Happy Repeal Day! A look at the American Liquor Exchange

liquorexchange

Today, December 5, celebrates the anniversary of the repeal of Prohibition – one of the best and booziest “holidays” in the tippling calendar. In honor of Repeal Day, I’m sharing my favorite find from The Secret Financial Life of Food:  the all-but-forgotten American Liquor Exchange.

The 1933 image above shows a group of distillers and importers gathered in a Park Avenue office, in the act of setting prices for wines and spirits after the repeal of Prohibition. Technically, this group was not an exchange, but a firm dealing in warehouse receipts (financial instruments that pledged as collateral certain commodities – such as barrels of whiskey).  Take a look (click on the image to enlarge it):  the chalkboard behind the auctioneer lists the bid and ask prices for various whiskeys – rye, Scotch – as well as other spirits (gin, Cognac, “Cuban rhum”) and Champagne and other wines. Most of the deals called for delivery in 30, 60, or 90 days after repeal went into effect.

Shout out to Ryan of the informative Trading Pit Blog, who owns this photo and kindly granted permission to use it in the book. Here’s another look at the same scene, from a different angle.

If you enjoyed this post, you might want to buy The Secret Financial Life of Food.