Word: broker
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Continental Bank & Trust Co., just merged with dubiously liquid Straus National, showed cash and Governments of 33 millions against deposits of 44 millions. Its call loans to brokers, long the specialty of this so-called "broker's bank," were ten millions. The statement bore a pledge that the bank would continue its old policy of liquidity...
...that more than pat answers may be necessary if anti-bear legislation is to be headed off. The first attack on bears will probably come from the New York Legislature. Through his business associate, Patrick Sullivan, Mr. Gerard last year presented a bill to make it necessary for a broker to obtain the written consent of an owner of stock before it can be loaned to shorts. The bill was shelved but will be aggressively revived this session by Assemblyman Sullivan, nephew of the Timothy Sullivan who sponsored New York's famed Sullivan Act against concealed weapons...
Sued. James Irving Bush, New York broker who lately married Mrs. Virginia Van Sant Alvord (TIME, Sept. 14); by Roberta Law, onetime chorus girl; for $20,000 which she claims he agreed to pay her when he decided not to marry her. Said she: "Even if I lose I hope it will teach him a lesson...
...Ouimet was suspended by the United States Golf Association for starting a sporting goods store. This episode was long forgotten last week as Ouimet, now a Boston cotton broker, attributed his victory mainly to "good fortune in having my putts drop. . . ." He had little to say before starting back for Brookline, Mass. Not so his 70-year-old mother Mary E. Ouimet, who, unlike most old ladies, seemed to know something about golf. Said she when she heard...
Wolf's thefts began in 1919 shortly after he had opened an account with a broker. The year before he had withdrawn $5,000 from savings and asked a broker to buy him 100 shares of some good stock outright, something he could put away and forget about. The broker, spying a sucker, described a margin account, told how he could control 500 shares of the same security with the same money. Wolf saw the larger possibilities and took the broker's advice. Shortly afterward the stock went down; he was called for more margin. Bewildered...