London time is five hours later in the day than New York "standard time." That is to say, the sun rises about five hours earlier at London than it does at New York.

The London stock exchange opens at 11 o'clock a. m., London time, and closes at 4 p. m., except that it remains open one half hour longer on "account days." London receives the first New York quotations just after 3 o'clock in the afternoon, and, when the New York Stock Exchange opens, the day's business is nearly finished in London, as 10 a.m. in the former equals 3 p. m. in London. Therefore, New York receives the entire day's London quotations during the forenoon, and the majority of them before the opening of its own exchange.1

The commission for buying or selling American stocks in London is at the rate of about $12.50 per 100 shares or 6d. per share. This is also the commission charged for the purchase of "options."

American securities are paid for in London in pounds sterling, regardless of the rate of exchange, at an unchangeable fixed rate: $5 to 1. Example: 100 shares at $50 would amount to $5,000, the London payment being 100 pounds sterling. An American order sent during the afternoon or evening is understood to be "good in London" until 2 p. m. (about 9 a. m. New York time) the following day, unless otherwise stated, permitting the receipt of an answer before the opening in New York. Likewise, orders sent during the day are understood to be "good in London" the balance of that day.

The London variations in prices are allowed by "sixteenths," whereas on the New York Exchange they must not be at lesser intervals than "eighths."

Stock deliveries in London are usually made in certificates of ten shares each.

Arrangements for shipping securities sold, or receiving securities purchased, on the London Stock Exchange, are best arranged for through a banking house, charges being made for shipping expenses, insurance, and interest on the money involved while the securities are in transit.