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Security Sellers Used "Judgment" On Roebuck Talks had made these short sales on his own judgment as the result of speeches : made by members of the present Gov-- rnment at the time of the Provincial €lection. He believed there would be strong action taken by the present Gov-- ernment in connection with these bonds, and, as a result, sold them "As a gencral result of the investi-- gation the Commission finds that there was no information given out by the Government or anybody con-- nected with the Government; that it is the opinion in financial circles that there was no leak and that the policy Dealers Questioned. "The investigating staff of the Commissicn," ran Mr. Godfrey's re-- port, "have interviewed members of the Investment Dealers' Association, the Stock Exchange and other per-- sons known to be engaged in deal-- ing in the bonds of these companies, and have also examined their books of accounts. "The Hon. Mr. Price requested the investigation of the sales of certain Gatineau bonds sold on the New York Curb. Very early in the investigation the records of thess sales were found in three brokerage offices. The seller was summoned before the Commis-- sion, and, unceor oath, stated that ne was the seller not only of the $20,00C of bonds mentioned, but of a furthcer amount of $10,000., He stated that he had received no information from any member of the Government or from any other person, but that he "Mr. Godifrey has made an investi-- gation of a very wide scope," the At-- torney--General said. "Mr. Godfrey finds that no leak, so called, took place. He says that if any one is guilty it is me; that the leak came from me, and that I hired a radio microphone to do the deed." The Securitiees Commissioner's re-- port, extending back to the first of the year, held to the same thesis. "There was," it was stated, "very substantial selling of these bonds as the result of the speeches made in the Legislature and the Attorney--General's series of broadcasts." O LEAK, excepting Attorney--General Roebuck's radio broadcast, was the report brought into the Ontario Legislature last night affirming 4h¢e secrecy protecting the Government's Quebec--contract policy prior to its announcement. € Comments on R":'"' : of the Government was an extremely m Ll!mwd, .Atwrmy'cemll "'ell.kc.pt secret. Arthur Roebuck entitled John M.: "There was, however, very substan-- Godfrey's report finding that no in--| t;a1 selling of these bonds as the rc-- formation had been given out by the | zy1} of the speeches mads in the Legis-- Government or anybody connected| jatyre and the Attorney--General's with the Government. marie« af nnnndeasts Tt was Aisoovered INVESTMENT MEN INTERVIEWED AND COMPANY BOOKS PROBED "It did look rather peculiar," com-- mented former Attorney -- General Price, who had demanded the inves-- tigation. His comment referred in particular to New York sales of last Mr., Roebuck also affirmed that the policy of the Government was a well-- kept secret. "I know," he said, "that the secret was kopt with exceeding Commissioner Finds No "Tips" Were Given and Financial Field Opinion Is That Can--« cellation Policy Was Well--Kept Secret "In addition to the short--selling referred to the Commission by the Hon. Mr. Price, all other short sales were investigated and the sellers per-- sonally interviewed. They constituted a very small percentage of the total volume of sales, In every case the seller affirmed that he had no secret information and that the selling was the result of the debate in the Legis-- lature and the Attorney--General's broadcasts. "'Replying to your enquiry by your Mr. S. M. Thomson regarding Beau-- harnois, Maclaren and Gatineau Pow-- er bonds, we sold on cur own account bonds of the latter $350,000 on Friday. Saturday and Monday last. We were prompted to do so by the utterances of the Attorney--General as read in the press and heard over the radio. 29 and 30 and April 1 sold $350.000 of these power bonds. A lctter directed to the Commission explaining the transaction is typical of the reasons given for the sale of these bonds. It is as follows: is "'The only other transaction which passed through our hands was a sale of $4,000 Gatincau bonds ordered sold by a customer at one of our branches some ten days or two weeks ago, the sale being consummated on April 1. ~ "There was, however, very substan-- tial selling of these bonds as the rc-- sult of the speeches mad> in the Legis-- lature and the Attorney--General's series of broadcasts. It was discovered that one of the banks had on March (Signed) "John M. Godfrey, "Commissioner." APf\\ l (0