AN INCIDENT OF THE LONDON STOCK EXCHANGE.

Western Star, Issue 1055, 12 June 1886, Page 1 (Supplement)

AN INCIDENT OF THE LONDON STOCK EXCHANGE.

1 The scene in the interior of the Stock Exchange on a busy day is always bewildering, and occasionally impressive. •. Let us suppose that it is eleven o'clock in the morning of the first day of the account. The " House " is'browded with members "carrying over" their accounts; brokers are busy settling . " contangoes " and " backwardations " with jobbers, or offering to lend or borrow money ;j

;members often in a state of despair, !are vainly calling one another by ■name; the " waiters," elevated on iraised 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 I whom.they hold telegrams or letters; jobbers are bidding for or offering stocks and shares in loud tones suggestive ot a betting-ring : and all is noise 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 Bl,>uk 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 , ; 'less regret, according, .ti}, whether' the^'defaulter" is: well kuown and popular, or tt>e reverse > the members with whom he has bargains I open at' once commence to " undo" 'them,, and to protect themselves.as' .quickly assumes its former, aspect, and fie incident appears to be : forthwith f0rg0tten,,.,,... r , . , ,