Evening star. [volume], June 30, 1948, Page A-4, Image 4

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
Eaton Lawyer Accuses
SEC oi Wild Charges
In Kaiser Stock Case
By »h* A»iociat»d Pr«»
A lawyer for Cyrus Eaton, Cleve
land financier, said last night that
the Securities and Exchange Com
mission has made "wild and irre
sponsible charges of fraud” in the
Kaiser-Frazer stock case.
Criticism of the SEC was made by
Abe Fortas, Eaton attorney, in a
statement to reporters during the
commission’s investigation of the
collapse of a $10,000,000 Kaiser
Frazer stdck deal.
The commission is inquiring into
the withdrawal of Otis & Co., of
Cleveland, and the First California
Co. of San Francisco from an agree
ment to sell 900,000 shares .of the
motor company's stock. Mr, Eaton
is the majority stockholder of Otis
& Co.
Refers to SEC Petition.
Mr. Fortas’ statement referred to
an SEC petition, filed in District
Court last Friday, alleging that evi
dence in the stock case indicates
that two Cleveland lawyers had
talked with Mr. Eaton “in connec
tion with the perpetration of a
fraud involving the filing of a col
lusive law suit.” The lawyers named
by the commission are Marvin C.
Harrison and Allan Hull.
In his statement, Mr. Fortas said:
"We have examined the documents
• * * for an explanation of what
the commission means by its wild
and irresponsible charges of fraud.
“ We are unable to understand
from these documents or. anything
else who the commission contends
was defrauded * *
The commission's petition re
lated to a lawsuit filed by Stock
holder James F. Masterson, al
leging that the issuance of addi
tional shares would impair the
company's finances.
Suit Filed February 9.
The suit was filed in Detroit on
the morning of February 9, the day
the stock deal was to have been
closed. Attorneys for Otis & Co.
have testified that the Masterson
action was the ground on which
the bankers cancelled the stock sale.
Charles M. Walton, a Kaiser
Frazer lawyer, has testified the suit
was “phony.”
The suit was filed on Mr. Mas
terson's behalf by David V. Martin,
a Detroit lawyer.
At yesterdays hearing both Mr.
Masterson and Mr. Martin refused
to produce various documents re
quested by the commission. They
also refused to answer several ques
tions put to them by Russel Kelly,
chief SEC attorney.
Both said their refusals were
based on lawyer-client privilege.
Mr. Eaton testified several weeks
ago that he had no advance knowl
edge that the Masterson suit was
contemplated. He also denied hav
ing anything to do. directly or indi
rectly, with its filing.
Three U. S. Cruisers
Arrive at Greek Ports
LONDON, June 3.—The United
States Navy last night announced
the arrival of three cruisers at
Greek ports. The warships are from
units of the 6th Fleet now operat
ing in the Mediterranean.
The announcement came from
Navy headquarters for the Eastern
Atlantic and Mediterranean.
The Fargo arrived at Salonika,
the Huntington at Kavalla and the
Juneau at Alexandropoulis for "brief
calls,” after which they will proceed
to Turkey, the announcement said.
Photograph by American Museum of Natural History
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Brother of Eduard Benes
Returns; 'Afraid to Talk'
By the Associated Press
NEW YORK, June 30.—John
Anton Benes, brother of Czechoslo
vakia's resigned President Eduard
Benes, said yesterday on his arrival
in this country. “I’m afraid to talk.”
Mr. Benes, who arrived on the
liner Queen Elizabeth, told re
porters: "My brother told me two
weeks ago to go home and I cannot
tell you why.”
Mr. Benes said the resigned Presi
dent Is living in a villa about 60
miles from Prague under guard.
Czechs go to the villa every night
to sing and salute President Benes.
his brother said, to the annoyance
of guards at the villa.
John Benes said that two weeks
ago the resigned president told
him that he was being watched by
two soldiers and that it was time
for him to leave the country. He
urged reporters not to ask him
questions concerning political mat
ters dealing with Russia and the
United States.
Mr. Benes, 78, a pink-cheeked
former Milwaukee cabinet Inaker,
said he probably would live in Chi
cago. A citizen of the United States,
he spent the last 19 months in
Czechoslovakia.
JOHN BENES.
—AP Wirephoto.
Art Exhibit Announced
President Romulo Gallegos of
Venezuela will open a special show
ing of an exhibition of paintings
and drawings by Hector Poleo. Ven
ezuela artist.' at 11 a.m. Saturday
at the Library of Congress, it was
announced today. The showinng
Will be held until July 11.
Little progress has been made thus
far in rehabilitating Sumatra's tea
estates.
Guild Will Discuss
Firing of Communist
From Newspaper Job
By the Associated Press
SAN FRANCISCO, June 30 —Offi
cers of the American Newspaper
Guild. CIO, announced today that
the national convention will take up
the question of whether a news
paperman should be discharged for
membership in the Communist
Party.
The Guild plans a floor discus
sion of the discharge of Thomas G.
Buchanan, jr., medical reporter for
The Washmgton Star. He was dis
missed March 24 after admitting
membership in the Communist
Party.
Sam Eubanks, executive vice presl
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cue is being studied now by the
convention's Resolutions Committee.
Specifically at issue is whether
Communist Party membership con
stitutes just and sufficient cause for
dismissal of an employe covered by
a Guild contract.
The Guild’s Washington local
voted, 251 to 163, not to present a
defense in Mr. Buchanan’s behalf.
The majority believed discharge Of
a Communist was warranted.
Convention delegates last night
heard an off-the-record talk by
Henry J. Kaiser, Western indus
trialist. His talk came after day
long committed sessions at which
the Guild increased its goal of CARE
packages for European journalists.
Argentina is fighting a fruit-fly
pest in some of its fruit and wine
zones.
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Finns Wind Up Campaign;
Election Due Tomorrow
•y th* Aoeciatad tnu
HELSINKI. Finland, June 30.—
Finland’s political parties yesterday
began closing campaign efforts for
the parliamentary election which
begins tomorrow. Thus far the
campaigning has been orderly.
Political experts believe the elec
tion will produce only minor
changes in the present political
setup. However, most party head
quarters believe that anti-Commu
nist sentiment may cost the Com
munist-led Democratic Union some
votes.
That prediction does not worry
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fFinland's leading Communist. Mrs.
j Hertta Kussinen-Leino, minister
without portfolio in Premier Mauno
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inet.
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I large audiences and said: “We have
great hope.” In the present Parlia
ment the Democratic Union has 51
seats, the largest delegation of any
single political group.
A major test of strength is m
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