14:22:46 “Well I was scared.”
14:22:49 “What frightened you?”
14:22:51 “I don’t know if it was talk about commodities that started to hit me; it was rather hard to put your finger on anyone thing. But when I started to reckon that commodities were cotton & these other things & it wasn’t only wheat that you fellows, that everybody was talking about (interrupted)”
14:23:12 “You fellows?”
14:23:17 Graham: “Well there was a ? about it, that the papers were making all this nuisance, business about & I thought doggone since I’m in this place here, I might (interrupted)”
14:23:28 “You mean the White House?”
14:23:30 “Yes sir, that it might cast some peculiar glance you know; it was just a doubling up of everything.”
14:23:44 “Did you ever did you ever discuss with the President the buying of commodities?”
14:23:48 “Not until after all this business was finished.”
14:23:54 “Did you tell him about getting out of the market?”
14:23:58 “I don’t know what I said; it was pretty rugged that day. I just went up and told him” (interrupted)
14:24:06 “When did you get out of the market?”
14:24:09 “Well, I hope that I got out that day that I called up.”
Political; Senate Investigations Subcommittee of the Committee on Expenditures in Executive Departments; 1940s; Illegal Activity; Government Violations; Capitalism; Presidential Campaign; Politics; Agriculture Commodities; Stock Market Trading;
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1948 - USA, Government: Senate Committee Hears Stassen & General Graham on Stock Market Intertitle: US Senate Probes Market Trading By “Insiders”. 14:20:51 Harold Stassen standing taking oath before Senate Committee. Stassen seated testifies, SOF: “It is my information that if you follow thru this investigation thoroughly, you will find that these Administration insiders were directly dealing food markets in this country since the war directly to an extent & in excess of twenty million dollars / $20,000,000 & that they profited personally in those dealings to an extent in excess of four million dollars / $4,000,000. It is also our information that in addition to Mr, Pauley, Mr. Ralph Davis, Mr. Graham, that there are a number of others high in the administration involved.” 14:21:37 MS Truman Physician, General Wallace Graham testifies, SOF: “I am a surgeon, but I am not a financier or economist nor ever pretended to be one. I have never initiated the purchases of wheat or any other commodity at any time. The broker initiated & recommended every transaction.” 14:22:02 Sub-Committee Chairman Home Ferguson SOF: “So then it was a discretionary account, he could deal in the market (interrupted) 14:22:08 Graham: “No it wasn’t a discretionary account, I don’t know if it was or not, but it wasn’t that, I’m sure.” 14:22:13 Committee member “Now when did you come to that conclusion that you may be one of these?” 14:22:17 “Frankly it was one night, or one afternoon down at the lunch table, everyone was razzing everybody else & they said ‘well we sure pity the poor devil thats got any wheat on the market’ and all like that & I was kidding along with them only I was getting a little more serious about it (laughter)” (edit0 14:22:41 Committee member: “What made you leave the market when you were making money like that? 14:22:46 “Well I was scared.” 14:22:49 “What frightened you?” 14:22:51 “I don’t know if it was talk about commodities that started to hit me; it was rather hard to put your finger on anyone thing. But when I started to reckon that commodities were cotton & these other things & it wasn’t only wheat that you fellows, that everybody was talking about (interrupted)” 14:23:12 “You fellows?” 14:23:17 Graham: “Well there was a ? about it, that the papers were making all this nuisance, business about & I thought doggone since I’m in this place here, I might (interrupted)” 14:23:28 “You mean the White House?” 14:23:30 “Yes sir, that it might cast some peculiar glance you know; it was just a doubling up of everything.” 14:23:44 “Did you ever did you ever discuss with the President the buying of commodities?” 14:23:48 “Not until after all this business was finished.” 14:23:54 “Did you tell him about getting out of the market?” 14:23:58 “I don’t know what I said; it was pretty rugged that day. I just went up and told him” (interrupted) 14:24:06 “When did you get out of the market?” 14:24:09 “Well, I hope that I got out that day that I called up.” Political; Senate Investigations Subcommittee of the Committee on Expenditures in Executive Departments; 1940s; Illegal Activity; Government Violations; Capitalism; Presidential Campaign; Politics; Agriculture Commodities; Stock Market Trading;