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Non-Tech : Web Street Securities (WEBS) -- Ignore unavailable to you. Want to Upgrade?

To: J.Fox-President,Web Street Sec who wrote (179)	12/21/1997 5:26:00 AM
From: Mama Bear	Respond to of 1339

Mr. Fox, I would really like to hear you address Fred Puppet's assertion that your firm takes an additional $5/share to establish a short position. I am on the verge of opening an account with your firm, but that would send me packing in less than a week. I open short positions every day, and expect to be able to do it within the standard margin requirements. If I have 10k in cash in my account, I would be able to initiate a short of 20k worth of shares, correct? Barb

To: J.Fox-President,Web Street Sec who wrote (179)	12/21/1997 4:45:00 PM
From: Mike	Respond to of 1339

>Mike, > >In regards to your confusion on the activity screen.. > >What we display is both the original order (as you placed it on the >computer) and the executed order. So, instead of saying that there >are glaring errors on the system, call one of our reps and they >would have been happy to give you the proper explanation. Mr. Fox, Maybe you misunderstood. The error that I was refering to was NOT on the order status screen where the initial order and the executed order are displayed. Rather, the history screen which should display my orders displayed that I had BOUGHT 1000 shares of xyz stock, SOLD 1000 shares of xyz stock, then BOUGHT 1000 shares of xyz stock again. I found it curious that I could have bought, sold then bought again as I had only entered ONE (1) order to buy the 1000 shares of xyz. I never entered any other orders regarding xyz and I am still holding those share in my account now. How is it that the history screen displayed that I SOLD shares of a security that I entered only one (1) order to buy? This IS, at best, an error. It could be something worse, but I'd rather not speculate as to what is happening with my account. I did call your reps and they couldn't see the error until they used my user id and password to login on the web. I'm not sure what is going on, but as I said before this makes me very nervous. Mike

To: J.Fox-President,Web Street Sec who wrote (179)	1/4/1998 11:59:00 PM
From: Mama Bear	Read Replies (1) \| Respond to of 1339

Well, I got tired of waiting for you to respond to my question concerning extra allocation of funds for shorting. I called 1 800 Web Street and spoke with the fellow there who assured my that initial requirements for a short position was indeed 50% of the selling price. That, combined with the fact that my return last month would have been considerably higher with your "free" commissions on 1000 share or better trades caused me to mail a check Friday. If FredPuppet is correct and I'm not allowed to initiate a short position of $1 for every $0.50 in my account I will pull that money out faster than I put it in. But I think there has to be some mix up, because were Fred to be correct, it wouldn't be very competitive of your organization, and you do seem very competitive. I hope that we have a long and mutually profitable relationship. Barb