Word: poole
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
...Pools. Any Wall Streeter knows, but few Senators do, how pools are run. Because the risks are great, the pool's sponsor usually invites only his richest friends to form a syndicate. Each shares in the profits (or losses) in proportion to his subscription. Each usually makes a cash deposit for the pool manager to use as margin in his trading operations. Each is pledged to strict secrecy. With dictatorial powers, the pool manager begins accumulating stock, buying a little more each day than he sells. Stock is dumped if the price rises noticeably. When the manager...
Radio. Headline writers last week called the Radio pool of 1929 "The Raskob Pool." Wall Street snorted, knowing full well that shrewd, red-haired Michael J. Meehan, Radio specialist on the Floor, had engineered it. Mike Meehan in 1928 had whipped Radio from $85.25 to over $500 a share (when it was split...
...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...
Anxious to learn how the pool profited $4,925,000 on an investment of $12,683,000, the Committee called Broker Meehan. He had sailed for Europe the night before, "a very sick man." They also called Pool Manager Bradford Ellsworth. He was reported to be in Canada. Though he had been ill in Florida during the actual operations, Co-manager Thomas E. Bragg confirmed the facts & figures that Counsel Gray adduced...
...before the pool was formed Radio sold at $74, total transactions on the New York Stock Exchange were 98,000 shares. Witness Bragg testified that the pool did not become active until five days later when the price had risen to $91.75. On that day Pool Manager Ellsworth bought 392,000 shares, sold 246,000. During the following week trading continued at a terrific pace, the price pushed up to $109.25 a share. Whipped into a frenzy by the tremendous activity at steadily mounting prices the public stampeded into the market. During the last two days of the pool...