Word: mccormicks
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House Speaker John McCormick and Rep. Francis E. Walter (D-Pa.), chairman of the House Un-American Activities Committee, are among the leaders who will speak to the YDCHR...
...been tightly controlled for ten years by four of its members. SEC identified them as Board Chairman Joseph F. Reilly, 55, Vice Chairman Charles J. Bocklet, Finance Committee Chairman James R. Dyer, 56, and Floor Transactions Committee Chairman John J. Mann, 54. Under their command, President Edward T. McCormick, 50, who resigned his $75,000-a-year job last month in a welter of criticism (TIME, Dec. 22), had his duties reduced to that of a fulltime salesman primarily concerned with getting new companies to list their stock on the Exchange. In at least ten cases, SEC said, McCormick...
...striking example of how the four men operated, SEC noted that at the board meeting during which McCormick resigned, "Reilly was in the chair, Dyer moved that the resignation be accepted, and Mann seconded the motion. Reilly then relinquished the chair to Bocklet, Dyer moved that Reilly be appointed president pro tempore, and Mann seconded the motion." Dyer, Bocklet and Mann are all Amex stock specialists, that is, men assigned to trade in certain stocks to keep their price from leaping or sliding abnormally (New York Stock Exchange specialists laid out $100 million in one day to cushion a panic...
...Toots yelled. To his eleven-year-old son Rory, Shor called "C'm on, little Toots! Drink up! Have a little booze!" A young Roman Catholic priest entered diffidently, and Shor bounded over to him to greet him with a hug and a kiss. It was "Father Bill" McCormick of Brooklyn, who had blessed the new restaurant for Shor a day earlier. "That's the kind of place it is," Shor explained later. "A place where children can come, a place where the clergy comes. Everybody feels at home here. Nobody is pushed around except...
Anxious to forestall any lurid SEC revelations, the financial community is in the midst of a frantic bout of self-policing. Three weeks ago, the governors of New York's American Exchange secured the resignation of longtime Amex President Edward McCormick (TIME, Dec. 22). Last week, in a follow-up move, a special Amex investigating committee urged a sweeping reorganization of the exchange, which would bring its practices closer into line with those of the well-policed New York Stock Exchange. Chief changes proposed: to increase the policing power of Amex's administration, decrease the number of "self...