Word: upham
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Dates: during 1960-1969
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Died. Arthur Upham Pope, 88, the world's foremost authority on ancient Persian art and culture; of a heart attack; in Shiraz, Iran. Pope devoted his life to studying, lecturing and writing about the Persian civilization. In London in 1931, he organized the greatest exhibit of Persian art ever held. His massive six-volume Survey of Persian Art (1938) is still the definitive work in its field. "Turn back! Turn back!" he once cried. "Look to the ancients. Old Persia can save us-those remarkable people, with their gallantry, their decorum, their selfdiscipline, their sensitivity, their humanity, their productivity...
...Bertha Hecht, a 66-year-old widow in San Mateo, Calif., turned over her inherited portfolio of blue-chip stocks worth $533,161 to a representative of Wall Street's venerable Harris, Upham & Co. Seven years later, she found her fortune cut in half. She is still fighting to recoup her losses...
Last week, after four years of legal battles, a "conduct committee" of the National Association of Securities Dealers found the brokerage house guilty of failing to "exercise proper and adequate supervision" over its San Francisco branch. The committee ruled that Harris, Upham be fined $50,000 and that the San Francisco office manager, Arthur R. Mejia, be suspended for five days and fined $5,000. In addition, Asa V. Wilder, the broker who handled Mrs. Hecht's account and who has since left the firm, was fined $10,000 and had his registration revoked. Harris, Upham has 30 days...
...Instead, her account plunged to $251,308. The judge found that Mrs. Hecht's account had been "grossly and unfairly churned" by more than 10,000 transactions in an effort to generate commissions. Judge Sweigert therefore ordered that the firm pay Mrs. Hecht $504,391 in damages. Harris, Upham is appealing that decision...
...event, Mrs. Hecht paid Harris, Upham a total of $232,000 in commissions and interest on margin loans. Not surprisingly, the California widow was one of Harris, Upham's best customers in that state; in fact, for seven years she accounted for 4.7% of the San Francisco office's revenue...