The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter IX. The odd-lot business

Collection:: Economics Books

234 “THE WORK OF THE STOCK EXCHANGE War period a continuous market was established on the Ex- change it had already adopted the 100-share unit, and a single dealer on the floor named Munroe was able to attend to all the odd-lot orders received. After the panic of 1873 other Ex- change members took up this branch of the work, which gradu- ally increased in volume as time went on. After the appearance of the specialist® as a dealer and broker in the growing stock market, it came to be the custom for the few odd-lot dealers to have the specialist trade for them on commission. But with the further passage of time and the continued increase in the turnover of sales on the Exchange, the specialist’s increasing work in 100-share lots prevented his handling these odd-lot orders with sufficient attention and care. The growing diffi- culty of finding a market for odd-lots of stock which resulted was thus the immediate cause for the organization of the pres- ent odd-lot houses, which depend entirely on their own floor representatives in making their sales or purchases. Nature of the Odd-Lot Business.—In consequence, the sdd-lot dealers today stand always ready to deal in any number of shares from I to 99 and thus make it possible for the small investor to purchase or sell odd-lots of listed stocks at all times. Their only customers are the commission brokers who, as middlemen, bring to them the orders for small lots which origi- nate from small investors and traders all over the country. The odd-lot houses, as we shall presently see, not only maintain extensive offices and large clerical forces, but also must possess many partners or representatives who are Stock Exchange members. Certain odd-lot houses require the services of forty or more members of the Exchange, and have ohe or more partners or representatives stationed at each of the stock posts on the floor. The odd-lot dealer is able to perform his useful function by purchasing shares wholesale in I100-share lots in the open market, and then splitting up the 100-share certificates into 3 See Chapter VIII, p. 210.

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