Word: haupt
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Still, his purchases were so enormous that he needed plenty of credit. He got loans from two old-line Wall Street brokers, Ira Haupt and J. R. Williston & Beane, who also handled his futures trading and pocketed commissions totaling up to $100,000 a month. For collateral, they took De Angelis' warehouse receipts for the nonexistent oil. In turn, the brokerage houses used this paper to borrow money from such eminent banks as Chase Manhattan and Continental Illinois...
...that day, the U.S. Senate broke off debate on the Russian wheat deal, and prospects looked dim. In the next 48 hours, soybean oil tumbled to 7.60. The commodities exchanges began pressuring Ira Haupt-by far the biggest broker for De Angelis-to put up another $14.1 million in margin to cover Tino's vast contracts. The Haupt brokers frantically called Tino for the money. But Tino could not make...
...muse notwithstanding, art in the Western world is a commodity. In U.S. dollars, the timely tabulation takes place in the high temple of auctioneering, Manhattan's Parke-Bernet Galleries. When the collection of the late Wall Street stockbroker Ira Haupt went under the hammer last week, the question was: How fare the moderns...
Hopinq for Fraud. In its efforts to restore investor confidence in the Street's brokerage houses, the New York Stock Exchange had set up a $12 million fund to pay off Haupt's customers and liquidate the firm. The cost to the Exchange now seems likely to come to only $9,000,000. Many members of the Exchange grumble at the money they are to be assessed to pay off Haupt's customers, and hope that in some way Haupt will eventually be found guilty of fraud; insurance companies would then have to pay off on bonds...
Newcomers. If the stockholders were learning a few lessons about Wall Street, so were the partners in the 36-year-old firm of Ira Haupt, who, as things are now, stand to lose everything they have. For the most part young (in their 30s) and relatively inexperienced, they allowed themselves to be taken in by Allied in their aggressive push to win new business. A third of them have been with the firm only a few months, and some of them have put into it as much as half a million dollars. But no matter how recently they joined, they...