AN INCIDENT OF THE LONDON STOCK EXCHANGE.

Bruce Herald, Volume XVII, Issue 1757, 11 June 1886, Page 6

AN INCIDENT OF THE LONDON STOCK EXCHANGE.

The scene in the interior of the ! Stock Exchange on a busy day is al- ] ways bewildering, and occasionally im- 1 pressive. Let ub suppose that it ia eleven o'clock in the morning of the 1 first day of the account. The "House" i is crowded with members " carrying ' over " their accounts } brobera are i busy settling " contangoes " and i " backwardations " with Jobbers, or i offering to lend or borrow money j '

members often in a state of despair, are vainly calling one another by name; the "waiter?," elevated on raised seats in different parts of the House, are shouting the names of members whose presence is desired by clients waiting at the doors, or for whom they hold telegrams or letters ; jobbers are bidding for or offering stocks and shares in loud tones suggestive of a betting-ring : and all is noiae and confusion. Suddenly a loud knock is heard. In a second all other sound is hushed, and the silence becomes almost painful as all eyes are turned to the waiter's box in the centre of the building. The knock is repeated twice with a mallet by the old head- waiter, who, reading from a paper in his hand, announces in a clear voice that "Mr Blink regrets to inform the ' House ' that he is unable to comply with his bargains." A " defaulter " has been declared, or " hammered," as it is technically termed ; his name (which is immediately " posted " on the board devoted to the purpose since 1787) is caught up by the members and repeated, with more or less regret, according to whether the " defaulter " is well known and popular or the reverse ; the members with whom he haa bargains open at once commence to " undo " them, and to protect themselves as best they can ; the House quickly assumes its former aspect, and fie incident appears to be forthwith forgotten.