Arizona sun., 1949-12-30

Headquarters, 1926 East Jefferson
Street. A large Christmas tree de-
lighted the children and presents
were given. Mrs. Thersa Stewart,
officiating, showed deep concern
for the underpriviliged children of
the city. The party was held at
z p. m. on Thursday.
Wall Street with branches in Eu-
rope until ]. A. Sisto and Company
was suspended from membership
in the New York and Philadelphia
Stock Exchanges for inability to
meet its obligations. But Sisto made
a comeback. Then in April, 1882,
members of the firm were ques-
toned in the Jimmy Walker scan
dial. Sisto, figured in Parmalee
Checker Cab Merger in New York,
was playing for control Of the cab
business in that city.
The slim, gray-haired, then for
tyish gentleman who dressed as
nattily as the dapper New York
Mayor gave Jimmy Walker $780,
535 worth of bonds = no cash
changed hands. Walker couldn't
explain them away before Cover
nor Franklin Roosevelt.
In December 1888, ]. A. Sisto
was expelled from the New York
Stock Exchange, ch harg ed and
found guilty of conduct "inconsis-
tent with the just and equitable
principles of trade"-which is a
Wall Street way of saying naughty
words. One charge = Sisto had
caused the Sisto Financial Corpora
ton, of which he was president
and director, to purchase 1000
shares of its own stock from him
at $23 a share at about the same
time, he had bought it for slightly
more than SIS. He had been in
volved in stock erasures. Then
Chairman of the Securities and Ex-
change Commission VILLA m
O'Douglas had commended the
New York Stock Exchange on that
action. Subsequently, Sisto also
became involved with the govern
ment over some income tax liens.
In 1889 J. A. Sisto registered with
and was accepted into the National
Association of Securities Dealers,
only to be tossed out again when
his record was gone over. And
in the meantime Barium Steel Cor
poration began to develop. ]. A.
Sisto was in-then out Of it-then
finally back in again as Chairman
of the Board and Director with his
brother a motivating force. In
1914 Sisto tried to get into the Ma
tional Association of Securities
Dealers again, and again the SEC
ruled: "Sisto's past record is not
one of sporadic defections, but
rather one of repeated pattern of
action in which the use of affilia-
ton for personal benefit at the ex-
pense of others seems to be the
dominant factor. Under the cir
cumstances, we cannot find it ap-
propriate in the public interest
to grant the application"
In the rising war and postwar
m a rk e S for steel, ]. A. Sisto,
brother Floyd and others, began to
expand Barium Steel, adding small
and sometimes antiquated plants
here and there. Generally the ac-
QUESTION of new plants meant re-
shuffling their stock. To finance
the expanding empire, new stock
was disposed of-up to 100000
shares of tin price all the way
up to 1O1s. Then in September,
about a month ago, came the ac-
QUESTION of the Phoenixville plants
of Kaiser-Frazer = and the RFC
came through with a $6,500,0O0
loan from the taxpayers money
81 100000 to help pay Kaiser-Fraz-
er and $4,5OO,OOO to help build the
empire. Barium Steel has been
listed since 1899. In all that time
it has not paid one cent of dividend
to the stockholders. It has declared
one 10 per cent stock dividend
now there is $6,5OO,0OO RFC loan.
Last year on July 80, despite its
previous rulings, the Securities and
Exchange Commission, on the
third try by Sisto, approved the ad-
mission of J. A. Sisto and Company
;n+o +bo Nofiono1 Association 0f