Word: broker
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Dates: during 1930-1939
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...subject of his warning was brokers' general practice of taking customers' cash deposits and mingling them with their own funds, with the result that if a broker fails, his customers are just some of many unsecured creditors. By contrast, he pointed out that the U. S.'s No. 1 department store (Manhattan's R. H. Macy) "accepts customers' cash for deposit against future purchases. But . . . these deposit accounts are not commingled with the general funds of the store. They are deposited with a totally separate banking company set up under State banking laws and supervised...
CANCELLED IN RED-Hugh Penfecost -Dodd, Mead ($2). The shooting of a racketeering stamp broker solved by another dealer, dapper Larry Storm, and by soft-voiced Inspector Bradley of the Manhattan force. Ably-plotted, humorous, backed with authoritative philatelic glue...
...revealed last week that President Roosevelt last month pardoned, because of ill health, Broker William L. Jarvis of Newton and Scituate, Mass., who had served 15 months of a five-year prison term for fraudulent use of mails to sell stock. Broker Jarvis and four colleagues were SEC's first big captures...
Many a Wall Street broker visualizes himself as a modern Sisyphus in a special kind of New Deal Hell: endlessly rolling a Business boulder up a WPA hill built too steep by Federal spending, sown too thickly with SEC hazards, watered so heavily with Federal supervision that the boulder continually slips out of his hands and rolls back into Depression...
...years a Detroit insurance broker named R. T. Johnstone (neither of whose initials stands for anything) has been pestering Ford Motor Co. to take out a group insurance plan for its employes. Though balding, 37-year-old R. T. Johnstone is one of the nation's largest producers of group insurance, Henry Ford always refused on the ground that group insurance was too paternalistic. Last week, however, Broker Johnstone talked again to Edsel Ford, finally closed a deal for a $150,000,000 plan covering more than 100,000 Ford workers. Said a Ford official: "The men wanted...