Word: wenchell
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Dates: during 1930-1939
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Aside from reviewing over-the-counter market regulation, only major issue oi last week's gathering was the proposed elimination of tax-exempt securities. After hearing Chief Counsel John Philip Wenchel of the Bureau of Internal Revenue expound the New Deal doctrine that tax exemption should be ended in order to pump stagnant savings into use, then hearing Banker David Wood rebut with the standard argument that taxing tax-exempts would violate State rights, the assembled investment bankers resolved in favor of eliminating tax exemption on future issues. But this was no New Deal yessing, for banishing...
...Washington, Counsel for U. S. Internal Revenue Bureau John P. Wenchel charged Mrs. Emily Roebling Cadwalader, travel-loving Philadelphia socialite, with having connived with Husband Richard M. Cadwalader Jr. to reduce 1932 taxes, by transferring 400 shares of stock of their incorporated $2,000,000 superyacht Savarona to their attorney. Counsel Wenchel said she "engaged in fraudulent acts and deceptive gestures...
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