European Stars And Stripes (Newspaper) - January 10, 1988, Darmstadt, Hesse Page 20 the stars and stripes sunday january 10.19bb investor s guide by Bill Doyle q. I Barht $5,000 North at Bondi. A copy of the brokerage firm s Kunfi Murton statement is in Clawd. After placing that order but Mart inc Dale on Uhlich 1 was to Pur for the bunds i ailed the Bro Ker id cancel. I was Laid that Noud into lir i huge Penally. When i Boram Bank Stock Worral years to ind it my due to so on tin Market for to weeks 1 a Lou 1 Cook cancel with no penalty Why h thai nol so Ullh the Bond a. Because you re talking about two different things. Your order to buy the $ 5.000 race amount of Bonds a a firm Purchase order to buy those Securi ties which were Avail Able in the Market. You bought those Bonds on the Radt Dale shown on the confirmation statement. You re re Doyle quire to pay for hem by inc settlement Date. This applies in All marketable Bonds stocks and other securities traded in the marketplace. You can t up and cancel a buy or sell order after a brokerage firm has executed in for you you became Trie owner of those Bonds the very minute the broker tilled your order. To end thai ownership you la have to sell. The huge penalty mentioned would result from the broker s commis Sion or markup on your Purchase and a commission or markdown on the Sale. Also the Price Ai which you sell might be lower than your Purchase Price. Your Bank Stock Purchase sever Al years ago was a different Story Back then that Stock was not yet being sold and the broker was Tak ing indications of interest from customers who might buy when the Stock was available. Q. When i Purchase Stock 1 pay for it or time and Hart the certificate delivered in me. When 1 sell which is nol very often i us to be paid on time and the Check sent id me my problem is that the brokerage firm holds my Money a Long m it can to necks or Mare past the settlement Dale while i am calling Al most Dally asking for my Money. Don t they profit by holding my Money Artel there any nil against this to whom should i re port ills a. Of course the brokerage profits by delaying delivery of your checks and putting your Money to work in its business and earning intern. Under the rules a transaction is supposed to be squared away by its settlement Dale the fifth Busi Ness Day following inc Trade Date. In theory you can go to the brokerage office at the close or Busi Ness on the settlement Dale and collect your Money from a Stock Sale. Because you have Given instructions your Check should be mailed to you the Day following the settlement Dale. Every so often inc securities and Exchange commission makes noises about cracking Down on slow pay brokerages. Bui Lei in such As yours come to this column in a i Udy Stream. Complain to the Sec and Lake your business to a different brokerage firm. Big Oor Tom . Flu to not to in Strtt to tart Friday Stock Market losses wipe out week s advances new York. U i the Siorek mar Ket began the first week of 1988 with an Advance that was far belter than most analysts had expected. The bad news is Blue chips ended the week in an equally surprising fashion they gave in All Back. The Dow Jones Industrial average plummeted 140,58, or 6.8s percent Fri Day to close the week at 1911.the decline completely erased the Index s and Vance of 113 Points including a jump of 76.42 on monday in the firs four Days of the new year and left the Dow with a net loss of 27,51 on the week. The startling finale to inc Market s first week of l9b5 had analysts drawing parallels to the october debacle and coincided with the release of recommendations designed to stabilize the increasingly volatile Market. This is shocking and very disturb ing said Michael Mcloz of Oppenheimer & co. As the Friday session Drew to a close. The Mord is one of astonishment. Some people Are wondering if we arc in for a repeat of mid october. I Don t think so bul there is a lot of con Broad Market indicators also declined on the week. The new York Slock in change composite Index fell 1.20 to 137.03. Standard
