Word: mccaffray
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Last week because the Stock Exchange failed to suspend a member until after his firm was enjoined from further business by the Attorney General of New York, President Gay got his first taste of stern public criticism. Walter P. McCaffray & Co. got into trouble in an effort to bolster an affiliated concern called German American Securities Co. Inc. by lending it some $100,000 last summer. To raise part of that sum Walter P. McCaffray & Co. borrowed too freely upon its customers' securities. Meantime, according to the prosecuting attorney, German American was doing some highly irregular bookkeeping...
None of this was known by the firm's floor member, Jerome T. Meighan. who is not to be confused with Michael J. ("Mike") Meehan, now being questioned by the Securities & Exchange Commission for alleged manipulation of stock in Bellanca Aircraft. Apparently responsible for the McCaffray finagling was Managing Partner William H. Hosford, who resigned last month. As soon as Floor Member Meighan learned about his partner's activities, he reported them to Stock Exchange authorities...
...because he was the only partner who was an Exchange member. Summing up the case, the New York Times declared: "Wall Street observers felt . . . that neither the New York Stock Exchange nor the Curb Exchange had added to their prestige by their handling of the case of Walter P. McCaffray...
| 1 |