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. A broker in executing an order asks a
jobber to "make a price" on the security in which he wishes to deal and the jobber, who does not
know whether the broker is buyer or seller, names two prices, for instance, 99 3-8 and 99 5-8,
meaning that he will sell at the higher or buy at the lower price. If the broker has an order to buy
he buys of the jobber at his (the jobber's) selling price or if he has an order to sell he sells to the
jobber at his (the jobber's) buying price. The jobber expects to undo or cover the bargain at a
profit by a fresh transaction with another jobber or broker. The jobber has prices for the account
and other prices for money. See For the account; also see For cash, under which title will be
found the definition of for money.  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. It is his purpose each day, if practicable, to even up—to sell as
many stocks as he has bought or to buy as many stocks as he has sold.
In trade a jobber is one who buys goods in bulk from the importer and manufacturer and sells to
the retailer.