When a London broker buys, in one lot, more of a certain security than ordered by a customer, either for the sake of filling another order at the same time - or even for his own account - he "lumps" his orders; buys in one "lump" more than enough to fill a given order.

Make a Book. In connection with "London Stock Exchange Transactions" (first see that subject), there is a distinction, which it is well to make, viz., that jobbers do not deal with the public at all, and brokers, instead of offering stock for sale to other brokers when they get orders, or buying from another broker, must, according to the London Stock Exchange rules, put the business through a jobber. There are jobbers in the miscellaneous market, jobbers in the railway market, and also in the industrial market. There are generally three

Addenda or four principal jobbers and a lot of small ones dealing in each class of security.

A jobber is a much more powerful man than a broker. In fact, on new issues, it is usually necessary to give him a little "underwriting," otherwise he will decline to "make a book," as trading in securities is termed upon the London Stock Exchange.

There are about twice as many jobbers as brokers.

Making a Price. (See third paragraph of "London Stock Exchange Transactions.") The naming of two prices by the London "jobber" - one at which he will sell and the other at which he will buy.