MARKETS: Innocent Abroad

Hugo Loeser, a 57-year-old liquor importer from Chicago, went sightseeing in London’s City (financial district) last week. Coming upon what he took to be a busy broker’s office, he stepped in to have a look at stock quotations. The hubbub of voices steadily increased, so did shouts of “1401!” Puzzled and amused by this chant. Mr. Loeser suddenly noticed that I he was surrounded. Someone jostled him. His hat was knocked off. Next thing he knew he was in the street, straightening his rumpled clothes, looking up into the red face of a bobby.

Mr. Loeser had walked into the London Stock Exchange, which brooks no intrusion. The Exchange was once limited to 1400 members. Now, whenever a stranger is seen on the floor, members shout “1401,” throw him out. Mr. Loeser was lucky not to have been “debagged” (pants taken off). Afterwards, he said somewhat sourly: “The experience was funny.”