We are pleased to advise you that we have entered into an agreement with the clearing house of Little, Ursine & Co., Inc., a long established and prestigious member of the New York Stock Exchange, to clear our customer accounts. The direct effect of this action will be that on or about May 2, your account will be carried by Little, Ursine & Co., Inc. rather than our present clearing firm, Nugent, Golden & Co.
As our clearing firm, Little, Ursine & Co., Inc. will be responsible for holding securities and cash, settling transactions, collecting dividends, issuing confirmations, and looking after the various details incidental to the clearing of accounts. In conjunction with the foregoing, the securities in your account will be insured for $2,500,000. The first $500,000 of protection, which includes up to $100,000 of protection for cash, is provided by SIPC, and the balance is provided by an insurance policy purchased by Little, Ursine & Co., Inc. from the Lolander Casualty Company.
Unless we hear from you to the contrary, your account will be delivered to Little, Ursine & Co., Inc. on or about May 2. Please call us with any questions you may have.
