Salt Lake Telegram | 1933-05-26 | Page 3 | Mitchell Tries to Prove Stock Sale Genuine

j HELL TRIES 0 PROVE STOCK SALE GENUINE f Bookkeeper okke per for Copper Kink King Examined Cros-Examined in 1 Tax Fraud Case CaseBy By Br SIDNEY B. B WHIPPLE f ted Prel Staff Correspondent Nw EW YORK May 26 26 Counsel Counsel fOIles foi les I E. E Mitchell o on trial for aled al al- eged ed income tax evasion fought vi vig today to prove that Mitchell Mitchell's l Ie of tock stock In 1930 to W. W D. D Thorn Thorn- which he established a a techI tech tech- Si-fass Si of was a legitimate I Site mite mate transaction in the ordinary course of business i Max fa D. D examining cross Walter P. P Adams former bo bookkeeper l Jr far r the late John D. D Ryan multi millionaire copper king carried the thc witness through a long inquisition in in intended tended to prove that Ryan wu tiU anxious to consummate the dea border to protect the market marke for fos stock i Anaconda Copper Letters introduced in hi evidence bowed that on December 26 1930 kh eli completed the transaction by I Which he disposed of shares of 01 toe Ithe Anaconda stock to Thornton Thornton paid no money for the stock but ut J P. P Morgan Co granted him Ioan loan of the full purchase J 1 U this stock AH collateraL rice and held as On May 4 1931 MitChell d ased the identical stock from Thornton Thorn Thorn- ton ton- at a price one eighth lower thanh than te h had received for it IL The difference differ differ- ence nce was accounted for by the fact that Thornton had received four tenths tenths' dividends on it t. t But did you ever at any time ft r in an any place see any agreement agreements fetter or memorandum to the effect that Mr Mitchell would repurchase this stock after atter he had sold it to Thornton asked No I did not said the witness On the same date that Mitchell repurchased re reo re- re p purchased his shares of Anaconda Anacon Anacon- da di from Thornton Ryan lent him an 2500 shares letters showed Mitchell thanked Ryan for the loan In fIt fIta a note May 7 1931 and agreed t. t that t the stock was to be returned to Ryan on demand The loan was wade cade de without money consideration opposing attorneys wrangled over ever a letter from Mitchell to Ryan ki December I 15 1931 thanking him for fer the loan of the stock which he as a most friendly act acl loan of 2500 shares was try rr ry to enable Mitchell to put up sufficient suf suf- collateral with the Guaranty rubo company to borrow of et the with which he paid Thornton for the stock