eTrade 1999 Annual Report Download - page 50

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September 30,
-----------------------
1999 1998
-----------
-----------
Receivable from customers and non-customers (less
allowance for doubtful accounts of $975 and $862
in 1999 and 1998, respectively).................. $ 2,559,283 $
1,010,013
Receivable from brokers, dealers and clearing
organizations:
Net settlement and deposits with clearing
organizations................................... 20,066
21,158
Deposits paid for securities borrowed............ 306,326
328,989
Securities failed to deliver..................... 7,508
728
Other............................................ 19,398
4,359
-----------
-----------
Total brokerage receivables--net................ $ 2,912,581 $
1,365,247
===========
===========
Payable to customers and non-customers............ $ 946,760 $
361,030
Payable to brokers, dealers and clearing
organizations:
Deposits received for securities loaned.......... 1,806,590
839,422
Securities failed to receive..................... 7,235
1,222
Other............................................ 63,627
42,839
-----------
-----------
Total brokerage payables........................ $ 2,824,212 $
1,244,513
===========
===========
Receivable from and payable to brokers, dealers and clearing organizations result from the Company's brokerage activities. Receivable
from customers represents credit extended to customers to finance their purchases of securities on margin. At September 30, 1999 and
1998, credit extended to customers with respect to margin accounts was $2,452 million and $956 million, respectively. Securities
owned by customers are held as collateral for amounts due on margin balances (the value of which is not reflected on the
accompanying consolidated balance sheets). Payable to customers represents free credit balances and other customer funds pending
completion of securities transactions. The Company pays interest on certain customer credit balances.
53
4. PROPERTY AND EQUIPMENT--NET
Property and equipment--net consists of the following (in thousands):
2002. EDGAR Online, Inc.