240 THE WORK OF THE STOCK EXCHANGE 
lots of 3, 14, 8, 20, 25, and 30 shares of U. S. Steel preferred, 
he sends to the transfer office a 100-share certificate of that 
stock ; this is thereupon canceled, and the odd-lot dealer receives 
in exchange six odd-lot certificates, each for the stated number 
of shares. 
This process of exchanging odd-lot certificates for 100- 
share certificates is not always necessary, and consequently by 
no means invariably employed. Odd-lot certificates aggregating 
100 shares are considered a “good delivery” for a 100-share 
sale of stock, and frequently odd-lot houses will deliver to a 
purchasing commission broker odd-lot certificates to the total 
amount of 100 shares, instead of a 100-share certificate. 
Nevertheless, the latter has the right to demand that the stock 
be delivered to him by transfer—in which case he would, of 
course, get a 100-share certificate. 
Deliveries of odd-lot certificates to out-of-town customers 
which require transfer into a new name are frequently delayed 
by the operations of the transfer offices. The odd-lot dealer 
puts the stock into transfer, but cannot get it out again quickly 
to deliver to the buying broker. Meanwhile, the out-of-town 
customer becomes impatient and is apt to blame the odd-lot 
dealer for a delay inevitable with registered securities requiring 
transfer. 
Deliveries, Commissions, and Profits.—It should be noted 
that the odd-lot house never comes directly into contact with 
the public, but deals with it only through the commission 
brokers, who in odd-lot transactions act as middlemen. In 
consequence, the odd-lot dealer delivers the certificates of the 
>dd-lots of stock which he has sold to the commission broker, 
who in turn delivers them to his customers. Similarly, the 
odd-lot certificates which the customers sell, come to the odd-lot 
dealer only through the commission broker. The commission 
broker charges a commission for his services to the odd-lot 
customer exactly as in the case of the purchase or sale of round 
lots of stock. The exact amount of this commission varies