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...broken-down trusts early in Depression. Putting them together as Equity Corp., he sold out to Mr. Milton in 1932 at a profit of $750,000. This promoter was Wallace Groves, now in possession of Phoenix Securities Corp., which rose appropriately from the ashes of still another trust. Truster Groves's method was to use one trust to buy another, but his deals were so involved that one of his directors once felt impelled to warn him: "We may seem to you unduly sensitive to public, or rather informed financial opinion. The reason is that those who disregard this...

Author: /time Magazine | Title: Business: Investment Investigation | 8/10/1936 | See Source »

Another phase of Equity Corp.'s history before the advent of either Truster Groves or David Milton concerned a predecessor trust called Interstate Equities, originally a $25,000,000 concern sponsored by Bancamerica-Blair Corp. That meant it was managed by such Wall Street bigwigs as Edward Richmond Tinker, Hunter Sylvester Marston and Elisha Walker. Bancamerica-Blair used to cut its affiliated trust into pools and syndicates with the result that Interstate dropped no less than $5,000,000. Messrs. Tinker, Marston & Walker also managed to lose another $13,000,000 in Interstate's ordinary stock and bond...

Author: /time Magazine | Title: Business: Investment Investigation | 8/10/1936 | See Source »

...when Mr. Odium was scuttling about with a fistful of blank checks buying foreign power properties for Electric Bond & Share, such a message might have needed amplification to determine just what deal he had closed. Last week there was no room for doubt. The No. 1 U. S. investment truster had gone to London for the specific purpose of giving British capital an opportunity to repatriate a great British power company...

Author: /time Magazine | Title: Business: Odium in Action | 8/10/1936 | See Source »

...sharp, shrewd features of "Ray" Moley, got the definite impression that most of the facts and theories which Nominee Roosevelt was expounding on the stump originated in the teeming Moley mind. On March 4, 1933 Dr. Moley went to Washington as Assistant Secretary of State, No. 1 Brain Truster and one of the new President's most potent and intimate advisers...

Author: /time Magazine | Title: National Affairs: Tired of Reform | 7/27/1936 | See Source »

...This Administration . . .," wrote he last week, "is too often undiscriminating in its interest in the novel, too likely to accept the new merely because it is new." Last week-end observers who had begun to suspect a sharp personal rift between the President and his onetime favorite Brain Truster were surprised to learn that Critic Moley had been taken for an overnight cruise to Chesapeake Bay aboard the new Presidential yacht. As the Potomac sailed back up the Potomac in a pelting rainstorm next day. wiseacres wondered whether Editor Moley was talking up to President Roosevelt in person...

Author: /time Magazine | Title: THE PRESIDENCY,THE CONGRESS: Boss Man & No Man | 5/11/1936 | See Source »

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