Word: broker
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Fortnight ago athletic A. G. Spalding & Bros, (recently recapitalized) listed its new no par first preferred stock on the New York Curb Exchange. Broker Edward Parry Sykes, 43, appointed specialist in the stock two days before, arrived late at work that morning. Maybe that contributed to his hard luck. There were no bids and no offers. So he made some quick calculations about what price to quote. Considering Spalding's balance sheet and the price of the old preferred, he decided to quote 30 bid, 33 offered (ten shares each...
...price, but like a hungry school of fish snatching at fat grubs, sellers snatched at his bids all the way down to 14. Then, fussed at playing sucker to his own game, he traded in and out at around 15 to stabilize his market. The bears let up. Broker Sykes's face was red. The traders knew, although he didn't, that Spalding's new preferred had been offered at 16 (when issued) in the over-the-counter market...
...East Baton Rouge Parish (County) Grand Jury indicted Dr. Smith for embezzling $100,000. Broker Charles Fenner said that Jimmy Smith in his gamblings had acted for perhaps a dozen "friends." First to be so identified was small-fry Business Manager Edgar N. Jackson, who had put $2,000 on the chance that a European war would boom wheat prices...
...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...