Word: brokerized
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Dates: during 1920-1929
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...Henry Harriman Simmons to announce in hard, sharp accents that a member, found guilty of unethical conduct of his brokerage business, was expelled, the member in question, Herman W. Booth, was nowhere to be found (TIME, Oct. 3). The incident was soon drowned by the roar of hundreds of brokers resuming the hawking of securities about the 29 posts of the floor. No active trader had Mr. Booth been, with hundreds of clients to represent. Apparently his misconduct had been technical. But the penalty was heavy disgrace. He had vanished from his hotel, leaving no clue, only a note disposing...
Later, telephones rang often and insistently in the office which Edwards Herrick Childs, appointed receiver in charge of Mr. Booth's affairs, had taken over. The inactive broker's clients, who bobbed up to an amazing total of 100, were sending in claims for over $1,000,000 worth of securities & cash. No wonder Mr. Booth had planned to end it all. All day long frantic creditors surged into the office at No. 120 Broadway...
...certain customers than was fair in view of the customer's indebtedness to the firm; 2) failing to answer that part of the questionnaire regularly submitted by the Exchange to its members in which explanation is demanded of how the firm guards against just this infraction. The broker is solvent. But his seat must be sold...
...equitable principles of trade." It was the first expulsion since July, 1925.š Charges. Herman W. Booth was not in Manhattan on the day of his expulsion. He hardly ever appeared on the trading floor of the New York Stock Exchange, doing most of his buying through other brokers. Some weeks ago the Exchange's Committee on Business Conduct asked for his books and did not get them. An inquiry showed that Mr. Booth kept no books. The Committee could not find what customers he had, if any; nor could they learn what his assets & liabilities were. Little...
Last week Carroll S. Bayne, Manhattan broker, paid $230,000 for a seat on the New York Stock Exchange?new high price record...