Lenin on organization

The work of the Stock Exchange

Bibliographic data

Monograph

Identifikator:: 1738032973

URN:: urn:nbn:de:zbw-retromon-116975

Document type:: Monograph

Author:: Lenin, Vladimir Ilʹič http://d-nb.info/gnd/118640402

Title:: Lenin on organization

Place of publication:: Chicago

Publisher:: Daily Worker Pub. Co

Year of publication:: 1926

Scope:: 235 pages

Digitisation:: 2020

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: I. Where to begin ? (From "Where to begin ?," "Iskra" no. 4, May, 1901)

Collection:: Economics Books

160 THE WORK OF THE STOCK EXCHANGE The exact figure at which a stop-loss order is executed, therefore, depends entirely upon the exact conditions in the market at that time. If Sugar falls to 8o but rebounds to 82 on the next sale, the customer may sell out his stock on his stop-loss order at about that price. But if Sugar, after reach- ing 80, should sink further to 78, it is around the latter price that the stop-loss order will probably be executed. Simply because the limit on a stop-loss order is set at 8o, therefore, is no reason that the customer should expect to make his sale at just that price. Of course, stop-loss orders placed above the market to pro- tect the short seller from a swift rise in prices are just as per- missible and customary as similar orders placed below the market to protect the purchaser from a drop in prices. Since so many stop-loss orders are in practice handled by the spe- cialists, some further points concerning their execution will be treated in the chapter which outlines the specialist’s work.? Forms of Limited Orders.—Orders also differ as to the rime for which they remain good. If Jones marks “G.T.W.” on his order, it means that it is “good this week” and that after the next Saturday it will become automatically void. Simi- larly, an order marked “G.T.M.” is “good this month.” But an order marked “G.T.C.” is by that fact “good till counter- manded,” and remains in force indefinitely. Of course, only limited orders ever bear these symbols—market orders are for ‘mmediate execution without any limit as to price, and do not involve the element of time. Transmission of the Order.—To return to Jones as he is making out his selling order, he decides, after a moment’s reflection, to “put a limit” of 150 on his stock, and accordingly places this limit as well as the letters “G.T.C.” on the slip. He then gives the slip to the customer’s man in Jenkins & Co.’s office, who at once turns it over to the order clerk. It is © 8See Chapter VIII. ob. 229.

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