Chapter II: Preface

In accordance with the scope of the series of Books on Business, of which this little work forms an item, its main object is to explain to the unversed in simple terms the somewhat complicated machinery of the Stock Exchange. Some criticism is ventured upon here and there, and a practical hint may be gleaned now and again from its pages; but the real aim of the book is merely to explain, not to comment. If the book conveys some idea of the important part the Stock Exchange plays in the economy of the nation, and of how it plays that part; if it furnishes a solution of the various mysteries which the routine of the Stock Exchange presents to many minds, the objects of the little work will have been attained.

Owing to the continued demand for the book, and to the changes which have occurred during the decade which has elapsed since it was written, it is now reprinted in revised form.

C. D.

PARK LODGE, NEW BARNET, HERTS, _July, 1913_.

CONTENTS

I. WHAT THE STOCK EXCHANGE IS 1

II. THE MARKET-PLACE 6

III. THE MEMBERS AND THEIR CLERKS 18

IV. THE COMMITTEE 26

V. BROKERS AND JOBBERS 32

VI. HOW BUSINESS IS TRANSACTED 45

VII. THE SETTLEMENT 56

VIII. THE ZOOLOGY OF THE HOUSE 65

IX. OPTION DEALING 72

X. THE WARES OF THE MARKET 84

XI. FAILURES 101

XII. PRICE LISTS AND RECORDS 109

XIII. THE ROYAL COMMISSION'S VIEW 125

XIV. A SKETCH HISTORY 138

XV. A BROKER'S DAY 150

XVI. FROM A SOCIAL POINT OF VIEW 161

INDEX 169