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...were introduced showing that Mitchell had sold 8,500 shares of Anaconda Copper to his friend, President William D. Thornton of Greene Cananea Copper, but had bought them back four months later for the same price. This transaction Medalie called a dummy sale to escape income taxes. Defense Counsel Steuer called it a favor to Anaconda Cop- per who, he said, had asked Mitchell to sell it to Thornton in order to prevent public dumping of the copper shares...

Author: /time Magazine | Title: Business: Mitchell Trial (Cont'd) | 6/5/1933 | See Source »

Baldpated, urbane Judge Henry Warren Goddard rapped his gavel. The spectators filed out of the room talking and gesticulating. Banker Mitchell took his eyes off the dusty court clock, stood up. nodded to Lawyer Steuer. For five days the case was adjourned...

Author: /time Magazine | Title: Business: Mitchell Trial (Cont'd) | 6/5/1933 | See Source »

Scene follows scene in which the nailing of facts is secondary to building a picture of Mr. Mitchell and his motives. The principal witnesses, all Wall Streeters, are the Government's but their sympathies are with Mr. Mitchell, a fact of which Mr. Steuer elaborately reminds the jury...

Author: /time Magazine | Title: Business: Charles & Elizabeth | 5/29/1933 | See Source »

...Morgan vaults, batch by batch, went tens of thousands of shares. When his strong box was clean he turned over mortgages on his three homes. Last week he still owed J. P. Morgan & Co. $5,852,538.38 which the collateral fails to cover by about $1,000,000. Mr. Steuer makes the point that because of an unselfish effort to avert a disastrous crash in City Bank shares his client is a ruined debtor...

Author: /time Magazine | Title: Business: Charles & Elizabeth | 5/29/1933 | See Source »

Edward F. Barrett is a reluctant witness. He got his start as Mr. Mitchell's private secretary. Mr. Mitchell made him a National City vice president. He has handled Mrs. Mitchell's financial affairs for twelve years. Mr. Steuer complains that his opponent is "feeding poison in the most unwarranted way to the jury." Mr. Medalie observes that his opponent "seemed unduly disturbed." Snaps Mr. Steuer: "Anytime you get Steuer unduly disturbed you may hang that up as an additional trophy. ... I object to this continued insistence that Mr. Steuer is excited, Mr. Steuer is alarmed, Mr. Steuer...

Author: /time Magazine | Title: Business: Charles & Elizabeth | 5/29/1933 | See Source »

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