Wirtschaftliches Verpacken

The work of the Stock Exchange

Bibliographic data

Monograph

Identifikator:: 1011909774

URN:: urn:nbn:de:zbw-retromon-27018

Document type:: Monograph

Author:: Leitner, Friedrich http://d-nb.info/gnd/139681477

Title:: Die doppelte kaufmännische Buchhaltung

Edition:: Sechste und siebente Auflage

Place of publication:: Berlin

Publisher:: Vereinigung Wissenschaftlicher Verleger Walter de Gruyter & Co., vormals G.J. Göschen'sche Verlagshandlung - J. Guttentag, Verlagsbuchhandlung - Georg Reimer - Karl J. Trübner - Veit & Comp.

Year of publication:: 1923

Scope:: 1 Online-Ressource (VI, 349 Seiten)

Digitisation:: 2018

Collection:: Business and Management Classics

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II. Teil. Die Praxis der Buchführung

Collection:: Business and Management Classics

594 APPENDIX 3. If, by reason of the neglect or inattention of a member, an order to sell is not executed when the stock sells at or through its price, and the stock declines thereafter, or the reverse, the member should take or supply the customer’s stock, as the case may be, at the price of the order, as covered by the tape, in which case he is not acting as a broker, and shall charge no commission, 4. If a reporter has not been received from a specialist on an order which he should have executed, the specialist is responsible for any loss which may be sustained to the opening price of the following day. The member or firm giving the specialist the order is responsible for any subsequent loss unless the order was for the account of an out-of-town member, in which case the foregoing loss should be borne jointly by the New York member and the out-of-town member, 5. If a specialist accepts an order, and later states in writing, or verbally to a member, that the order has been executed, the specialist is responsible for said execution if it has been covered by the tape. 6. If an order is received and executed by a specialist and he reports in writing, or verbally to a member, that the order was not executed, the specialist cannot compel the member to accept a report subsequently. 7. The price at which an order is executed on‘the Exchange shall be binding, notwithstanding the {fact that an erroneous report in respect thereto may have been rendered; and no member shall assume or pay any part of the difference between the price at which an order is executed and the price at which it may have been erroneously reported. (Section 10, Chapter II of the Rules.) 8. A specialist is responsible for all orders which are given by members to any person designated by said specialist to receive orders for him. Give-Up orders received by wire must be confirmed by both parties (see Circular C-1274). The stating by a party to a transaction of the name of a member or firm, other than the actual contracting parties, is known as a “give-up.” (Chapter II, Sec. 8 of Rules.) Unless a “give-up” is part of the original bid or offer, the brokers who execute the trade are the responsible parties. A floor broker or specialist is responsible to the other contracting party unless the “give-up” is part of the original bid or offer. (Chapter I, Sec. 14 of Rules.) On Order. This term is used when a member has orders from twa principals to buy and to sell and not to give up, in which case he must add to his name on the report the words “on order.” (Chapter XI, Sec. 1 of Rules.) Commissions must be charged on purchases and sales of securities dealt in upon the Exchange under all circumstances, which include orders exe- cuted for fellow members during their temporary or other absence from the crowd. The bunching of selling orders in stocks or bonds by several members, one of said members offering and disposing of the entire lot and not charging his associates in the sale any commission, is contrary to the Commission Law. Where a specialist or other member has a joint account with another member, members’ rates of commission must be charged upon all trans- actions made for said account.

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