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TeachMeFinance.com - explain Jobber historic definition...
Jobber -- A member of the London Stock Exchange who
deals between members of the exchange and not for outside
principals or clients. He is practically a wholesale dealer in
securities, buying as well as selling. He will either buy or
sell at prices named by him.
The jobbers make the market (establish the prices) in London,
whereas in New York prices are established by the bids
and offers of brokers.
On the London Stock Exchange a broker is not a jobber;
he is merely an agent who acts for another in buying from or selling to a jobber. Another name for jobber is dealer, but its use is less frequent
than jobber.
The member of the New York Stock Exchange who corresponds
in a measure to the jobber on the London Stock Exchange
is the room trader (sometimes called floor trader).
He speculates on his own account and when he purchases a
stock he tries at once or as soon as possible to sell it at a profit.
Likewise, when he sells a stock short (sells stock which he
does not own) he tries at once or as soon as possible to buy it
back at a profit. He is not ready, as is the London jobber, to
either buy or sell at prices named by himself, but he bids for
(offers to buy) or offers (offers to sell) stock accordingly as
he thinks he may be able to make a profit by probable subsequent
changes in the price. In trade a jobber is one who buys goods in bulk from the
importer and manufacturer and sells to the retailer.
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