Word: eaton
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Dates: during 1950-1959
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When Cleveland's sly old Cyrus Eaton pulled out of his firm's contract to underwrite Henry Kaiser's new $10 million stock issue for Kaiser-Frazer Corp. in 1948, he tried to find a legal loophole to justify his action...
...Eaton, who backed out because the market broke as he floated the issue, failed and a federal court last year awarded Kaiser-Frazer a $3,120,743 judgment against Eaton's underwriting house, Otis & Co. Eaton shut down his business to elude Kaiser's collectors...
...last week, Eaton had the latest laugh. Manhattan's U.S. court of appeals ruled that Eaton's contract was, indeed, invalid. In its prospectus for the issue, said the court, Kaiser-Frazer stated its earnings in such a way as to represent that it had made a profit of about $4,000,000 in December 1947. "This representation was $3,100,000 short of the truth." This failure to make full disclosure not only "violated the Securities Act of 1933" but was "a breach of the contract," even though Otis & Co. had all the facts and had helped...
...Dark." On the stand for the third week as a Government witness was Harold L. Stuart, 70, head of Chicago's huge Halsey, Stuart investment banking house and a longtime friend of Cyrus Eaton, Fair-Dealing financier blamed by many Wall Streeters for stirring the Government into action in the first place. Stuart was there as an expert, and Medina was glad to see him. He welcomed him as "a real live witness who can tell me about this investment-banking business . . . instead of staying in the dark, as I stayed for over a year...
...against his own $107,004. Answered Taft, who set the expenditures for his campaign at roughly $612,000: "For every one dollar spent in my behalf by my supporters, my opponents spent three." Among Taft's free-spending opponents, the subcommittee was told, was Cleveland Financier Cyrus S. Eaton. Witnesses said that Eaton and his associates had dished, out a total of $35,000. Republican donors were a little harder to trace. Taft's campaign treasurer, Ben Tate, blandly admitted destroying his itemized records of some contributions...