Word: sabath
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David Meriwether Milton, smart husband of John Davison Rockefeller Jr.'s daughter Abby, has been a very busy man the past fortnight. First he journeyed from Manhattan to Chicago to face sharp questioning by Congressman Adolph Joseph Sabath's investigating committee, which originally started out to investigate real estate bondholders' reorganizations. From Mr. Milton the committee wanted to know all about the acquisition of General American Life Insurance Co. by Southwestern Life Insurance Co. last spring (TIME, April...
...unable to satisfy the Committee that there had been no pressure applied by Equity Corp. to make Southwestern make the $2,400,000 loan. Equity's profit in the deal was $425,000. Of the excursion of Investment Truster Milton and his associates into General American, old Congressman Sabath snapped: "They were not speculators. They were sure shot boys." Cried Wisconsin's Congressman Thomas David Patrick O'Malley about apparent discrepancies in testimony: "I think there is perjury going on . . . and, by God, I'm going to get to the bottom...
After three days of hearings U. S. Attorney Charles D. McAvoy stepped in, announced he would seek grand jury investigation. Seventeen days after the Sabath Committee arrived in Philadelphia, a jury began its task. On Sept. 18, the first indictments were returned, on Sept. 28 a second batch. But they were not made public and the jury continued...
Last May, when the purple path of Congressman Adolph Joseph Sabath's committee investigating bondholders' reorganizations led to Philadelphia for a second time, Philadelphia Co. investors packed the Federal Building to hear what the Philadelphia Inquirer called "one of the most sensational exposes of alleged practices in Philadelphia's top-rank financial world within memory of the present generation." When the Sabath committee scored, the investors cheered. When the sweating bankers offered explanations, they booed and waved empty pocketbooks. Sample revelations...
...York's Celler, Bickstein, Sirovich, Peyser, Bloom; New Jersey's Bacharach; Connecticut's Kopplemann; Pennsylvania's Ellen- bogen; Illinois' Sabath; California's Kahn