Hansische Beiträge zur deutschen Wirtschaftsgeschichte

The work of the Stock Exchange

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Monograph

Identifikator:: 1782566376

URN:: urn:nbn:de:zbw-retromon-169787

Document type:: Monograph

Author:: Rörig, Fritz http://d-nb.info/gnd/116593113

Title:: Hansische Beiträge zur deutschen Wirtschaftsgeschichte

Place of publication:: Breslau

Publisher:: Hirt

Year of publication:: 1928

Scope:: 284 S.; Kt.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: II. Der Markt von Lübeck. Topographisch-statistische Untersuchungen zur deutschen Sozial- und Wirtschaftsgeschichte

Collection:: Economics Books

502 APPENDIX intervene in such transaction, or for the purpose of making a contract in his own interest at a different price.” ORDERS Members should not use messengers or the tubes to tramsmit important orders and cancellations of orders, but should avail themselves of the service of a broker. This will obviate error and delay. Orders for stocks must be sent to the floor promptly, on blanks of the size and style fixed by the Committee of Arrangements, and must be dated and written clearly, especially as to tape abbreviations and prices; amounts must not be written in Roman numerals, In order to retain precedence, G. T. C. orders to specialists must be confirmed at the end of the month with the specialists. Orders not so confirmed will automatically be cancelled. Cancellation. Where members cancel open orders which have been given to specialists the fact that an open order is being cancelled should be indicated so that specialists with both open and day orders will know which order is being cancelled. Reduction of Orders. On the day a stock sells “Ex-Dividend,” the following kinds of orders should be reduced by the amount of the dividend: I. Open buying orders; 2. Open stop orders to sell. Not to be reduced. 1. Open stop orders to buy; 2. Open selling orders. With reference to orders in stocks selling ex-dividend on the first busi- ness day of a month, the Committee of Arrangements has ruled that: “Orders sent to a specialist prior to the close on the last day of the month should be handled the same as any other orders received during the month. Open buying orders and open stop orders to sell, received by a specialist after the close on the last business day of the month or before the opening on the first business day of the following month, should be reduced by him as stated above if such orders are a confirmation or con- tinuance of old orders; but if said orders are new orders the amount of the dividend should not be deducted by the specialist, the responsibility for their accuracy resting upon the member or firm giving said orders, and not upon the specialist.” An order received by mail on the day a stock sells “ex,” but before the . : . oo opening, should be reduced by the member or firm receiving the same by the amount of the dividend. “At the Opening” or “At the Opening Only.” Such an order shall be construed to mean at the opening in that particular stock. Member temporarily representing another member or specialist. The responsibility of a member who is in charge of a specialist's book or of an order from another rhember, toward such book or order during such time and for the balance of that day, is the same as that of such specialist or other member. (Chapter XI of Rules.) The foregoing also applies to specialists who are working in conjunction on the same books. Confirmations. Commission houses are requested to inform their repre- sentatives that they should promptly comply with requests from specialists to confirm trades and that it is their duty to make sufficient inquiry into the condition of the market to fully determine the fairness of the price.

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