BOOM AND BANKRUPTCY.

Dominion, Volume 2, Issue 548, 1 July 1909, Page 5

BOOM AND BANKRUPTCY.

KAFFIR CIRCUS. ' . (By a'eleeraph.-ProSS Assooiation.-Copyrlßht.) ' , London, Juno 29. . Throe membors of the Stock Exchange have ;been "hammered" as a result of the."Kaffir'' •bopm.';;:' ; v;v : K "HAMMERING" DEFAULTERS, ."Hammered"'*.is a- familiar term by which the failure of a member of the London Stork Lxchaiige is anuounced. ,It arises from- tho citcumstnnces Of tho announcement; "When a- 1 member', iiifornis the iCommittee Vfor .'General' Purposed that ho -is Unable , to meet ; his eri-" garments, ', a; .notice to- that effect is -wi-itten out and, hande<l: to one of the n'orters, who ascends va - rostrum, : . and, after -three 1 stroke*' witli a wooden hammer fo CAll- membera -to attention, reads the' notice', out. In times' of excitement, when the air is -thick- with rumours, | the. scene is an impressive one. Members who ' have thus been: declared bankrupt cannot do any business in :the House. Their estate is wound ,up by-the official assignees, and, unless it shows 10s, ; m the £, the defaulter in not again admitted to membershipj 'nor then/ if lus conduct has been, doubtful or disevaccful ' l.v' The ; fuel .that tho ithree stockbrokers have I failed: through tho result of .a rising market I makos it obviouo. that they were ondeavourine 1 to "bear",:,thc -market, 'and • failed, in • thdir efforts.