162 THE WORK OF THE STOCK EXCHANGE 
Signaling the Exchange Broker.—The next step is, of 
course, for the phone clerk to get this order into the hands of 
Mr. Jenkins, who as a “floor member” personally executes on 
the Exchange the orders received by his firm. If the order 
were for an odd lot—that is, for less than 100 shares—the 
phone clerk would probably send the written order to the “Steel 
post,” where it would be handed over to an odd-lot dealer for 
execution.’ If the order were for 100 shares, but limited at a 
price far away from current prices, it would perhaps be advisa- 
ble to send it to the specialist in Steel,” since the latter is always 
stationed at the Steel post. Also in certain exceptional in- 
stances, Jenkins’ phone clerk might give the order to a page 
with instructions to find Mr. Jenkins and give it to him. 
But, as is usually the case, the telephone clerk does not 
now where on the crowded Exchange floor Mr. Jenkins is, 
and he therefore signals for him by “putting up his number” 
on the annunciator boards on the walls of the Exchange trad- 
ing rooms. Each broker has his own number and as he moves 
from one post to another on the floor he constantly watches 
for it to appear. Consequently, when Jenkins’ telephone clerk 
presses a button beside his telephone, Jenkins’ number, 371, 
suddenly appears in white on the great black signal boards. 
This at once attracts Jenkins’ attention; he hastens over to his 
telephone booth and takes the order from the telephone clerk. 
In case Jenkins had been forced to absent himself from the 
door at this time, he would probably. have instructed his clerk 
to “give out” such orders during his absence to a “two-dollar” 
broker, in order that there might be no delay in their execution. 
Composition of a “Crowd.”—Every stock listed for trad- 
ing on the Exchange is assigned to some particular post on the 
floor. Naturally there are many stocks traded in at each post. 
Jenkins quickly finds his way to the “Steel post,” where U. S. 
Steel common stock is bought and sold. The so-called “Steel 
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