Word: broker
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Taxis. Why did the Mayor accept $26,535 worth of bonds from Broker Joseph A. Sisto, whose firm was interested in Parmelee Transportation (Checker Cab) securities, in 1929? Was it chance that, after Broker Sisto spoke to His Honor about the necessity for curbing low-rate "taxicab racketeers," the Mayor legislated into being the Board of Taxicab Control...
...Broker Sisto had said that he invested in Cosden Oil stock for the Mayor but without his knowledge, after meeting him for the first time in Atlantic City. He did not give Mayor Walker the total $88,000 in profits from the transaction since he was hard up for cash, but sent him $26,535 m bonds through a henchman named McKeon, who testified he passed them to His Honor while riding home in the Mayoral limousine...
Mayor Walker admitted that he had "many kind friends" who did him unsolicited favors, but denied Broker Sisto had kept him in ignorance of the investment. He said that had the Cosden Oil pool lost money he would have borne his part of the loss. He did not receive the bonds in his car but in his home while dressing for dinner. The gift had no connection with the establishment of the Board of Taxicab Control. He suggested that had he really wished to graft from the Parmelee Company he could have gotten much more than $26,535 by failing...
Anxious to learn how the pool profited $4,925,000 on an investment of $12,683,000, the Committee called Broker Meehan. He had sailed for Europe the night before, "a very sick man." They also called Pool Manager Bradford Ellsworth. He was reported to be in Canada. Though he had been ill in Florida during the actual operations, Co-manager Thomas E. Bragg confirmed the facts & figures that Counsel Gray adduced...
...Stock Exchange for the two days came to 931,000 shares. With the pool's accounts now balanced at 39% profit, the stock slumped immediately to $101. Disappointed "little fellows" dumped what they had bought. Five days later Radio was back to $87.25. Counsel Gray said Broker Meehan had immediately set about forming another pool. Asked whether he had personally investigated the assets and liabilities of Radio Corp., Witness Bragg said: "They didn't have many assets or liabilities but they had a good idea...