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To: Andreas who wrote (5729)	9/18/1998 3:21:00 PM
From: William Epstein	Respond to of 7841

ANDREAS; The specialist is the market maker and the only market maker in any particular stock on the NYSE. When you buy or sell a NYSE stock you buy or sell to the specialist who then, in turn buys or sells it to another party. He is the middle man. His profit is supposed to come from the spread between what he buys it for and what he sells it for. Maybe a 1/16 or an 1/8 on each trade. That's is his role to supposedly keep an orderly market at all times for which he has a franchise in trading that stock or group of stocks. No one else can make a market in those stocks, on the floor. Actually, it is much more complicated because he exercises extraordinary control over those stocks in which, he makes a market. If you want a detailed explanation I have written a treatise on the subject which I can send E Mail. Send me your address and I will send it to you. PHOTOMAN/William Epstein