216 THE WORK OF THE STOCK EXCHANGE 
moment of activity, especially at the opening at 10 A.M., the 
crowd may number 40 or more. The specialist is receiving 
new orders and canceling old ones (Figure 13), quoting ‘bids 
and offers and effecting sales, 
making out binding reports, 
constantly revising the orders in- 
scribed in his book, and perhaps 
attempting to deal on his own 
account, in competition with the 
lightning-like floor traders. The 
specialist must not only watch 
the market, and everyone in the 
crowd likely to do business in 
it, but he must also, as a broker, 
represent both buyers and sellers 
at once, and favor neither 
unduly. Meanwhile, since he 
is often the core of the market 
himself, everyone is watching 
him intently, ready to cry “Sold” 
to his bids or “Take them” to his offers. As a prominent 
specialist'® once stated: 
ee 
You must remember that the specialist is not over in a closet or 
up on a pillar where nobody cag see what he is doing, but is standing 
down on the floor; and in an active market, 20, 30, or 40 men see him; 
they see him get the orders and see him execute these orders, so that 
there is almost. vou might sav, a check-up on him. everv single minute. 
“Stopping Stock.”—The practice of ‘stopping stock,” 
which is employed by brokers on the floor, should also be men- 
tioned in especial connection with the specialist, since the re- 
sponsibility for the occasional misunderstandings to which it 
gives rise are so often placed at his door.*® This class of orders 
must not be confused with stop-loss orders. 
Er Address (of, Eyastus T. Tefit before the Convention of OutofTown Stock 
1B See Appendix VIIIE.