This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 Excerpt: ...every one of the 320 long shares would have to decline on the average 18 points (or $18 per share) before Blank's margin would be exhausted. Margins may also be figured in percentages. Thus in Figure 53 Blank's margin is stated to be 21 per cent, because his equity of $5,805.94 bears that proportion to the total value ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 Excerpt: ...every one of the 320 long shares would have to decline on the average 18 points (or $18 per share) before Blank's margin would be exhausted. Margins may also be figured in percentages. Thus in Figure 53 Blank's margin is stated to be 21 per cent, because his equity of $5,805.94 bears that proportion to the total value of his long stock, $27,380. In very high-or very low-priced stocks, the percentage of the customer's margin is especially important. If, for example, a customer happened to hold shares whose price stood at about $600 or $700 apiece, a 20point margin would be insufficient and a 10-point margin would be perilous. On the other hand, if the customers' shares were low-priced stocks, selling, let us say, at $5 apiece, a 20-or a 10-point margin would be impossible, and a 2-point margin probably conservative. In such cases the percentage relation of the amount of the margin to the value of the shares would have to be reckoned. A customer might have a 50-point margin on a $500 stock, and have only a 10 per cent margin, and yet his margin on $5 stock would be 20 per cent if it were 1 point. Thus it can be seen that the number of points of margin demanded by the broker varies with each individual case, and cannot be set at any one limited figure, either by law or by regulations of the Stock Exchange itself. It would be equally impractical to attempt to establish a fixed percentage between the margin and the value of the securities of which the customer is long or short. It is significant, however, that the Constitution of the Exchange contains the following provision:28 That the acceptance and carrying of an account for a customer, either a member or a non-member, without proper and adequate margin may constitute an act detrimental to the interest aud we...
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