Indianapolis Times, Indianapolis, Marion County, 13 December 1951 — Page 2
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M’Hale’s Friend Cohen
- yette.
Stock Deal Figure Calls It Politics
By IRVING LEIBOWITZ “The Republicans are fighting the Democrats and I'm caught in the middle.. That's all. political fight.” This complamt came from Frank Cohen, mystery man in the big profit stock deal involving his longtime asseeiate, Democratic National Committeeman Frank McHale, and Democratic National Chairman Frank McKinney. Mr.- Cohen, reached by telephone at his New York City address, defended his actions as that of “an ordinary businessman getting kicked around by politicians.” (Earlier this week, Mr, McHale and Mr. McKinney said there was nothing “unethical” about their buying and selling “stock from Mr, Cohen's Empire Tractor Co., although it paid ‘them each a $68,000 profit for a $1000 investment and, less than a year later, went bankrupt.) Mr, Cohen, a New York promoter who has been involved in at least three deals with the government in the last decade, refused to comment further on the case and has since declined to talk for publication. This is not the reputation for being a mystery man, Bankers, politicians, attorneys and insurance men in Indianapolis knew Mr. Cohen best for his purchase Oct. 27, 1937, of the Reserve Loan Life Insurance Co. of Indiana. One of the stockholders described the 58-year-old promoter as “super cautious.”
hts Guide Hoosier Pilot to Landing
LAFAYETTE, Dec. 13 (UF) — A Terre Haute pilot credited spotlights on police cars today for guiding him to safety from a confusing patch of air -somewhere above Crawfordsville. Pilot Max Davis radioed the Purdue University airport last night he was hopelessly lost on a flight from Cincinnati to LafaHe said his compass was on the blink. Airport officials alerted state and city police in the area to turn their spotlights upward and look for the low-flying craft. A Crawfordsville unit sighted it and through radio messages between the airport and plane, signaled the pilot and his passenger, Miss Betty Roberts of Terre Haute. Police cars led the plane toward Lafayette by the spotlights and flares dropped alongside a highway, Mr. Davis landed at Purdue with about an hour’s sup-
ply of gas in the plane's tanks. |
It's a-
FRANK COHEN—Used the alley door.
stockholder sald. “And to my|in the early days of the New knowledge he never came in the|Deal, testified Mr. Cohen had of-
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THE INDIANAPOLIS TIMES
a . a : 4 4a A i - ® 3 » % ¢ ; v = ® in
front entrance. Always used the fered him 1 per cent of Empire|G. Corcoran, a veteran White for 12 ships from Savannah Ship. back alley door.” {business and sald he would begHause. adviser, told the Truman yards, Inc, a Cohen affiliate. ; Mr. McHale's law firm repre-| Willing to make a $50,000 con-|Senate Committee he had re-| In 1947, Mr. Cohen went to “the quarters. sented the insurance company | tribution to the Democratic Na- ceived $100,000 in legal fees for government. with a plan to conafter Mr. Cohen and his- associ- tional Committee. Mr. Cohen de-|legal and organizational work vert the deserted Passamaquoddy ates gained control. It was on the nied both charges, but said he | for clients on defense projects. village in Maine into a training verge of being thrown into re. had given Mr. West $4900 ‘only | Mr. Corcoran celvership when it was moved to|Pecause I was a good-natured another former New Deal em- the United States Zone of GerDallas, Tex. and refinanced by damn fool, that’s all.” ployee, William Koplovits, Who many, The village had been large. oil interests. | During the questioning of the Once worked as attorney for the gpandoned by the federal govOnce Mr. Cohen came under the| Vitness, Sen. Truman told hiri: [Public Works Administration, ernment after Congress balked at
ts / any- of M ; nah Co. - cused the promoter of seeking gut{ ects Bhd, you A fo Soliet; thie Suvanuh Co ; s |
persons of influence in Washington ta aid his Empire Oranance| "yi G) thing. Co:, one of the most investigated and most criticized munition firms of World War II.
damn project there, Canceled Contract
Mr. Cohen’s name arose againithe U. S. Maritime Commission trades, in the same year when Thomas canceled an
So smi _
$18 milllon contract their work.
HAAR CMA
The accusation came Dec, 18, 1941, when Mr. Cohen wis a witness before the Senate De-
fense Investigating Committee, then headed by Mr. Truman as a Senafor from Missouri.
‘Distinetly Unethical’ Charles West, a Democratic}. ........ {Undersecretary « of the Interior
a
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Tagged Unethical, But
“Slave labor” was the description applied to the plan in some
tiations, the War Assets Administration, property, refused to approve Mr.
said he and center for displaced persons from| Cohen's proposal.
#
. THURSDAY, DEC. 13, 1951
2: - : Ca utio us Mr. McHale said He had-been voted a 10 per cent fee for his legal aid in winning a $935,000 award from the government in a contract settlement case. Mr, {McHale said he had invested money in the firm but that all his
After prolonged negowhich controlled the
Three weeks ago, the name of services to the firm were legal. Mr. McHale was linked with Mr, Cohen's Empire Ordnance Corp. Inad counseled th terorise. | Records of the Court of Claims fire of President Truman, who ac: th You were desperate for con- c another enterp voting further money for he diestome Dua) My. NA The Cohen plan called for Committeeman through the war One month gfter this testimony, teaching displaced persons useful years, had filed suit for a $93,500 with no cash payment for legal fee he said was due him
Mr. McHale was able to win the award for Empire Ordnance because it had started to make airplane struts. Court records disclose, however, that the firm had no contract with the government and gave up trying to make struts after they produced only five sets. .
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