160 THE WORK OF THE STOCK EXCHANGE 
The exact figure at which a stop-loss order is executed, 
therefore, depends entirely upon the exact conditions in the 
market at that time. If Sugar falls to 8o but rebounds to 82 
on the next sale, the customer may sell out his stock on his 
stop-loss order at about that price. But if Sugar, after reach- 
ing 80, should sink further to 78, it is around the latter price 
that the stop-loss order will probably be executed. 
Simply because the limit on a stop-loss order is set at 8o, 
therefore, is no reason that the customer should expect to make 
his sale at just that price. 
Of course, stop-loss orders placed above the market to pro- 
tect the short seller from a swift rise in prices are just as per- 
missible and customary as similar orders placed below the 
market to protect the purchaser from a drop in prices. Since 
so many stop-loss orders are in practice handled by the spe- 
cialists, some further points concerning their execution will be 
treated in the chapter which outlines the specialist’s work.? 
Forms of Limited Orders.—Orders also differ as to the 
rime for which they remain good. If Jones marks “G.T.W.” 
on his order, it means that it is “good this week” and that after 
the next Saturday it will become automatically void. Simi- 
larly, an order marked “G.T.M.” is “good this month.” But 
an order marked “G.T.C.” is by that fact “good till counter- 
manded,” and remains in force indefinitely. Of course, only 
limited orders ever bear these symbols—market orders are for 
‘mmediate execution without any limit as to price, and do not 
involve the element of time. 
Transmission of the Order.—To return to Jones as he is 
making out his selling order, he decides, after a moment’s 
reflection, to “put a limit” of 150 on his stock, and accordingly 
places this limit as well as the letters “G.T.C.” on the slip. 
He then gives the slip to the customer’s man in Jenkins & 
Co.’s office, who at once turns it over to the order clerk. It is 
© 8See Chapter VIII. ob. 229.