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Domestic News
December 11, 1951
The Daily Express
Dayton, Montgomery County, Ohio
What is this article about?
A spokesman for Frank McKinney confirmed he made a $74,000 profit on a stock transaction with Frank Cohen of Empire Tractor Co. in 1946-1947, three years before becoming Democratic National Committee Chairman. The deal was described as a pure investment.
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THE OHIO DAILY EXPRESS
McKinney Admits
Profit
WASHINGTON, Dec. 11 (INS)
A spokesman for Frank McKinney confirmed today that he made a $74,000 profit in a stock transaction three years before he became Democratic National Committee Chairman.
The spokesman said that McKinney purchased 1,000 shares of stock from Frank Cohen, organizer of the Empire Tractor Co., for $1,000 in 1946 and ten months later, in August, 1947, he resold the stock to Cohen for $75,000.
McKinney was quoted by the spokesman as saying that he bought the shares from Cohen in the first place strictly as an investment on the advice of an associate in the professional base-ball field.
The spokesman added that McKinney understood he was offered the large sum for his block of stock because of a fight within the firm to gain control of its management.
The spokesman said McKinney explained that he knew nothing about reports that the firm had made sales of tractors to and through the government.
It was emphasized that McKinney treated the purchase and sale of the stock strictly as an investment.
McKinney Admits
Profit
WASHINGTON, Dec. 11 (INS)
A spokesman for Frank McKinney confirmed today that he made a $74,000 profit in a stock transaction three years before he became Democratic National Committee Chairman.
The spokesman said that McKinney purchased 1,000 shares of stock from Frank Cohen, organizer of the Empire Tractor Co., for $1,000 in 1946 and ten months later, in August, 1947, he resold the stock to Cohen for $75,000.
McKinney was quoted by the spokesman as saying that he bought the shares from Cohen in the first place strictly as an investment on the advice of an associate in the professional base-ball field.
The spokesman added that McKinney understood he was offered the large sum for his block of stock because of a fight within the firm to gain control of its management.
The spokesman said McKinney explained that he knew nothing about reports that the firm had made sales of tractors to and through the government.
It was emphasized that McKinney treated the purchase and sale of the stock strictly as an investment.
What sub-type of article is it?
Economic
Politics
What keywords are associated?
Mckinney Stock Profit
Empire Tractor Co
Democratic Chairman
Stock Transaction
Frank Cohen
What entities or persons were involved?
Frank Mckinney
Frank Cohen
Where did it happen?
Washington
Domestic News Details
Primary Location
Washington
Event Date
Dec. 11 (Transaction In 1946 And August, 1947)
Key Persons
Frank Mckinney
Frank Cohen
Outcome
$74,000 profit from stock sale
Event Details
Spokesman confirmed McKinney bought 1,000 shares of Empire Tractor Co. stock from Cohen for $1,000 in 1946, resold for $75,000 in August 1947 as investment on advice from baseball associate; unaware of firm’s government sales; deal amid internal management fight.