The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1907-12-07
FIRST STOCK EXCHANGE
STARTED In ENGLAND

The Stock Exchange. as all other
great institutions. had but small and
misty beginnings. In the last century
IL has grown with rapid strides until to-
day IL has become a sort of barometer
Of prosperity and adversely.
As an organized institution II can he
shortly described al the product OF Lon
don coffee houses and the 18th century
But IL the Stock Exchange as an entity
Is just completing a century's career of
phenomenal expansion and prosperity.
IL was only after an apprenticeship of
over a century hat 1t began That ca
reer; an apprenticeship which II began
In the old Royal Exchange at the end Of
the 18th century.
From there II was driven to the cof-
fee houses of Exchange Alley, whence
II emerged with the dawn of the 18th
century, a miniature Of what exists to-
day.
Such in rough outlines were the be-
ginnings of the London Stock Ex-
change. which was the FIRST stock ex-
change in the world and from which
went the influences which gave the
Paris Bourse to France in 1724. and the
stock exchange to this country in the
last years OF the 18th century.
no Trace OF Speculation In 1ariy Dsoch
MARKETS
AS early as 1t10. there was a stock
market In London; but here they dealt
not In stock but market produce. de-
spite the fact that those who frequented
the place were called 'broccurs'
(modern brokers) or 'broggers." One
English financial historian says: seek
how we will. II In impossible to ind any
regular investment or speculative deal
ings until the reign of william III, al
though the bonds OF Charles H., 20 OF
80 years previously, seem to have beer
hawked about the streets. especially al
church doors. and sold to the highest
bidders
Broadly speaking, the exchange Of
stocks did not commence until a couple
of hundred years ago. william III. wal
or the throne, and with him had com
signs OF speculation. The Bank Of
England was established. and by 1892
h~nanciers with ingenious schemes wer,
appearing. so that very soon a crow Of
public companies sprang up with thu
East India company as its nucleus.
On January 20. 1893. England incurred
the first national debt-a debt which
was destined to provide a means Of In
vestment for the public and business
for the ~stockbroker. forever afterwards
with the establishment of this debt
and with the successful introduction OF
the great commercial organisation al.
ready mentioned. the ~stockbroker made
his first appearance.
There followed a period in which
England became a prey TO such a spec.
~ulative maria as has only been rivalled
by those which convulsed the ountry In
1920 and 1895. There was ever q
weekly paper published to give the news
Of fnancia and commercial specula'
tons. One OF it's early issues speaks OF
'xime bargains which was the proto'
type of the p~resent-day dealing In
shorts" Speculation became SO profit
able that Engiishmen began to show
tendencies to adopt 1t as a profession
Many left their workshops and their Of
fees to become brokers or stockholders
Royal Exchange the Original Len.
dssvous for Dtookbroksrs
The Royal Exchange which was
erected during the reign of Elizabeth az
a meeting place for merchants. was thu
original rendezvous of these first stock
brokers. Here they made their frs
transactions in the exchange of stocks
and shares. thus making the Royal Elk
change, though in a primitive way, thu
first stock exchange.
This building was a spacious quad