Investment securities. Securities purchased to be held permanently, more especially to secure
the interest and dividends which they pay.  In ordering the purchase of securities on the New York
Stock Exchange the practise is to deposit margin with the broker the same as in a speculative
transaction. Then, the balance is paid to the broker when the securities are ready for delivery. In
ordering by mail margin is sent. A demand draft is drawn by the broker on the purchaser for the
balance and the securities are attached to the draft to be surrendered to the purchaser on the
payment of the draft. The draft and securities may be sent through a bank, which will undertake
the transmission of the securities and the collection of the draft, or it may be sent by an express
company, which will do the work.
In buying direct from a dealer, if the transaction is conducted in his office, it is a simple matter of
purchase and payment, although the payment must be in a manner satisfactory to the dealer—by
certified check or cash.
In selling through a broker securities that have been held for investment the practise is for the
seller to deliver the securities to the broker and take his receipt for them. Then, on the sale of the
securities the broker will deliver his check for the amount realized from the securities. The receipt
may be re  turned, although this is not necessary. In selling to a dealer it is a simple matter of
making a bargain with him.