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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XV. The commission house

Collection:: Economics Books

nL! ‘ go THE COMMISSION HOUSE Blank may next ask the broker to tell him which securities he should buy. Such questions place the broker ina dglicate position. He may reply that he will take no “discretionary orders,” meaning that he does not care to assume the responsi- bility of having the customer’s orders left to his discretion. The broker’s unwillingness to “handle his customer’s ac- count” is natural enough, for the broker is, after all, merely the customer’s agent, and it is consequently the broker’s business to take orders, not to give them. Furthermore, he cannot guarantee to have a more accurate idea of se- curity values than the cus- tomer himself. But, as a compromise, he will usually express his opinion upon the various securities which the customer may name, or will him- self indicate securities which in his opinion deserve special consideration. LZ . 1 cc [4% ais -> in “Lr ~N “2 Giving a Buying Order.—During the ensuing week Blank decides to purchase 100 shares of the Southern Pacific R. R. Co. He might, of course, simply write or telegraph or tele- phone his order to the brokerage office. But in order to visualize the course of his order more concretely, let us suppose that he goes to the office of Jenkins & Co. a few days after opening his account with the firm and, having watched the board for a while, fills out an order blank (Figure 51) for the 100 shares of Southern Pacific. This order blank instructs Jenkins & Co. to purchase the stock, as the customary phrase goes, for his “account and risk.” Blank may, of course, put a time limit upon this order, or mark it “G.T.C.” (good till countermanded) : he may likewise make a limited order of it by

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