420 THE WORK OF THE STOCK EXCHANGE 
Pacific from some designated Exchange member. The stock 
is paid for by Jenkins & Co. under the supervision of the Day 
Branch described in a previous chapter.’®* The 100-share cer- 
tificate, when received, may be put in a loan envelope by the 
cashier and sent to the Forty-first National Bank of New York 
as collateral for a loan;* or may be loaned to some other 
broker who has sold this amount short and wishes to make a 
delivery to his purchaser.® 
SOLD 
SELL | 
0 Both. Luff 
1 Lt 
1 
ym 
ys 4 
100 gu lum ei 
135 
[VY] 
Figure 54. Office Sell Slip Figure 55. Office Sale Report Slip 
Containing Mr, Blank’s order to sell . Containing report of sale of stock for 
100 Southern Pacific ‘“at the market.” Mr. Blank. 
Sequel to a Margin Purchase.—But sooner or later Blank 
will either sell out this stock at a profit or loss (see Figures 54 
and 55), or else pay up what he owes upon it and “take it up,” 
to hold outright as an investment. If Jenkins & Co. have 
loaned the certificate to some other broker, they may request its 
return, upon which they will return to the borrower its money 
equivalent which he loaned them in exchange for it, and deliver 
the stock to Blank, or to some other firm to whom they have 
sold it upon his subsequent instructions. If Blank’s stock is 
reposing in a loan envelope at the bank, Jenkins & Co. may 
gee Gamer XIV ey 
6 See Chapter VII, p. 187.