FINANCIAL GRAVEYARD

Evening Post, Volume CV, Issue 23, 27 January 1923, Page 12

FINANCIAL GRAVEYARD

AMSTERDAM'S BEPUTATION.

The "Amsterdam Exchange Graveyard" is the label applied to the Stock Exchange of Amsterdam by .the brokers who are busy there "interring".the paper money of Germany and half a dozen other European countries. As remarked...-by New York Stock Exchange officials, in connection with the opening of. direct cable communication with the Amsterdam Bourse, the market there- is freest from Government restraint of any in. the world, 'with the possible exception of the New, York and London Stock Exchanges. H6w the dealers are enjoying this freedom has been described by the ■correspondent of a German newspaper:

"One who has the doubtful pleasure of witnessing the doings on the pamrak, where the Bourse stands, feels that he is watching a crowd of people from' every ■ corner of the world merrily celebrating the funeral of European finance; They are laughing'all the time, and any harmless soul who comes there expecting to find a feeling of depression is overwhelmed \vjth witticisms a-nd pupa. "There is a. buzz of language in all the 'civilised' tongues. The main Exchanges nil have their nicknames. Paris is 'Poineare's flute,' London is 'Plum Pudding' New York, is 'The Rich Uncle,' Berlin is' The Waste Paper Factory,' etc.

"When the mark fell to 2 cents per hundred, there was a big crowd in 'the Golden Lion.' Twenty. Exchange beara, three of whom are Hollanders—the others had, learned the Amsterdam jargon during the last three years—ordered pigs' knuckles and sauerkraut and had a 'wake.' The mark was borne to its grave. There was so much laughter that some German merchants voiced their indignation at this festival of speculators and Exchange dealers. There were promptly thrown out.

" 'Ths mark is dead, long live the iranc!' is the new war cry in the Dainrak district. The suitcases stuffed with paper marks of all denominations and colours have disappeared. In their places are elegant portfolios toonfcaihing the delicate, slightly rustling 1000-franc notes which are offered for sale. 'The change will do us good,' said v. storm-tried Exchange dealer to . me. 'What can you do with the mark any longer? It is dead, no one can save it. We have laid it away beside the crown. Let it lie there.' But business goes on. Over in New York the franc dropped. The movement was quickly shared by the Amsterdam Bourse. It got stronger as the straits of the French budget became known to the influential circles and now the franc is on the downward path. "With tho franc, the Italian lira is dealt-in. Folks on the Damrak predict a bitter end for it. 'it really is a wonder that we are now only beginning with tho lira,' remarked a Hollander. The lira has been standing aside, but now it, is flying from hand to hand. It dropped 8 cents at once, then recovered a little. In short, you can do something with it. "It".is,livelier .thpn^.yer;..;ill 'tlje Exchange graveyard." '■ New victims arei:lh sight. La.te in the Fall the leaves' fall."