226 THE WORK OF THE STOCK EXCHANGE
become market orders to sell. In consequence of the large
amount of stock thus thrown on the market for instant sale, a
violent and sudden drop in the price of the stock may ensue.
Since such stop orders are almost entirely handled by the specialist,
 the subject is especially germane to this exposition of
his activities.

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Fiocure 15. Another Specimen Page of a Specialist’s Book

For purposes of illustration, let us take another imaginary
opening, when the problems presented by the execution of stop
orders are usually most acute and difficult. Figure 15 shows
the specialist’s book in a very inactive stock just before the
opening. The considerable number of stop orders to sell from