THE FLOOR TRADER AND THE SPECIALIST 215

$2.50 out of the $25 he receives from the customer for executing
 the order. After watching Sugar sell at 101, 10034,
10073, and 100Y%%, Jenkins sees his number appear on the
annunciator board, and knows he is wanted at his phone. On
the other hand, he does not dare take the order with him, while
the stock is breaking toward par lest he miss his market.
Hence, he gives the order to the specialist in American Sugar.

BUY

MONTH

Joo B¥ 0

// 5

BUY

LINKIN

Joo Br

—

yg wu’

JENKINS & CO.

Rooth XX

ar

Figure 12a. Buy Slip for a
“Give-Out” Order
Employed when one member instructs
 another member to execute an
order in his behalf.

Tiour

110711

Showing confirmation signed
specialist. William Brown.

Even while he is at his phone getting another order, the specialist
 may have executed the order in Sugar. If so, the specialist
 makes out a report of the purchase and sends it back to
Jenkins’ telephone clerk through the tube system.

Method of Operating.—Let us look for a moment at the
physical condition surrounding the work of the specialist. All
day long he stands beside a single post on the floor. Around
him gather the crowds in the particular stocks in which he
deals, composed of eager commission brokers, two-dollar
brokers, busy odd-lot dealers, and swift floor traders. In a

18 See Chapter VI. p. 166.