Word: sisto
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Dates: during 1930-1939
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...Street was flooded with rumors that a house would fail. Tuesday morning stories of pending insolvencies were thicker, more persistent. At 1:30 President Richard Whitney mounted the rostrum of the Exchange. Trading was supplanted by a tense silence. Then an excited roar greeted the announcement that J. A. Sisto & Co. Inc. were unable to meet their engagements. Selling pressure increased. By the close of the market 34% of the common stocks listed were at least 20% below their old 1929 bottoms, while 59% touched or dipped under that level...
Thus was greeted the first notable failure of the year. On the Curb, from which the company was also suspended, support was practically withdrawn from stocks identified with Sisto. Cosden Oil went from $11½ to $8; Cuneo Press from $31½ to $16; Hygrade Food Products from $6 to $2f; National Rubber Machinery from $8¾ to $1?. An investment trust sponsored by the firm last year, Sisto Financial, tumbled from $17? to $10 and remained pegged at that figure with $2 bid, and a sale at $4? taking place "under the rule...
Well known in financial circles is Joseph A. Sisto, founder & head of the firm which bears his name. He was born in Newark, spoke only Italian for ten years. In 1914 he entered the bond department of Hallgarten & Co., in 1920 was made a partner. Two years later, at the age of 32, he formed his own firm...
Although J. A. Sisto & Co. carried a moderate number of trading accounts, it was known chiefly as an investment banking house. It was one of the largest dealers in U. S. pre-War bonds and insular and territory obligations. Likewise it became identified with many enterprises, all of which have been recognized in the Street as good small concerns. In the past, the firm has been identified with Chicago Pneumatic Tool Co., Checker Cab Mfg. Corp., Curtis Publishing Co. and Parmelee Transportation Co. Generally considered to have been the Sisto stumbling block is Cosden Oil Co. which has suffered continued...
...only on Wall Street were there repercussions of this failure. Well known throughout Italy is the name of Joseph A. Sisto, a great & good friend of Mussolini. Although some Italian bankers are said to have considered him a trifle too speculative by nature, he has distributed U. S. securities in Italy, sold Italian securities in the U. S., has been considered abroad as a good example of the great power obtain able in the U. S. And the fact that he was in Italy at the moment of his failure caused the financial districts in Rome, Naples, Milan to teem...