But the great event of the afternoon is the reception of opening prices
from the New York Stock Exchange. In comparison with these, the Paris
quotations that arrive about noon are uninteresting, and the American
Market grows into a surging crowd between three o'clock and a
quarter-past. It is often remarked upon as singular that no official
prices are sent over from Wall Street; the arbitrage firms who deal
between London and New York alone know the prices cabled across, but by
their offering or bidding for shares it is obvious whether Wall Street
opens in good humour or bad. By rapid degrees the American fluctuations
become generally circulated; the market seems to be full of the little
pink slips that come flying in at the hands of boys and clerks stationed
in a line that stretches from the offices of the cable companies outside
the House to the very heart of the Yankee Market in the Stock Exchange.
Again the telephone and telegraph come into requisition, and the House
usually finishes up, unless there is really nothing doing, in a state of
more or less mild excitement. For one thing the markets are decidedly
crowded, everyone making a solemn point of being in at the close, and
for another, the brokers are engaged in a tour of the various
departments to make finally certain that they have overlooked no order
on their books which could be done, and to hear reports from the jobbers
in regard to limits that have been left during the earlier part of the
day. At four o'clock, at a signal from the main door of the Kaffir
Circus, a number of the waiters stand up with a loud shout of "Close!"
and the Stock Exchange doors are then open for exit only. Under no
consideration can a member or clerk re-enter when once the stentorian
"Close" has rung through the markets, and the cry is caught up by the
small fry in the street, who are waiting with their masters' hats and
umbrellas; so that the whole neighbourhood of Throgmorton Street knows
when four o'clock has come.
Public-domain text, read in full here on John Shaqi.
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