218 THE WORK OF THE STOCK EXCHANGE
in the Stock Exchange day. In addition to his sufficiently
extensive tasks already alluded to, he must watch everyone in
the “crowd” about his post, lest someone sell stock below the
limit at which he must buy it, or above the limit at which he
has to sell it; he must also see what the “fair opening” is, and
whether a “split opening” is printed correctly on the stock
tape ; and he must constantly make changes in the orders which
he is handling as new orders and messages pour in upon him.
Sometimes a single order will be changed half a dozen times in
ten minutes. He must also make out written and binding
reports on every transaction he has made as an agent for another
member; every such report must be checked before it
goes out, lest—say—34 instead of 34 be erroneously written
in haste, and thus make enemies for the specialist or perhaps
impose losses upon him.
Formerly, due largely to the inflexible prohibition against
non-members on the Stock Exchange floor, the specialist himself
was forced to do not only all his buying and selling, but also the
considerable amount of detailed clerical work above described.
Sometimes the volume of this work was such that it was
humanly impossible for one person, however nimble or experienced,
to perform it speedily and well. Even when the specialist
pressed his telephone clerk into service to make out
reports, it failed to solve the problem. The Stock Exchange
authorities discussed this occasional overcongestion of the specialist’s
business for years without arriving at any practical
solution for it.
The increased stock market activity of 1928-29, however,
clearly indicated that some remedy must be found, and that
promptly. Accordingly, the Committee of Arrangements
adapted the new “stock post” which it had devised, to the particular
needs of overworked specialists. As an exception to
the Stock Exchange rule, specialists were permitted to have
their own clerical employees assist them in their work on the
floor. Such specialists’ clerks are not, however, technically
