Word: upham
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...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...
...seven to 20 in France. Merrill Lynch, Pierce, Fenner & Smith has increased its outposts from none in 1951 to 17 today, and Bache & Co. now has 16 offices in Mexico City, Tokyo, Beirut, Hong Kong, and a dozen European cities. Also spreading overseas are Dean Witter; Fahnestock; Harris, Upham; Smith, Barney, and scores of other brokers. In addition, U.S. bank branches do a brisk business in the stocks of American companies or their foreign subsidiaries...