Brokerage Accounts a Treatise On the Business of Brokerage Its Accounting book
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50 is the amount so adjusted. The 100 Smelters bought at 69 1/8 for $6, 912. 50 is offset on the opposite side by 100 Smelters sold at 70 1/4 for $7, 025, making a profit of $112. 50. It is quite obvious that X & Co. Have a right to draw for this amount, for the reason that it happens to be the only way to collect the profit. Lastly, another 100 shares of Smelters was sold at 70 1/4, which must be delivered at 70. In that event X & Co. Would be underpaid by the receiving broker, but on this ite...m also, the seller is entitled to collect from the Clearing House the difference of $25. If the other trans- actions are followed out in like manner, it will be seen that the total of the four items aggregates $200 the draft on the Clearing House.
If the sheets of other respondent brokers were analyzed with the purpose of determining the amount of X & Co. 's collection, it is safe to say that a reconciliation could be had very easily. In fact, the machinery of the Clearing House does just this analytical work to prove the correctness of all items appearing on the sheets.
What to read after Brokerage Accounts a Treatise On the Business of Brokerage Its Accounting book?
You can find similar books in the "Read Also" column, or choose other free books by Frederick Simson Todman to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
50 is the amount so adjusted. The 100 Smelters bought at 69 1/8 for $6, 912. 50 is offset on the opposite side by 100 Smelters sold at 70 1/4 for $7, 025, making a profit of $112. 50. It is quite obvious that X & Co. Have a right to draw for this amount, for the reason that it happens to be the only way to collect the profit. Lastly, another 100 shares of Smelters was sold at 70 1/4, which must be delivered at 70. In that event X & Co. Would be underpaid by the receiving broker, but on this ite...m also, the seller is entitled to collect from the Clearing House the difference of $25. If the other trans- actions are followed out in like manner, it will be seen that the total of the four items aggregates $200 the draft on the Clearing House.
If the sheets of other respondent brokers were analyzed with the purpose of determining the amount of X & Co. 's collection, it is safe to say that a reconciliation could be had very easily. In fact, the machinery of the Clearing House does just this analytical work to prove the correctness of all items appearing on the sheets.
What to read after Brokerage Accounts a Treatise On the Business of Brokerage Its Accounting book?
You can find similar books in the "Read Also" column, or choose other free books by Frederick Simson Todman to read onlineMoreLess
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