who play with the Stock Exchange as they would with a pack of cards, or with the chances of the race-course, to their own loss and to the profit of insiders who, whenever they are called upon to play such a game, always show in the long-run that they know most of it. It is the Stock Exchange gambler rather than the investor, or the speculator who moves legitimately within his means, who may rejoice in the boom with its roaring business and rising prices, but who forms the real element of danger in a slump with its sudden depreciation, and who frequently turns the slump into a crisis, and eventually into a panic. These panics are less frequently with us than they were, less widespread and less disastrous in their effects, thanks to the rapid dissemination of true news, and to the highly organised state to which the machinery of finance has attained; but they will ever recur to provide a wholesome check to those who are tempted to go beyond their depth, allowing legitimate speculation to deteriorate into mere gambling. The Stock Exchange offers facilities for such gambling, just as food offers facilities for over-eating; yet food is not only a good thing, but a necessity, and so is the Stock Exchange. INDEX Advertisement by members, 42 outside brokers, 43 Allotment, dealings before, 98-100 Royal Commission on, 133, 137 American prices, 156 Apprenticeship of members, 18-19 Royal Commission on, 127-8 Arbitrage firms, 156 Architecture of the House, 7 Art Society, 164 Athletics, 162-3 Backwardation, 69 Badges for clerks, 25 Banging the market, 71 Bank of England, Stock Exchange in, 43, 142-3 Bankruptcy of members, 102-3 Bank shares, dealing in, 145 Baring crisis, 147 Bar of the house, 9 Battle of Throgmorton Street, 148 Bearer bonds, 88 Bearer securities, settlement in, 61 Bears, 65-71 definition, 67 cornered, 71 covering, 71 raid, 71 their effect, 70 Benevolent Fund, 164 Boom, 167 Brokerage, 39-41, 49-50 Royal Commission on, 132 Brokers, 32-44 advertising by, 42 commission. _See_ Brokerage duties of, 150-60 licensing of, 136, 139, 146-7 list of, 43 outside, 43-4, 121 price lists of, 119 underwriting by, 41-2 and jobbers, disputes between, 36-7 firms acting as both, 37 Bucket shops, 121 Bulls, 65-71 campaign, 70 Bulls, definition, 67 stale, 71 their effect, 70 "Burdett's Official Intelligence," 146 Business, how it is transacted, 45 done, record of, 117-18 Buying in, 61 manager, 30 Capel Court, 6 Stock Exchange established in, 141-2 Capital, organisation of, 3-4 of the Stock Exchange, 13 Carry-over, 51 process of, 67-9 Certification of transfers, 54 Change Alley, Stock Exchange in, 65, 139, 140-2 Charity, 161-2, 164-5 Checking bargains, 48, 151 room, 8 Christian Association, 164 Clearing house. _See_ Settlement Department