Word: allums
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...which is now being investigated by SEC. Brokerage transactions for both were handled by the firm of Prentice & Brady which began liquidation April first and is now being investigated by the Attorney General's office (TIME, April 25). C. When the ig-year-old firm of Hoagland & Allum went into receivership with a shortage of some $700.000 to $750,000, and only $196 in the till, Chicago had the biggest brokerage failure in 15 years. Hoagland & Allum never belonged to a stock exchange, did belong to the Investment Bankers Association until 1932. That year it went through reorganization...
...gets no regular reports from brokerage firms which are not Exchange members ; the Illinois Securities Commission has a staff of only two people. Thus Hoagland & Allum got by for five years until President Joseph V. Moreschi of the International Hod Carriers. Building and Common Laborers' Union of America found himself unable to get back $47.000 of his own money and $64.000 of union money. Just before Hod Carrier Moreschi complained to State's Attorney Thomas J. Courtney last fortnight. Hoagland & Allum Vice President Russell W. Brown was found dead of carbon monoxide poisoning in his garage. The three...
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