The work of the Stock Exchange

Bibliographic data

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

236 THE WORK OF THE STOCK EXCHANGE at the “Sun Oil” post, as in the case of a round lot order. But as a more satisfactory method in the case of odd-lot orders, the telephone clerk will probably turn such orders over to some one of the several odd-lot firms direct. He therefore writes out the order on an order blank, seeing that there is a notation upon it of the name of the odd-lot house in question, and hands it to one of the tube attendants stationed nearby. The attendant at once places it in a small cylindrical container and slips it into the appropriate hole in the nearest pneumatic tube station. These tube stations are located on the Exchange floor at the end of the stalls containing the members’ telephones, and each contains outlets of the pneumatic tubes running to the vari- ous stock posts. The containers with odd-lot orders shoot through these tubes and emerge at the various receiving sta- tions of the tube system at the stock posts. Thus the order for the “20 Sun Oil” very quickly arrives at the particular post where that stock is traded in. A tube attendant there at once takes the order from its container and places it on a rack reserved for the odd-lot dealer. A floor attendant is specially designated to see that such orders reach the odd-lot dealer promptly, so that the latter can handle them as quickly as pos- sible. If it is an order limited at a price far away from the market of that moment, he may have to enter it in his book and sell the customer the 20 Sun Oil desired as soon as market prices will permit. During the active business of 1928-29, facilities for sorting odd-lot orders for the opening were provided in a side room off the Exchange floor. In the fall of 1929, this system was utilized for odd-lot orders after the opening also. It partook of an emergency measure, and the extent of its employment has depended upon the general activity of the stock market. As soon as possible after the sale or purchase of an odd- lot has been made, the odd-lot dealer makes out a report slip (Figures 16 and 17) which records the price at which the 4 See Appendix IITg.

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