London Stock Exchange. The official title of the London Stock Exchange is "The Stock
Exchange of London." It was founded toward the close of the seventeenth century.  The London
Stock Exchange consists of two distinct bodies. One body comprises the shareholders or
proprietors of the company which owns the building and the title "The Stock Exchange of London."
The other body comprises the subscribers, who are described as members of the exchange or
"house.  To the shareholders the exchange is a joint-stock undertaking from the profits of which
they receive dividends the same as the shareholders of any corporation. The shareholders as
shareholders have no right to enter the building, but they may become members under the same
conditions as other subscribers. Very few shareholders are now non-members and while such was
not formerly the case only subscribers (members') may now become shareholders in the
proprietary company. The subscribers or members of the exchange merely rent the building with
the right to transact business under the title of "The Stock Exchange of London." The members
are elected for one year, beginning March 25, and in order to continue as members they must be
reelected each succeeding year. Members are elected (or rejected) by the governing body of the
exchange which bears the title of "committee for gener.d purposes." This committee itself is
annually elected by the members. Members of the exchange on their original admission have to
pay an initiation fee as well as annual dues and have to find existing members to act as surety for
them. On reelection they have not to pay another initiation fee, but they continue to pay annual
dues. These dues are used in payment of rental to the proprietary company and in payment of
administration expenses.  There are two classes of members, jobbers (or dealers) and brokers.
Members can act in either capacity, but not in the double capacity at the same time. The jobber
remains in one place in the house ready to deal with any one who comes to him. The broker buys
and sells for the public for a compensation, that is, a commission, whereas, the jobber makes the
market and is prepared to buy from or sell to the broker, covering his bargain with a fresh
purchase or sale. See Jobber.