The morning star and Catholic messenger. [volume] (New Orleans [La.]) 1868-1881, 1873-11-16
Intricacies OF Exchange.
THE LONDON EXCHANGE DEALERS

1ntr1cactes OF Exchange.
THE LONDON EXCHANGE DEALERS.
Exchange dealers have only to do with bills
drawn on merchants in other countries. Com
stock g. Sons, in Manchester, for example,
have sold goods to speifman, in Prague, val
ued at $1,000, and drawing bill Of exchange
for that amount on the latter, they send it to
London to be sold for cash. The exchange
dealer, when he receives the bill, has to con-
standing of Speifman, and the value Of the
Prague currency in which the s5, 900 is to be
paid. The frat two being satisfactory, to
will buy it at current value, but Prague ex-
change is against Paris. A St. Petersburp
house will do the same, but Prague exchange
the b sws in
9yertraded, and exchange between her and
the the, exchange broker. Paris, ST. Petersburg,
change. Donatti. the Italian importer, has
money to pay in Florence, and Florence owes
Leghorn for imports which came originally
by Comstock Sc Sons, Donatti can send as pay
ment to Florence, whence it will go to Leghorn
to settle an account, and Leghorn will pay
we'll for it, because it is to be M ct a: maturity
in Prague. He hies, therefore, to Donatti,
does the exchange dealer, explains to him the
advantages of purchasing the bill, sells it at
the highest exchange, and, receiving his
drawers.
These exchange dealers, few in number, are
mostly Hebrews: There are no sharper men in
themselves informed Of the rate of all ex-
changes. What money in London is worth to-
day if due in Berlin what debt to be paid
today in Marseilles will bring in Constantine
that q remittance has been made to Vienna
will be equal to in Lisbon, where the re-
ceiver intends it to 60, are at their fingers
ends. The reader will see that here ore COM
binations and changes sufficient to tax the
most acute mathematician. Every morning
the exchange dealer, with forty or fifty slips
seated at q large table, working upon slate
His office is in some remote court leading off
from Lombard street or Cornbill. 1t is the
smallest and shabbiest Of quarters He him
self is lily dressed, thin, midd1e-aged man,
with tangled hair and long lines of thought
! on brow and cheeks. Generally poor, or ap-
| pearing to be so, communicative, absent
minded when any ordinary topic Of converse
! ton is up, waiting the arrival of bis GRAND
boy from the telegraph-station, nervously
Selling the little dispatehes headed, in print,
the like, and arranging them before him. per-
petually making figures on his slate and, un-
less his visitor is present on business, bestow-
ing upon him no attention whatever, the ex-
change-dealer is character more peculiarly
sui generis than any other in the city. He seeks
no business. On his own account he buys and
sells nothing. He has no cards. There is no
sign upon his door. Advertisements he knows
nothing of. Custom comes of itself. But he
has the knowledge of the hour; and the huge
| cranes creaking at the docks. the leaked wains
numbering along the streets, and the ships
weighing anchor on the Thames, assure him
that before noon that knowledge will become
available Bills of exchange must be drawn.
They must be sold also. And, even before his
list of exchanges is complete, knock is heard
| at the door, and clerk enters.
A BUSINESS INTERVIEW.
"Good morning. Mr.. Isaacs. Barings want
| to value on Rome to pay Venice. What's ex-
Mr.. Isaacs refers to his foolscap sheet and
replies;
wise Venice, it will be better. Mares are low
to-day, and money for Leghorn is needed in
Mark Lane"
The clerk makes a note of the information,
and has hardly left the door when q curly
headed lad of sixteen or seventeen makes his
"Ah, Jacob" says the dealer, whose son the
boy is, good morning; Pm glad to see you.
| How are You getting on"
First rate, thank you, father, but have no
time to talk. Moss wants to put 10000
| Mr.. lsaaos, referring again to his list, finds
| that Paris is selling exchange on Naples very
| low, and that Naples wants money in Moscow,
as does als0Berlin. He figures minute, and
''Tell Mr.. Moss. Jacob, to remit to Paris,
| with orders to buy on Naples, and to cable
Berlin to draw on Moscow at sight. Good
bye"
down his charges meanwhile, until eleven,
when the bills come in to be sold. At noon,
| with these in hand, Ee salles into the street,
knowing where to find purchasers. and by two
| o'clock has sold that days exchanges and set
| tied with the drawers.
! One fifth of the people who died last weak
here.-diei- of NFoat nF ere