Ex-official Named In Stockpile Probe

Press, Volume CI, Issue 29902, 16 August 1962, Page 15

Ex-official Named In Stockpile Probe

(At Z.P.A -Keutef—Cuvyriynt) WASHINGTON, August 14. The Senate stockpile hearing took a new political turn today with allegations about the disappearance of records relating to multimi llion-dollar profits realised by two companies through the sale of nickel to the Government nine years ago.

The name ot Mr George Humphrey. President Eisenhower’s First Secretary ot the Treasury, who once headed one of the companies which supplied the nickel, was brought out in the session

Mr Waller Henson, a Government accountant, told the Senate Stockpile Sub-com-mittee that total net profits of 39.560.000 dollars were made on the contracts by thM A Hanna Mining Company and the Hanna Nicke’ Smelting Company He said ’hat "missing tiles cheques and invoices" relating to the contract w-ere destroyed in February and March this year after President Kennedy ordered Congress to investigate the possibility ‘hat ••unconscionable profits" had been made tn stockpiling deals with the Government "Go Kight to Top” Asked whom the committee should approach to find out why the records were destroyed. Mr Henson replied: I’d go r.ght to the tO p— a sk George Humphrey or Gilbert Humphrey ” Mr George Humphrey and his son. Gilbert, together held an 8.7 per cent s’ock interest in ’he ‘wo Hanna companies Mr Humphrey was the only member of President Eisenhower’s Cabinet who was rot required by Congress to sell all h.s stockholdings in United States companies before being confirmed m office Mr Jenson testified ’hat the net profit of more than 39.000.000 dollars had been made on investments of sbnu’ 4 500.000 dollars The contracts to supply the Governm- - ’ ’ u "ickel

were signed in January 1953 just before Mr Humphrey became Treasury Secretary Mr Humphrey is due to testify before the sub-com mittee on Thursday In Cleveland the presiden of the Hanna Mining Company. Mr W A Marting said in a statement: “Until we have seen exactly what was said. w= have no comment to make except that we hav* not destroyed any records that should properly have been kept.’’ He said that all the records relating to the nickel contract were voluntarily made available to the sub-commit-tee representatives