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Hecla Mining Co. Message Board

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  • eqtrader_agent99 eqtrader_agent99 Mar 23, 2012 10:51 AM Flag

    Please put high GTC sell orderin..READ WHY !!

    Shares are still in street name with a GTC order.

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    • Quick question, if you happen to know... 2 is transferring shares directly to the transfer agent. 3 is requesting certificates. I tried to do 3 a few months ago (and still plan to) but was told by my brokerage that it's an unusual request and that they didn't know how. I contacted Hecla and was told I could transfer shares to the transfer agent, then request certificates from the agent (American Stock Transfer & Trust Company). Is this something I should be able to do directly with my brokerage, and I simply need to push them harder to figure it out?

      • 1 Reply to sdbtietz
      • Tietz-You understand right! I can't imagine a broker not knowing how to get you a stock certificate. Although in this brave new world anything is possible! Here is the deal, most broker's, especially discount, are just plain lazy ! It requires a little time & paperwork they are not anxious to get involved with to start. There is also a little matter of the transfer agent/broker not being able to lend your shares out. Which cut's liquidity & commission's/margin requirement $$$ generated on a short cust. by the broker.

        Hecla gave you good advice. If enough folk's insisted on a physical cert. it would force more naked shorting-& risk. Year's ago most everybody wanted to hold a physical cert.-over the year's the broker's just convinced folk's holding in street name was more convenient-it's also beneficial to them obviously.

        Be aware the process takes time. I've waited as long as 60day's before getting "paper". Also be aware that when you decide to sell the broker will need to have the cert. back[process reversed] before executing the sell order in most cases. Frankly it is not practical for frequent traders. But if one plan's to hold for for a min. of 1yr.+ it's fine.

        Yes, you do need to push them harder!

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