Word: schenker
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Dates: during 1930-1939
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...Tammany Boss Frank V. Kelly of Brooklyn succeeded in getting Franklin Roosevelt to appoint his friend Harold M. Kennedy U. S. Attorney for New York City's Eastern district, instead of David Schenker, candidate of Mayor LaGuardia and Thomas ("Uncorkable") Corcoran. Interpretation: after his talk last fortnight with Mr. Farley, Mr. Roosevelt decided to appease local bosses; in this instance, abandoned the Corcoran plan to encircle Republican County Attorney Tom Dewey with brilliant New Deal prosecutors and prosecutions. Exaggeration (on the radio by Son Elliott Roosevelt): "Brooklyn is the key to the 1940 election...
...time being, Mr. Milton last week went to Washington to explain to the Securities & Exchange Commission about the complicated maze of Equity Corp. Before going into the story of each of 44 companies which have been involved in the investment trust's activities, SEC Counsel David Schenker drew from Mr. Rockefeller's son-in-law the story of how he got into Equity Corp. For $41,000 cash and 19,000 shares of an inactive insurance stock, Mr. Milton and Ellery Huntington Jr. eventually acquired control of Equity, which managed companies with assets...
...controlled by Mr. Milton, sold $900,000 worth of insurance stocks to a company managed by Equity, and the proceeds were used to buy control of Equity. Thus, a $13,000 cash buy into Consolidated Funds plus Equity's own money put Mr. Milton into Equity. Said Lawyer Schenker: ''[It's] a Van Sweringen operation in the investment trust field." After detailing various operations of Equity Corp., Mr. Schenker drew from Mr. Milton testimony about the formation of Merton Shares, a Canadian corporation, asked him why he had gone to Canada to insure success...
Under the agreement the stock was to come from the company's treasury. But did Scientist Kettering know, asked Inquisitor Schenker, that only 30,000 was thus withdrawn, that Messrs, Simonds & Thomas went into the open market to buy the other 10,000, thereby running up the price and improving their waterlogged position; that the stock for which he paid $6.50 per share was sold to them by the company for only $5.95. Inventor Kettering sputtered a shocked: "No!" There were some other things which Mr. Kettering evidently did not know about a venture into which he had sunk...
Those who were responsible for Yosemite's management, revealed Inquisitor Schenker, had sold out in 1932 to Equity Corp., which the same year clever Wallace Groves had begun to piece together mainly from broken-down trusts (TIME, Aug. 10). For his 40,000 shares of Yosemite Inventor Kettering received in exchange 20,000 shares of Equity, which he later disposed of for $1 a share...