Word: cutten
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...Pecora: What did you discuss this transaction with Mr. Cutten for last Saturday...
...competing oil company later merged with Sinclair Consolidated, had received a 2½% cut in the $12,000,000 profits of the 1928-29 Sinclair stockmarket pool. Prairie Oil's William Samuel Fitzpatrick had not been a syndicate member and the pool's manager Arthur Cutten had been able to shed no light on the transaction (TIME, Nov. 20). Haggard from a recent illness, Harry Sinclair resignedly puffed a black stogy, warily eyed Inquisitor Pecora and added little to the Senators' own book of revelations...
...Cutten volunteered: "When the market goes off a little bit, we buy and then the market goes up. . . . When the market goes up we sell...
...William Samuel Fitzpatrick, chairman of Prairie Oil, then a Sinclair competitor but later merged, was paid $300,000 out of the pool's profits although he had no interest, Mr. Cutten could not explain. "All we know, then," remarked Inquisitor Pecora, exasperated, "is that it wasn't made at Christmas time, so it couldn't have been a Christmas gift...
...could Mr. Cutten recall any of the transactions which the Senators were sure were "wash" sales between the purchasing syndicate and the trading syndicate. His attorney urged that his client's memory was "not of the best." Mr. Cutten had directed the market operations, which sold all 1,130,000 shares in seven months at an average profit of nearly $11 a share, from Chicago. His cousin Ruloff Cutten, a floor member of E. F. Hutton & Co., had executed his orders. Whenever Mr. Cutten felt vague on a point he would refer to "my cousin Ruloff." Cousin Ruloff...