INVESTIGATION IN U.S. OF COMMODITY SPECULATION

Wanganui Chronicle, 15 January 1948, Page 5

INVESTIGATION IN U.S. OF COMMODITY SPECULATION

Recd. 5.25 p.m. Washington, Jan. 13 President Truman's personal physician, Brigadier-General Wallace Graham, admitted to the Senate Sub-Committee investigating speculation on the commodity market- by Government offlcia’s, that he made 6165 dollars profit in four months’ commodity trading instead of "losing his socks," as he insisted. He denied, however, ever receiving inside information to assist his speculations. Brigadier Graham said he took v.p commodity speculation on the advice of his broker last summer in an effort to recoup a 11000 do’lars stock market loss. His commodity profit reduced. the net loss to about 4800 dollars. Brigadier Graham said the previous statement that he discounted commodity trading on October 7—two days after President Truman's denunciation of speculators—was incorrect. He had given up wheat dealing but held cotton, and cotton seed oil because he did not know they were classed as commodities. The investigation of Brigadier Graham has now concluded. The next investigation will concern Edwin W. Pawley, special assistant to the Secretary of the Army. Kenneth Royall, and the forme: 'Democratic Party's national treasurer, who admitted recently he made approximately one million dollars in commodity speculation since the end of the war.