Wall Street: Spreading the Losses

The Wall Street philosophy of caveat emptor, that every man's losses are his own misfortune, received an important qualification last week. The New York Stock Exchange decided to make good to 20,000 hapless investors the mistake of one of the members of its club. After four feverish days of consultation, Exchange officials and a group of top brokers agreed to set up a $12 million fund to pay back almost immediately the losses suffered by the customers of Ira Haupt & Co., which was suspended from trading after its biggest commodity customer went bankrupt, leaving the firm with debts...

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