having its own particular dealings, one in
Government Stocks, another in English rail-
ways, a third in Foreign securities, and so on.
A broker having received an order from a
customer to sell £1,000 Great Eastern Railway
Stock, would go to the English railway group
and inquire of a jobber the price or quotation
for Great Easterns, without disclosing whether
he wants to buy or to sell. The jobber replies,
"115 1/4 to 115 1/2"; whereupon the broker says, "I
sell at 115 1/4," when the bargain is completed,
without any memorandum or written contract,
the verbal communication being alone in use,
and the jobber is bound by it. It will be
observed that the lower price, 115 1/4, is accepted
by the broker on behalf of his customer, as a sale
is always effected at the lowest quotation, and a
purchase at the highest. Another broker pre-
sently goes to the jobber and asks the same
question receiving the same reply, 115 1/4 to 115 1/2
the broker says, "I buy of you at 115 1/2," being
the highest quotation. The difference of 5s.
between the sale and the purchase is the Job-
ber's profit. The broker charges his customer
his own commission or brokerage on the trans-
action, which ranges from 2s. 6d. per cent. on
the Government and Colonial Stocks up to
10s. per cent. on railway stocks. This is the
elementary stage of the business of the Stock
Exchange, but the variety of the securities dealt