Word: homsey
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BILKED CUSTOMERS of Du Pont, Homsey & Co. were offered $690,000 by the New York Stock Exchange to make up for their losses because of the Boston brokerage firm's misuse of their securities. It is the first time in the exchange's 168-year history that it has agreed to accept responsibility for losses to a member company's customers in a case of fraud...
...stood silently while Chairman Edward C. Werle made an unhappy announcement. For the first time in 22 years the exchange, one of the nation's most exclusive clubs, was expelling a member for "fraudulent acts which endangered a member firm's financial position." The offender: Anton E. Homsey, 53, one of two partners in the Boston firm of DuPont, Homsey & Co. His offense was pledging an estimated $503,000 in securities belonging to three customers as collateral for loans without the customers' knowledge. The exchange's last such case was in 1938, when Richard Whitney, five...
Gerald Colby indicated that Homsey had negotiated the loans in order to buy stocks for his own account. Homsey was arrested last month (he is free on $10,000 bail), and his firm was suspended from the Boston, American and New York stock exchanges and placed in receivership. Among the assets: Homsey's exchange seat, which can be disposed of at the going price (about...
...this time the exchange issued a precedent-setting statement. Said Exchange President Keith Funston: "The New York Stock Exchange feels that its moral responsibilities to these investors are not ended with the act of expulsion." He hinted that the exchange itself might make up financial losses suffered by Homsey customers, "particularly those of modest means...
...insurance companies) now returning to the market and the market's basic psychology improving, many Wall Streeters believe that the market is ready to respond to favorable news, take off on a sustained advance to new highs. Says Gerald S. Colby, partner of Boston's du Pont, Homsey & Co.: "The market is seeing better business ahead. It does not care what the economists are saying today. It is currently consolidating to go through 650-655 and on through its alltime high [of 685.47] by year...