THE ODD-LOT BUSINESS 
237 
transaction was made, and sends it back via the tubes to the 
telephone clerk from whom the order came. The phone clerk 
in turn reports it to the commission office. 
Methods of the Odd-Lot Dealer.—ILet us now consider 
the transaction a moment from the viewpoint of the odd-lot 
dealer. He stands at a given post all day, prepared to buy or 
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Figure 16. Odd-Lot Dealer’s Sale 
Report Slip 
Recording sale by the odd-lot house of 
Smith & Brown to the commission house 
of Jauking & Co., of 20 shares of Sun Oil 
at 711%. 
Figure 17. Odd-Lot Dealer’s Pur- 
chase Report Slip 
Recording of purchase by the odd-lot 
house of Smith & Brown from the com- 
mission house of Jenkins & Co., of 25 
shares of Engineers Public Service at 
4914 
sell such odd-lots of stock as are offered to him or sought from 
him. The price at which he makes the sale of 20 Sun Oil 
depends upon special conditions presently to be treated. But 
he learns from his book whether or not his firm already owns 
any Sun Oil common stock. In case, to use his own phrase, his 
house is “long” of 54 shares, he can, of course, sell 20 of them 
without needing to buy any of them. But if, on the contrary,