Word: bankes
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Dates: during 1920-1929
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...purchase price of $10,000, or he can deposit with the broker $2,000, say, as "margin" and let the broker obtain the remaining $8,000 for him. This the broker does by paying the seller the $10,000 due, and then borrowing the $8,000 from a bank upon the collateral of the stock certificate. Thus most of the stock certificates bought "on margin" by customers, they never actually see. Nor does the legitimate broker usually keep them in his office, for he may in the manner suggested above put them in a "loan envelope" and deposit them with...
...fact that most brokerage customers do not fully understand the business, it permits unprincipled brokers to sell out their customers' stock as fast as it is purchased&−which is "bucketing." If the customer asks where his stock is, he is told that it is at a bank in a "loan envelope," and he has to take the broker's word for it. The "bucketing" broker profits from this illegal and underhanded practice in two ways. In the first place, he charges interest on $8,000 to the customer, when he is not actually borrowing money to carry...
...trial of the Black Star Line Company revealed that the line has $31.75 in the bank and liabilities of $731,432, One of Garvey's former agents, " Sir" Sydney de Bourg, Knight Commander of the Order of the Nile, Leader of the Far Western Provinces of the West Indies, Duke of Nigeria and Duke of Uganda, testified to Garvey's extravagance in the West Indies, asserting that he had " gone broke at the races." The Assistant Treasurer of the line testified that Garvey had appropriated for himself money collected for the Association and for the Black Star Line. Unless Marcus...
Thus-despite the recently Tin-earthed frauds exposed by the Prince of Monaco, the amazing credence of "bank-breakers with a system,"the usual official despondency over the Casino profits, the lack of "high play" and the increased cost of maintaining that costly establishment-the Casino has done well...
Died. Horace M. Kilborn, 57, retired senior Vice President of the National City Bank of New York, of heart disease in Manhattan. He rose from a bank runner to a posi-tion in which he was one of the leading bankers in the group who brought relief to the money market in 1907. In one of the Liberty Loan campaigns he was said to have raised $10,000,000 in 36 hours...