228 THE WORK OF THE STOCK EXCHANGE 
He opens the stock, 400 shares at 681%, by selling 200 shares 
of his stock to be sold at the market to Macy, 100 shares more 
of it to Wells, and still another 100 of it to Cooper. In addi- 
tion to the remaining 100 shares to sell at the market, he now 
has 400 additional market orders to sell, owing to the fact that 
the first sale at 681% made active the stop orders of Doe for 
100, Nash for 100, and Roe for 200. He next sells his last 
too shares of original market stock to Dunn at 68, thereby 
increasing his market selling orders to 8oo shares by making 
active Smith's stop order at 68 to sell 400 shares. All his origi- 
nal market orders to sell have, however, now been executed. 
He next sells Doe’s 100 and Nash’s 100 to Doe at 67, and then 
200 of Smith’s stock to Ray at 66. But this latter sale 
“touches off” King’s 200-share stop order at 66, and thus the 
specialist still has 600 shares to sell at the market. The third 
100 of Smith’s stock is next sold to Field at 65, thereby mak- 
ing Platt’s 100-share stop order at that price a market order. 
The specialist still has 600 shares to sell at the market, namely, 
Smith’s last 100 shares, Roe’s 200, King’s 200, and Platt’s 100. 
These are all sold to Cole at 64, thus cleaning up all the orders 
on the book except West's 100 to sell at 73, which cannot under 
the circumstances be executed at all. Soon the tape gives the 
report of these transactions: 400 at 6814. . . . 100 at 68. 
...200at67. ...200atdb. ... 100at 65 ...600 at 
64. The last sale, of course, includes 100. 200, 200, and 100 
shares to sell. 
But what does Doe, with the stop order at 70, say when he 
is told that his stock brought only 67, after seeing 400 sell at 
6815 and 100 at 687? What does Roe say when he learns that 
his 200 shares went for only 64? Neither is Smith pleased to 
receive the reports from his 4o00-share stop order at 68, which 
show sales at 66, 65, and 64. Such executions could not be 
explained, and apart from the endless quarrels and dissatisfac- 
tion they would cause to sellers, the buyers would meanwhile 
be treated unfairly. The fairest way to both buyers and sellers 
is. therefore. to open the stock 1,600 shares at 64. And this is