December 3, 1990 |
Investors who enjoy the feel of stock certificates can breathe easy. A plan to eliminate the documents all but died last week before the Securities and Exchange Commission. For some time, a group of Wall Street and banking executives has been looking for ways to speed the settlement time for stock trades. One idea was to do away with paper certificates in favor of an electronic bookkeeping system that would record buys and sells. That idea, however, never gained favor with individual investors.
December 3, 1989 |
Consider a stock certificate. It's a colorful document, sometimes embossed with a detailed drawing of a corporate logo, factory or building. It has your name on the front and the number of shares that you own in the issuing company. It's your piece of Corporate America. But do you really need it? A group of prominent Wall Street and banking executives doesn't think so and is urging the securities industry to phase out stock certificates in favor of electronic bookkeeping.
September 23, 2012 |
Bob Kerstein loves his paper stock certificates. At a time when stock trading is dominated by rapid-fire computers, he relishes paper stocks for their palpability. Wall Street seems cryptic and far away, but certificates are something he can see and hold. They're a pleasant throwback, a tangible marker of company history, a wisp of inky artwork in a canyon of electronic solemnity. So when Facebook went public this year and decided not to print paper stock certificates, Kerstein was bummed.
November 18, 2011 |
A federal judge made a highly anticipated ruling Friday on the question of which set of shareholders in the defunct Philadelphia Savings Fund Society should receive the $276 million awarded in damages for the improper closing the bank in 1992. The question, raised by a former director who sold his shares at a loss in 1993, was whether the money should be paid to current shareholders - including some hedge funds that may have bought the shares for a penny a piece - or to shareholders at the time of the bank's seizure by the Federal Deposit Insurance Corp.
September 12, 1991 |
A suave Main Line swindler has pleaded guilty to federal securities and mail fraud charges in California, four days before his trial was to begin. Thomas D. Dempsey, 52, entered the plea on Friday in U.S. District Court in Santa Barbara and will be sentenced there on Oct. 28. He faces a maximum sentence of 30 years' imprisonment and a fine of $1.5 million. Assistant U.S. Attorney Jeffrey B. Isaacs, who handled the case in California, said he did not expect Dempsey to be tried in Pennsylvania.
January 20, 1999 |
In 1871, the Union & Titusville Railroad Co. of Pennsylvania issued 100 shares of stock for $50 each to investor James Fisk Jr. - for a total of $5,000. This weekend, Fisk's stock certificate, now 128 years old, could sell for $15,000 to $25,000 at an auction near Lancaster. The certificate for the railroad shares is one of many that may no longer be worth anything to an investor but is worth a lot of money to a scripophile, a collector of rare and historic stock and bond certificates.
March 11, 1988 |
A former high-ranking civilian at the Defense Personnel Supply Center in South Philadelphia was sentenced yesterday to 10 years in prison for accepting $331,000 in payoffs in what the government called one of the most pervasive procurement frauds in recent Pentagon history. Frank L. Coccia, 55, who was deputy director of the center's clothing branch, apologized for his actions but told U.S. District Judge Edmund V. Ludwig that he had no explanation for why he accepted the money from clothing and textile contractors doing business with the center.
August 16, 1990 |
The operators of a private South Jersey investment club that promised annual profits of 24 percent were accused in federal court yesterday of defrauding clients of more than $5 million over 16 years. The allegations were in a complaint filed by the Securities and Exchange Commission, which is seeking, among other things, the appointment of a trustee to distribute what is left of the club's money. The suit, filed in U.S. District Court in Philadelphia, charges Joseph W. Buecker Jr. of Palermo, Cape May County, N.J., and John A. Petrillo of Warminster with violating federal securities laws through the investment club they founded in 1973.
October 9, 1992 |
Some people dispute whether Columbus did, but there's no arguing that you can - through a show called Discover America through Antiques, to be held this weekend at Cedar Crest College in Allentown. The benefit for United Cerebral Palsy of the Lehigh Valley is expected to draw more than 25 dealers, bringing in a variety of furniture, glass objects, Victoriana, toys and more. The show will be held in the school's Lees Hall, Cedar Crest Boulevard. Admission is $3.50. Hours are 10 a.m. to 5 p.m. Saturday and 11 to 5 Sunday.
January 15, 1987 |
Butcher & Singer yesterday became the latest brokerage house to run afoul of the Securities & Exchange Commission's crackdown on insider trading. The SEC suspended the brokerage for 30 days from engaging in certain over- the-counter stock trading activities, starting Feb. 2. The penalty is for an alleged stock forgery and insider trading scheme that took place at the Philadelphia firm 10 years ago. "For awhile, with Boesky and Levine and et cetera, we thought they had bigger fish to fry down there," said Butcher & Singer spokeswoman Rebecca Brown.