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Gold/Mining/Energy : Donner Minerals (DML.V) -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (2514)	12/23/1997 11:48:00 PM
From: Ed Pakstas	Respond to of 11676

John: Re: Jitney...The best thing I can do is give you and example...You are an Insider...You issue a buy/sell order through your Brokerage Firm, lets say, Whoreton...You instruct your broker that you do not want it sold through his firm...Broker phones his buddy at, let's say, Can-a-crap and tells his buddy to sell X number of shares of so and so company... Can-a-crap shorts the stock into the market against delivery of the stock from Whoreton...Whoreton delivers the staock within 24 hours via IMS transfer...Can-a-crap settles the short position... Only negative is that it just cost the client 2 comisasions...IMO, it's an expensive way to hide... ...ed

To: Buckey who wrote (2514)	12/23/1997 11:52:00 PM
From: Surething	Respond to of 11676

John, To this day the origins of the word Jitney are unknown. In the early days of public transportation, private cars would cruise by street car stops and pick up passengers for a nickel. The term Jitney was applied to these unlicenced operators. After much outcry by licenced taxi companies, street car operators, not to mention scores of injuries and fatalities, civic leaders throughout North America banned this type of private transportation service. How Jitney made the jump from this to its present day form one can only speculate. Maybe in the early days of Broker Dealers, licensed brokers would execute trades through an unlicenced "Broker Dealer" to hide the origin of the transaction. As Broker Dealers were phased out throughout Canada by the various regulatory authorities, this informal arrangement between brokerages remained in place. Now desk traders merely phone one of their contacts in another firm and ask them to execute a Jitney on say 10,000 shares of XYZ. The extra cost involved is little. I personally know of a couple of traders who make a good living mainly by executing Jitney trades all day. Added cost to client is about $25 on a $5000 trade. Hope this speculative history lessons helps. Surething