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Hundreds of Haupt's customers crowded into its 15 offices, demanding the return of the stocks that were held on account in the brokerage firm. In many cases, their stocks were held in Haupt's name, and the bankers were legally entitled to take them in payment for loans made to Haupt. The New York Stock Exchange, fearful that the scandal would shake the public's trust in the market, put up $9.5 million to pay off Haupt's anxious customers. The New York Produce Exchange halted all trading in cottonseed oil. Tino's major company. Allied Crude Vegetable Oil Refining Corp., tumbled into bankruptcy. Wall Street's Williston & Beane was obliged by a capital shortage to merge into a stronger firm, Walston & Co. Tino's dazed creditors finally began peering into those Bayonne tanks. Instead of finding 1.8 billion lbs. of oil for which they held receipts, they found scarcely 100 million Ibs.—a shortage worth $130 million.
Conflicts & Claims. There was no shortage of losers. Among the many firms still tied up in knots of litigation: — The banks: They have filed towering claims against American Express Warehousing, contending that it must make good the oil that its subsidiary vouched for. The Morgan Guaranty Trust Co. claims $3,273,000, the Bank of America $11.4 million, Chase Manhattan $17 million, and Continental Illinois $34 million.
>The brokers: D. R. Comenzo Co., a firm that handled some of De Angelis' futures' trading, has been reorganized under the Bankruptcy Act, owes about $8,000,000 to various banks, is struggling to pay off. Hapless Ira Haupt faces claims of $38 million, has itself sued American Express for $52 million.
>The oil dealers: Tino's biggest customer, Buenos Aires-based Bunge Corp., claims $18 million from American Express Warehousing. Another customer, Continental Grain, claims $5,600,000 from the same American Express subsidiary.
>The warehouses: Harbor Tank Storage Co., which issued some warehouse receipts for De Angelis, has sued him and one of his cronies. Joseph Lomuscio, for $46.5 million. Harbor Tank, in turn, faces claims from bankers and other creditors for the same amount.
By far the biggest loser stands to be American Express. Though the question of how much responsibility it has for the debts of its subsidiary is open to legal dispute, President Howard L. Clark bravely declared that the company is "morally bound to do everything it can." Claims against Amexco, filed by 43 companies, total more than $100 million. But the claimants have been squabbling among themselves over who should get how much. Lately a group of them called for a package settlement of $80 million—$60 million from Amexco and $20 million from the insurance companies covering it against fraud (American Express Warehousing was insured for $30.5 million).