A TYPICAL INVESTMENT TRANSACTION 161 
the business of this order clerk to record and supervise the 
transmission of orders to the main office of Jenkins & Co. in 
New York, over the company’s private telegraph wire.* In the 
present instance, he sends Mr. 
Jones’s order to the wire room, 
where the wire operator tele- 
graphs the order over the firm's 
private wire to its New York 
office. The moment Jones hands 
his order slip to the customer’s 
man, he thus sets in motion the 
whole machinery of the Stock 
Exchange for executing orders 
and for the clearance and delivery 
of stock—a machinery concern- 
ing the complexity of which Mr. 
Jones has probably only a vague 
10t10n. 
In the Wall Street Office.—\Vhile Jones lingers in the 
Baltimore brokerage office to watch for the record of his sale 
on the tape, the scene shifts to New York. In the main office 
of Jenkins & Co. at 500 Wall Street, a wire operator sits wait- 
ing for just such out-of-town orders as Jones's to come in over 
the firm’s private long-distance wires. He receives the mes- 
sage from Baltimore to “sell 100 Steel at 150,” and turns it 
over to the order clerk, who makes a record of it for filing 
purposes and transmits the order at once to the Exchange floor 
over the private telephone maintained by Jenkins & Co. for this 
very purpose. The telephone of Jenkins & Co. is situated in 
one of the many telephone booths which fringe the Stock Ex- 
change floor.® (Plate 6.) The firm’s telephone clerk immedi- 
ately takes down the order on a specially prepared selling slip 
(Figure 8), containing Jenkins & Co.’s name and a letter and 
number which indicate the location of their floor telephone. 
4 See Chapter XV, p. 436. 
5 See Appendix IIIh.