File:Wall Street guide - (1902) (14597749580).jpg

Identifier: wallstreetguide00jlmc (find matches)
Title: Wall Street guide /
Year: 1902 (1900s)
Authors: J.L. McLean & Co.
Subjects: Stock exchanges
Publisher: New York: J.L. McLean
Contributing Library: Columbia University Libraries
Digitizing Sponsor: The Durst Organization

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ible to secure 30 or perhaps 40 of the50 shares desired at the quotation named in theorder, owing to the fact that the market, after de-clining to the price named, held at that figure onlyfor an instant and then advanced sharply under theinfluence of strong bidding. Such an order as quoted above is cancelled at theclose of the market on the day received. If you wishthe order to remain in force you must mark it openorder, or good until cancelled. In such case itwill be kept on file from day to day and executedat the first opportunity that offers. Let us suppose the above order to be received inthe morning before the opening of the market. Thefirst quotation on Union Pacific is, perhaps, 102%.After a few minutes of the trading the price beginsto give way, and soon Union Pacific is offered at 102.Our floor man immediately buys 50 shares at thatprice, and your order is filled. But we also have a stop loss order to execute for you in case the pricecontinues to decline until it touches 100.
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WALL STREET GUIDE. 15 HOW STOP ORDERS ARE GIVENAND EXECUTED. No broker can guarantee to execute stop loss ordersat the precise quotation named, of course; but, as arule, it is possible to do so. Let us suppose thatUnion Pacific declines to 100^4. If it drops anotherquarter of a point our floor man will sell your 50shares at the best price he can obtain. But fromlOO1^ the stock begins to rise, and in another hourit has, perhaps, climbed to 105. At this point youcan, if you wish, sell your holdings and realize aprofit of three full points, or, in other words, $3 pershare. On your fifty shares this would represent again to you on the transactions of $150. But, ofcourse, it is optional with you whether you sell nowor hold for a still greater advance. And you can,if you wish, raise your stop loss so as to insureyourself against any loss on the trade whatever.That is to say, when you note the price has advancedto 105, you can cancel your first order to sell at 100and give us a new order, re

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