Word: norbeck
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...hope of catching a great big Democratic bear with its paws all sticky with short-selling honey, Senator Peter Norbeck's Banking & Currency Committee last week resumed its investigation of buying & selling practices on U. S. stock exchanges (TIME, April 25, et seq.). John Jacob Raskob was on the witness stand. Witness Raskob quietly sought to prove that his principal business is "trying to make good Democrats out of misguided Republicans," not being a big bad Bear...
After a two-week recess to allow Counsel William A. Gray and his investigators to prowl around Wall Street for more data, Senator Peter Norbeck's Banking & Currency Committee last week resumed hearings on the buying & selling practices of U. S. stock exchanges. Having heard a lot about post-crash short-selling (TIME, April 25. et seq.), the Committee now went back to the great pre-crash bull pools...
...Broker Meehan's wife's name was another $1,000,000 deposit, for 65,000 shares. Several other wives were listed for large amounts. In for lesser amounts were Percy Avery Rockefeller, William Crapo Durant, Walter P. Chrysler, Herbert Bayard Swope, Detroit's Fisher Brothers. Senator Norbeck was amazed to learn that Comedian Eddie Dowling also profited, though making no deposit. There was a strong political flavor to the pool, but Mr. Kenny's, Mr. Raskob's and Mr. Meehan's good friend Alfred Emanuel Smith was not listed by name...
...long time Congressman Fiorello ("Little Flower") La Guardia of New York had been quietly stuffing a Pandora's Box with woe for Wall Street. Last week the box, a big, brown trunk, was so full of woe that it required two men to lug it in to Senator Norbeck's bear-hungry Committee on Banking & Currency, still investigating the stockmarket (TIME, April 25 et seq.). When Congressman La Guardia opened the lid, out flew a flock of woes for Bulls, Bears and the financial press...
Hunters. To expedite the investigation, Chairman Peter Norbeck, a onetime South Dakota well-digger, last week organized a sub-committee of five. Besides himself, Senator Norbeck appointed Republicans Couzens and Townsend, Democrats Fletcher and Glass. Conspicuously omitted was President Hoover's good friend Senator Walcott of Connecticut, who started the bear hunt. Washington thought he had tried to soft-pedal the inquiry after trapping more Republicans than Democrats in bear's clothing. Four special investigators and an accounting firm were to be hired. Representative La Guardia's explosive testimony was the subcommittee's first move to broaden the hunt...