A TYPICAL INVESTMENT TRANSACTION 161
the business of this order clerk to record and supervise the
transmission of orders to the main office of Jenkins & Co. in
New York, over the company’s private telegraph wire.* In the
present instance, he sends Mr.
Jones’s order to the wire room,
where the wire operator telegraphs
 the order over the firm's
private wire to its New York
office. The moment Jones hands
his order slip to the customer’s
man, he thus sets in motion the
whole machinery of the Stock
Exchange for executing orders
and for the clearance and delivery
of stock—a machinery concerning
 the complexity of which Mr.
Jones has probably only a vague
10t10n.

In the Wall Street Office.—\Vhile Jones lingers in the
Baltimore brokerage office to watch for the record of his sale
on the tape, the scene shifts to New York. In the main office
of Jenkins & Co. at 500 Wall Street, a wire operator sits waiting
 for just such out-of-town orders as Jones's to come in over
the firm’s private long-distance wires. He receives the message
 from Baltimore to “sell 100 Steel at 150,” and turns it
over to the order clerk, who makes a record of it for filing
purposes and transmits the order at once to the Exchange floor
over the private telephone maintained by Jenkins & Co. for this
very purpose. The telephone of Jenkins & Co. is situated in
one of the many telephone booths which fringe the Stock Exchange
 floor.® (Plate 6.) The firm’s telephone clerk immediately
 takes down the order on a specially prepared selling slip
(Figure 8), containing Jenkins & Co.’s name and a letter and
number which indicate the location of their floor telephone.

4 See Chapter XV, p. 436.
5 See Appendix IIIh.