Word: forshay
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...shoe strings and suspenders, driving bargains in a German accent on the doorsteps of Manhattan. That was Leopold Zimmermann in 1870. A thriving broker, with offices on Wall Street where the New York Stock Exchange now stands. In those days (the '80s) the sign above the door said Zimmermann & Forshay. But David F. S. Forshay died in 1895 and Leopold Zimmermann went on alone. A rich and feverishly busy potentate, with his offices at No. 170 Broadway jammed with speculators. That was Leopold Zimmermann in 1919 when the German mark was behaving in a dizzy manner. A bankrupt. That...
...Leopold Zimmermann is a man who pays back every cent. He re-opened the firm of Zimmermann & Forshay and has already used the profits to pay $100,000 of the remaining $2,000,000. He keeps a list of the old creditors on his desk, smiles sternly as he checks off names. He lives with his wife in a two-room hotel suite costing $1,400 a year, rides to work at 8 a. m. on the subway. He has no children, no partners. He swears he will tear up that list on his desk before he dies. That...
...compensation. So it would seem that there was little profit in the proceeding. But as usual behind the scenes there was a principle and several millions of principal. So the Guaranty Trust Co. of Manhattan was recompensed for the expense of hiring the defeated candidate of 1924, and Zimmermann & Forshay were recompensed for the expense of the defeated candidate of 1916-the expense of having them appear as "friends of the Court." And the defeated candidate of 1912 was justified in taking $50 a day from the U. S. Treasury for his attention to the case...
...Zimmerman of Zimmerman & Forshay, who is Chairman of the American Association of Holders of German Mark Securities, at once wrote a letter of protest to the Curb Association about the matter. He and his fellow members of the A. A. H. G. M. S. have by no means forgotten their mark securities, fallen to worthlessness almost by the recent devaluation of the War mark. Mr. Zimmerman declares that this devaluation has amounted to repudiation, that in effect Cologne and other German cities are in default on their mark bonds, and that therefore no German city should be permitted...
Unlike "K. N. & K.," the failure of Zimmerman & Forshay was quite unexpected. No mention of its name had been made in the excited rumors of Wall Street. Even President Crowell of the Stock Exchange was unaware of its critical condition. The house was, in fact, solvent on paper at the time of its failure, but its assets, including claims against the Alien Property Custodian, were frozen. The concern had long been known for its dealings in foreign exchange and silver bullion. Before the establishment of the Reserve System, the firm had during panic times done a curious but successful business...