Word: raskobs
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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...
Counsel Gray: If I'm directed to proceed no further with Mr. Raskob because he is chairman of the Democratic National Committee, I'll go no further...
...exonerate himself Witness Raskob produced itemized statements of all his dealings in shares of General Motors Corp. (of which he is a director but no longer an officer) since 1927. He maintained with his brokers two accounts, one of which was usually long more stock than the other was short. In Regent Corp., his personal holding company, he had always had at least 100,000 shares. Further heavy commitments were represented by his interest in General Motors' Managers Securities Co. Twice he had been "technically short" on balance between his two brokerage accounts, once for 2,204 shares, which...
Counsel Gray wanted to know why Witness Raskob had bought & sold stocks. Senator Couzens, a onetime motor stock investor (Ford) objected to the question, said he could not see "where we are drifting." Witness Raskob said he could not see either. But he explained "for personal reasons ... for income tax purposes to establish a profit or loss." Though readily admitting participation in the Radio pool (TIME, May 30), and a few other bull operations, he emphatically denied any part in General Motors syndicates...
Into his syndicate Broker Meehan drew 63 participants. The biggest names were mostly Irish and Roman Catholic-the late Nicholas Frederic Brady, Thomas J. Regan, William F. Kenny. John Jacob Raskob, each down for 50,000 shares, each depositing $1,000,000. In 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...