Stock Exchange

Stock Exchange

Between Throgmorton Street north and Threadneedle Street south, at No. 23 Throgmorton Street (P.O. Directory).

First mention: Lockie, 1810. Erected 1801. Re-erected 1854. Archt., Thos. Allason, Jnr. Enlarged 1884 by J. J. Cole.

Stock-Exchange, Capel-Court, Bartholomew-Lane,—at the E. end, entering nearly op. the E. entrance to the Bank of England.

Stock Exchange, The, in Capel-Court, Bartholomew-lane, is a building erected from the designs of the late James Peacock, Esq., by subscription, for the purpose of transacting business in the funds, to which none but subscribers admitted by ballot, and conforming to rules can be admitted. There are four entrances to the building, one from Capel-Court, one from Shorter's-court, Throgmorton-street, one from New-court, in the same street, and one by the side of the Heracle's Tavern, in Broad-street.

Stock Exchange, Capel Court, and 7, 8, 9 Throgmorton Street. The ready-money market of the world, which had its origin in the National Debt. The Stockbrokers originally met at New Jonathan's Coffee-house in Change Alley, and on July 14, 1773, they "came to a resolution that instead of being called New Jonathan's it should be called 'The Stock Exchange,' which is to be wrote over the door, the brokers then collected sixpence each, and christened the house with punch." In 1801 a new building was erected, and opened March 1802. In 1854 this gave place to the present edifice, erected after the designs of Thomas Allason, jun., which, after being enlarged on two several occasions, was supplemented in and after 1884 by a magnificent annexe, equal in size to, but of an entirely different shape from, that of the original building. This was designed by J.J. Cole, architect, and comprises the additions in Throgmorton Street and in Old Broad Street. The interior of the New Exchange with its second dome is lined with marbles. Capel Court, in which it stands, was so called from the London residence and place of business of Sir William Capel, ancestor of the Capels, Earls of Essex, and Lord Mayor of London in 1504. The members of the Stock Exchange, about 3200 in number, consist of brokers and dealers (or jobbers) in British and foreign funds, railway and other shares exclusively; each member paying an annual subscription of £10. A notice is posted at every entrance that none but members are admitted. A stranger is soon detected, and by the custom of the place is made to understand that he is an intruder, and turned out. The admission of a member takes place in committee, and is by ballot. The election is only for one year, so that each member has to be re-elected every Lady-day. The committee, consisting of thirty, and called the "Committee for General Purposes," is elected by the members at the same time. Every new member of the "house," as it is called, must be introduced by three members, of not less than four years standing, each of whom enters into security in £500 for four years. An applicant for admission who has been a clerk to a member for the space of four years has to provide only two securities, each to enter into a similar engagement for &pouond300. A bankrupt member immediately ceases to be a member, and cannot be re-elected unless all his liabilities have been discharged in full. The usual commission charged by a broker is one-eighth per cent upon the stock sold or purchased; but on foreign stocks, railway bonds and shares, it varies according to the value of the securities. The broker generally deals with the "jobbers," as they are called, a class of members who are dealers or middle men, who remain in the Stock Exchange in readiness to act upon the appearance of the brokers, but the market is entirely open to all the members, so that a broker is not compelled to deal with a jobber, but can treat with another broker if he can do so more advantageously to his client. The fluctuations of price are produced by sales and purchases, by continental news, and domestic politics and finance. Those who buy stock which they cannot receive are called "Bulls," or who sell stock which they have not, are in Exchange Alley called "Bears." These nicknames were in use as early as the reign of Queen Anne, but their meaning is now somewhat altered; a Bull is one who speculates for a rise, and a Bear one who speculates for fall.