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 Purchase
 Report Slip
Recording of purchase by the odd-lot
house of Smith & Brown from the commission
 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,