Word: brokering
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Dates: during 1930-1939
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...detail because of fear of the official secrets act. But rumors of spies, Nazi agents, alarmists, panic-mongers and scandals they could print. They printed so many that papers were crammed with vague reports of the doings of "30 highly placed Paris journalists," "two Germans," an unknown investment broker, two German princesses and 150 others rumored to be involved in an undescribed government inquiry...
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...
...vacation, still long 70 shares of Spalding preferred, on whose total purchase price of $1,590 he was out some $500. Reason for his unexpected holiday was the prompt action of Curb President George Peters Rea in revoking his Exchange registration as a specialist for 30 days. Broker Sykes had, said President Rea, "subjected the Exchange to improper indignity by his inexcusable thoughtlessness...
...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...