The work of the Stock Exchange

Bibliographic data

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 IX. The odd-lot business

Collection:: Economics Books

249 order from the broker's office to the appropriate post on the Exchange floor, because of unusual pressure on telephones and on the pneumatic tube system. Recently, a new system for sorting and dispatching odd-lot orders on the Exchange floor in preparation for the opening of the market at 10 A.M. has considerably relieved, without however completely obviating, the dangers of such delays in the transmission of odd-lot orders to the odd-lot dealer. THE ODD-LOT BUSINESS Adjustment of Errors in Odd-Lots.—If at any time a customer has any reason to question the price on the purchase or sale of an odd-lot, he will find the odd-lot house always will- ing to meet him more than half way. Indeed, each of the large odd-lot houses maintains an extensive department of adjust- ments, which thoroughly investigates any disputed bargain, and on the basis of the conditions existing at the time of the complaint makes such adjustment as is fair to all parties to the transaction. This department has a ticker with a stamping clock attached which stamps the current time on the tape, minute by minute, all day long. Thus, the exact time at which every transaction was reported on the tape can be easily ascer- tained. Moreover, the odd-lot order, immediately on its receipt by the commission broker’s telephone clerk on the Exchange, is usually stamped with a time clock. Between these two records it is thus possible, as a rule, to determine with some degree of accuracy the actual time at which the given 100-share sale took place, and to discover if there has been any error made in estab- lishing the price of the odd-lot transaction based upon it. If for no other reason, the keen competition for business between the various odd-lot dealers on the Stock Exchange insures a painstaking and adequate effort to give their customers the greatest possible satisfaction. Unfortunately, however, the liberal attitude of odd-lot firms in endeavoring to give the pub- lic the benefit of the doubt on ad justments of the sort, is some- times taken by investors to indicate an acknowledgment of error on the part of odd-lot firms ; thus, in the matter of adjust-

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