The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VIII. The floor trader and the specialist

Collection:: Economics Books

THE FLOOR TRADER AND THE SPECIALIST 219 permitted on the trading floor itself, since they must always remain inside the new hollow stock posts; they, of course, are never permitted to buy or sell securities, or to exercise any of the prerogatives of Stock Exchange membership. The spe- cialist’s clerk simply assists his employer with the mechanical and clerical side of the work. The clerk, for example, sorts out incoming orders for the specialist to execute, arranging buying orders by 4s below, and selling orders by 14s above, the cur- rent price. Market orders and also orders limited at prices close to the current price are turned over at once to the spe- cialist himself. The clerk, however, can keep a loose-leaf book in which buying orders limited at prices considerably below the market, and selling orders limited at prices considerably above the market, can be systematically inscribed. When the spe- cialist has made a purchase or sale as agent for another mem- ber, from his memorandum of sale his clerk inside the post can speedily make out a binding report of the transaction, check it, and dispatch it to the giver of the order. Sometimes, in an unusual rush of business, both the spe- cialist and his clerk or clerks may have all they can do to keep up with the work. For such emergencies, the Stock Exchange now provides a special force of its own floor employees solely to assist the specialists; these Stock Exchange employees move about from post to post, wherever trading activity is most intense, and relieve pressure on the specialist and his clerk or clerks by sorting out the orders which come to him. The specialist’s clerk sometimes has a direct private telephone con- nection with the specialist’s office, which enables misunder- standings or confusion in regard to his work to be quickly rectified. The Stock Exchange employees who assist special- ists, like other Exchange floor employees, are always in uni- form with “Specialist” marked on their sleeves ; the specialists’ own clerks within the stock posts are in ordinary civilian attire. Undoubtedly these new facilities thus placed at the elbow of the specialist to facilitate his work have greatly increased

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