Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-07-25
Hard Times in London's Richest Quarter.
the Stock Exchange Such Slump That 200 Members
Have Resigned NominalIy Worth So, 500 Hardly
Bring Twenty Dollar Note

actions on tho floor. The first of the
settling days Is deVotsd TO mining
stocks. The second is FOR general
stocks and bonds and the third is
''name" or ticket day. when all pur-
chasers of stock must accept their
purchases made in the previous two
weens or suffer accordingly. The
fourth day is the settling day proper.
when all moneys are paid. Those who
may wish to carry over their stock
from one settling day to the next. that
is. for two weeks more, pay what is
called "A "contango." that is, a price
or commission agreed upon. If it is
a seller of stock or bear" who wish
es to stay delivery for a further Two
weeks. the commission charged is
called by the strange name OF "bacK
variation"
Dealers in American stocks are also
given a peculiar title. They are "Arbi-
TRACE dealers" They buy in the New
York market and try and unload at a
profit the next day in London. There
is great difficulty in dealing in Amer
lean stocks here because OF the differ
ence in time. While New York brok-
ers who deal with the English market
may be at business at 3 o'clock I'm
the morning the London broker would
be Mortified at the mere idea of I'M
usual hours. The official financial day
In England ends Mt p. M. one hour
later than in the United States After
this hour the business is done on the
street" species of curb market.
THE AMERICAN MARKET.
The American market. on the close
of the Stock Exchange, retreats from
the American posts on the floor
through specially built door called
the American" door, into Shorter'S
Court. This is little cul-de-sac about
40 feet square just off Throgmorton
street, and backing up against the
exchange. For an hour or more II is
crowded. especially in summer. and
one hears the familiar shouts of
Katy" and "Nipper" and Sunsets"
The crowd is not composed exclusive
ly of jobbers and their clerks, for while
in view of the difference in time This
American market is recognized by The
Stock Exchange. 1t is not official am
there is no one in authority TO prevent
sightscers from entering.
Business akin TO the Little Wall
Street of New York at the Waldorf
Astoria, after banking hours, Is trans
acted at the "Throg" the city Athenae-
um club and the City club. The first
named n luxurious underground restau-
rant on Throgmorton street, is the cafe
par excellence Of the stock broker The
last named are his clubs. The city
club is the rendezvous of the bank
presidents, the financial and mercantile
magnates of London and the provinces,
The city Athanaeum CLUB Is situated
in Angel court. narrow little alley
Just opposite the exchange. II is the
haunt Of the broker and the jobber.
Here as We'll as at the city club, come
daily men whose names are household
words on Wall street, on the Bourses
of Berlin. Paris st. Petersburg, every
capital and every country I'm the world
All languages are spoken. The South
African contingent, the men who rule
that part of the speculative market
known as the Kafiir Circus. are to be
found here IN large numbers.
THE THIEVES KITCHEN.
II was Barney Barnato who gave this
club its nickname of Thieves Kit
chen" which has stuck 10 II ever since
Barney was also the hero of a tale Of
the club that has gone down into
stock exchange history. All the lead
ing financial newspaper men are mem
beers of this club, and one dun day Bar
ney Logan chatting some half a dozen
editors who had gathered together 10
exchange notes. You fellers don't
know nOthn, about real literature,
he said I'm back myself for wine for
the crowd that | can write IN one min
ute a paragraph that FOR style and
language and everything else viii
knock all you fellers silly"
The challenge was accepted, referee
appointed and In a few minutes the pa
pers thrown into a hat The referee
looked them over ana then said, Bar
nato wins In walk" He then read
Barneys paragraph. az follows; Il
promise 10 pay $500 90 the referee for
his kindness In conducting this cOmpe-
titlon.' II Is scarcely necessary to
state that the $500 was spent that night
The stock exchang- Is well over a
century and quarter old as an institu-
ton, but TO delye into the interesting
history OF the locale would be 10 tell but
snatches OF most delightful story OF
old London, The terms bull" and
bear" were created by Cihbcr In one of
his plays anent the south Sea Bubble
IN 1870, II was AT this time that
stockbroking FIRST became recognized
as o profession. Before that. from the
fourteenth century. an financial deal
ings had been givou over 10 the Jews
aud men OF lombardy who peopled
Lombard street.
THE FIRST EXCHANGE.
The original stock exchange was held
In Garraway's coffee house In change
alley There the brokers first formed
regular association. Garraway's was
soon too small, ana so a move was
made In New iona than's coffee house
close by In July, l778 the brokers
bought the place ana the business and,
With punch, christened it-the Stock
Exchange Each member had 10 sub
scribe 10 cents toward this punch II
IL assocltfed with tho coffee houses OF