Word: brokering
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...ever made a more stirring address to businessmen," said Wall Street Broker Sidney Weinberg, "and in 30 years I've heard a lot of them...
...scandal has deeply shaken many investors. Brokers got calls all last week from customers wanting to know if their securities were safe. Other investors wanted to buy insurance policies on their securities. How can the investor protect himself? If he opens a margin account to buy stock with only a down payment, he has no protection. The broker can put his stock up as collateral to borrow the rest of the price of the stock from a bank; if the broker goes bankrupt, the margin buyer loses out. Many investors do not realize that even if they pay for their...
...Brokers often hold such stock in the brokerage firm's name, and if the customer signs a "hypothecation agreement"-as he is frequently asked to-the broker has the right to borrow from banks on his stock. Anyone can refuse to sign the agreement and insist that the stock be registered in his own name, but some Wall Street legal experts insist that the safest path for the customer is to 1) pay for the securities and take them home, or 2) if he wants to buy on margin, borrow from a bank instead of a brokerage house...
Died. Grant Stockdale, 48, Miami real estate broker and early Kennedy-for-President booster, who was appointed ambassador to Ireland in March 1961 in recognition of campaign work and generous party donations, but was forced to resign after serious reverses in the May 1962 stock market slump, after which increasing nervous strain left him unable to cope with the news of the President's assassination; by his own hand (defenestration); in Miami...
...Haupt, who founded the brokerage house 36 years ago, Haupt's new, young managers (the senior partner is 36) have been eagerly trying to expand business. They grabbed at the chance to handle Allied's trading after it had been judged too risky by another broker. Allied President Anthony DeAngelis, out to make a killing in cottonseed and soybean oil futures, almost cornered the futures market; but he built on such a fragile debt structure-with the low-margin help of Haupt that a slight drop in price was enough to start the avalanche...