THE ODD-LOT BUSINESS 
limited orders for odd-lots are executed at their limits, except 
in cases where they can be executed at 14 away from the first 
subsequent sale. 
Furthermore, if his order limited at 80 were permitted to 
be executed at 7914, he might in many cases be obtaining better 
treatment on his 20 shares than if he had ordered 100 shares. 
For had he ordered 100 shares at this particular time, his order 
would have most likely been executed at 80, particularly if it 
had been given to a specialist tc execute. Such practice would 
work an obvious injustice to buyers of 100 shares as compared 
with buyers of odd-lots. And if it generally proved more 
advantageous to buy or sell stocks in odd-lots rather than in 
roo-share lots, it would be impossible to maintain the trading 
unit of 100 shares, the necessity for which has already been 
pointed out. 
In case, however, the price of General Motors stays above 
80 throughout the day on which the order is given, but opens 
the next morning at 794, or below the limit of 80 set by the 
customer, the latter would then get his 20 shares of stock for 
7998, or Yg above this first sale: for this price, although less 
than his limit of 80, is nevertheless slightly higher than the 
price the 100-share customer at that moment would have to 
pay. 
Stop-loss orders are executed 4 (or 14, in case of a high- 
priced stock) from the first 100-share sale which puts the stop 
order in force. To take the case of a customer who puts in a 
stop-loss order to sell 50 shares of U. S. Steel at 200, if Steel 
sells first at 20074 and then at 199)2, the order is executed 
at 19914. 
245 
Mechanical Limitations of the Ticker Service.—Many 
customers after placing orders with their brokers to purchase 
or sell odd-lots of stock linger in the offices to watch the ticker's 
record of 100-share sales (Figure 18) upon which, as we have 
seen, the prices they must pay or take for their odd-lots is