Word: peppered
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Dates: during 1930-1939
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Standing with heads bowed before the King's Bench in London's Old Bailey one day last week, three British financiers received British Justice for their part in last year's unsavory "pepper pool" collapse that rocked London commodity markets and brought losses of millions to British investors (TIME, Feb. 18, 1935). The "Pepper King," an Armenian-born British subject named Garabed Bishirgian, had been accused of issuing a securities prospectus which he "knew to be false in a material particular." Aiding & abetting this crime was the charge against John Henry Charles Ernest Howeson, one time Calcutta...
...punish you." Thereupon he sentenced Messrs. Bishirgian & Howeson to one year of imprisonment without hard labor. That was the same sentence passed upon mighty Lord Kylsant in 1931 in the same court house for the same offence in connection with a scandalous Royal Mail Steam Packet prospectus. The third pepper man received nine months. All appealed...
Background of the pepper case was as dizzy as any U. S. dance of corporate dummies. Between Garabed Bishirgian's barren birthplace and his swank mansion in London's Park Lane lay a speculative trail that included caviar, tin and Turk ish rugs. By reputation his "only god was a rising share," though on week ends he was devoted to his 600 pigs on his model farm in Surrey. His lavish stag parties were the talk of the City...
According to one witness at the Old Bailey trial, Howeson's flier in pepper was a complete side-show for him. Garabed Bishirgian was a Howeson crony, and while transactions were for the account of a company headed by Howeson, the pepper trading was done through Bishirgian & Co. Messrs. Bishirgian & Howeson started to play the shellac market late in 1933, switched to white pepper in 1934 with the idea of cornering the world supply. By that summer the Howeson firm was loaded up with some $2,000,000 worth of shellac and about $5,000,000 worth of pepper...
...Government's return to the Court was to argue the case of eight Louisiana rice millers (TIME, Dec. 2) who asked a permanent injunction to prevent the collection of processing taxes from them. In the Hoosac case Lawyer Pepper had, by contrast with Solicitor Reed, got off without being asked embarrassing questions by the Court. Not so John P. Bullington, attorney for the rice millers, who was peppered with interrogations from liberal members of the bench. To prove his clients' right to an injunction Lawyer Bullington explained that if the rice millers paid...