A TYPICAL INVESTMENT TRANSACTION 165 
remains at a single post and confines his trading to a few of 
the stocks assigned to it, he would always be in a position to 
take advantage of any sudden change in market conditions by 
which Steel could be sold at a limit price of 200. 
Effecting a Sale.—But in the present case the market is 
very close indeed to the limit of 150 on Jenkins’ order. Jenkins 
is, of course, anxious to sell his customer’s stock for the highest 
possible price. In an attempt to get for the latter an additional 
1% over his price limit of 150, Jenkins accordingly joins in the 
chorus of voices and offers it at 15014. But since no one seems 
willing to buy Steel stock at 15014, the lowest price so far 
quoted by sellers, he next shouts, “Sell 100 Steel at 150.” 
Scarcely has he uttered this offer than Wilkins, another com- 
mission broker in the Steel crowd, promptly shouts, “Take it,” 
thus indicating that he will buy Jenkins’ stock at the price the 
latter has named. If Wilkins had not been swift in buying the 
100 Steel, some floor trader or specialist in the crowd might 
have forestalled him by purchasing it. Sometimes, indeed, two 
Exchange members will cry, “Take it” (or in case both are 
attempting to sell, “Sold!”) at exactly the same instant. But 
they settle such a difficulty instantly and impartially by produc- 
ing coins and “matching” one another to see which shall “get 
the sale.” The winner thereupon enters the transaction on his 
records as a sale, while the loser remains at the post to buy the 
stock he is after from someone else.!* The case of the sale of 
Steel at 150 here cited has purposely been kept as simple as 
possible, in order not to confuse the reader. There is, how- 
ever, a very extensive and complex technique in effecting floor 
transactions; the rulings on more complicated market transac- 
ions than the example given here will be found in an appendix 
to this chapter.® 
Reporting the Sale.—The magic words “Take it” mark 
the real point at which Jenkins’ order is “executed,” although 
14 See Appendix VlIa. 
15 See Appendix VIb.