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.

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Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

230 THE WORK OF THE STOCK EXCHANGE writer and hurrying his daily column of market news to press, may continue to find in this alleged “gunning for stops” a spirited human-interest motif with which to enliven the in- evitably bleak mathematics of his items. The customer whose market order to sell has been executed for a lower price than he could wish, may accept this, as other Wall Street legends, with conviction. But the practical broker, trader, or specialist on the floor will tell a very different story concerning it. Specialist’s Economic Services.—A concluding paragraph is called for, to relate the more obvious economic services rendered by the specialist to the stock market on the Exchange. In so far as he acts as a dealer his function resembles that of the floor trader, in that he greatly assists in maintaining at his own risk a continuous market in securities. Hence, like the foor trader, he is a necessary instrument in the task of render- ing securities listed on the Exchange instantly negotiable. Also, because of the close prices at which his own trades are carried out, the specialist performs a similar service in stabilizing price movements. But apart from these considerations, the slow and natural evolution of the specialist as a broker’s broker has been due to the mechanical impossibility of executing difficult brokerage orders in any other way. Vithout his services, therefore, the prompt acceptance and execution of many orders of vital mo- ment to customers all over the country would be impossible. As we have seen, the stop-loss orders whereby purchasers of stock are enabled to avoid or at least minimize losses, could not be handled except for the specialist. In the universal process of specialization through which all modern business is passing, the specialist, as indeed his very name would imply, has been created by natural economic and practical causes to support weak markets, restrain soaring markets, stabilize prices, and in addition to prove at all times an indispensable medium through which a vast number of the buying and selling orders of the nation flow.

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