Word: rosenbaum
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...Rosenbaum Grain Corp. has one of the largest storage capacities (18,000,000 bu.) of any grain house in the U. S. On busy days fast-talking Manny Rosenbaum. a cigaret hanging on his nether lip, keeps the grain pit lively with his orders. On dull days the pit brokers sometimes amuse themselves at his expense by parodying the German melody "O Tannenbaum" with loud choruses of "O Rosenbaum, O Rosenbaum...
...name of Rosenbaum was on every broker's tongue one morning last week when, precisely at 9 o'clock, the great 1,500-lb. bronze bell on the trading floor boomed not once-the signal for trading to begin-but five times. High up in the visitor's gallery an official uprose to bellow that the market would not open until later in the morning. At 12:30 it was announced that because of peculiar circumstances the market would not open...
Every broker knew what the "peculiar circumstances" were: with 4,000,000 bu. of wheat, rye, corn and oats, Rosenbaum Grain Corp. had gone to the wall the previous afternoon. The scarcity of wheat caused by Drought had eaten into Manny Rosenbaum's warehouse business. Income from storing other people's wheat (1½? a month per bu.) had sunk out of sight; in its place was a heavy drain on cash for upkeep and taxes. And loans from banks were large. Rosenbaum Grain Corp. filed petitions in Delaware's and Chicago's Federal Courts...
...smash came. Shrewd Emanuel Rosenbaum had timed his movements skillfully. He knew the Board of Trade must sooner or later carry out its rules which call for suspension of any member unable to meet his obligations. When President Boylan of the Board of Trade summoned the Board's directors to a secret meeting, they found Mr. Rosenbaum one jump ahead of them. He had secured an injunction to restrain the Board from suspending his company on the grounds that suspension would force a reckless liquidation of the company's holdings, knock the bottom out of the grain market...
Here he was in luck. He soon discovered that of Manny Rosenbaum's 4,000,000 bu. of grain contracts, the commitments on the long side were more than offset by contracts on the short side. Liquidation would not dump quantities of grain on the market at once. By agreement with the banks, who had most of Manny Rosenbaum's spot grain as collateral, the Board of Trade Clearing House selected a group of independent brokers (whose names were kept secret) to close out the Rosenbaum open contracts privately. Within a half hour after the market opened. President...