The Kingdom of Change Alley-A William III. Reuter-Stock Exchange Tricks-Bulls and Bears--Thomas Guy, the Hospital Founder-Sir John Barnard, the "Great Commoner "--Sampson Gideon, the famous Jew Broker-Alexander Fordyce-A cruel Quaker Criticism-Stockbrokers and Longevity-The Stock Exchange in 1795-The Money Articles in the London Papers-The Case of Benjamin Walsh, M.P.— The De Berenger Conspiracy-Lord Cochrane unjustly accused-"Ticket Pocketing"-System of Business at the Stock Exchange"Popgun John "-Nathan Rothschild-Secrecy of his Operations-Rothschild outdone by Stratagem-Grotesque Sketch of RothschildAbraham Goldsmid-Vicissitudes of the Stock Exchange-The Spanish Panic of 1835-The Railway Mania-Ricardo's Golden Rules-A Clerical Intruder in Capel Court-Amusements of Stockbrokers-Laws of the Stock Exchange-The Pigeon Express-Purchase of Stock-Eminent Members of the Stock Exchange.

THE Royal Exchange, in the reign of William III., | apparently destined for London. Letters reached being found vexatiously thronged, the money- the metropolis announcing the capture of the disdealers, in 1698, betook themselves to Change Alley, comfited Stuart; the funds rose, and a large profit then an unappropriated area. A writer of the was realised by the trick. Stock-jobbers must have period says: "The centre of jobbing is in the been highly prosperous at that period, as a Quaker, kingdom of 'Change Alley. You may go over its named Quare, a watchmaker of celebrity, who had limits in about a minute and a half. Stepping out made a large fortune by money speculations, had of Jonathan's into the Alley, you turn your face full for his guests at his daughter's wedding-feast the south; moving on a few paces, and then turning to famous Duchess of Marlborough and the Princess the east, you advance to Garraway's; from thence, of Wales, with 300 visitors of the quality. going out at the other door, you go on, still east, into Birchin Lane; and then, halting at the Swordblade Bank, you immediately face to the north, enter Cornhill, visit two or three petty provinces there on your way to the west; and thus, having boxed your compass, and sailed round the stockjobbing globe, you turn into Jonathan's again."

Sir Henry Furnese, a Bank director, was the Reuter of those times. He paid for constant despatches from Holland, Flanders, France, and Germany. His early intelligence of every battle, and especially of the fall of Namur, swelled his profits amazingly. King William gave him a diamond ring as a reward for early information; yet he condescended to fabricate news, and his plans for influencing the funds were probably the types of similar modern tricks. If Furnese wished to buy, his brokers looked gloomy; and, the alarm spread, completed their bargains. In this manner prices were lowered four or five per cent. in a few hours. The Jew Medina, we are assured, granted Marlborough an annuity of £6,000 for permission to attend his campaigns, and amply repaid himself by the use of the early intelligence he obtained. When, in 1715, says "Aleph," the Pretender landed in Scotland, after the dispersion of his forces, a carriage and six was seen in the road near Perth,

During the struggle between the old and new East India Companies, boroughs were sold openly in the Alley to their respective partisans; and in 1720 Parliamentary seats came to market there as commonly as lottery tickets. Towards the close of Anne's reign, a well-dressed horseman rode furiously down the Queen's Road, loudly proclaiming her Majesty's demise. The hoax answered, the funds falling with ominous alacrity; but it was observed, that while the Christian jobbers kept aloof, Sir Manasseh Lopez and the Hebrew brokers bought readily at the reduced rate.

The following extracts from Cibber's play of The Refusal; or, the Ladies' Philosophy, produced in 1720, show the antiquity of the terms "bull” and "bear." This comedy abounds in allusions to the doings in 'Change Alley, and one of the characters, Sir Gilbert Wrangle, is a South Sea director :

The following is from an old paper, dated July to excellent account, and soon led him to a far 15th, 1773: "Yesterday the brokers and others more profitable traffic in those tickets with which, at New Jonathan's' came to a resolution, that from the time of Charles II., our seamen were reinstead of its being called 'New Jonathan's,' it munerated. They were paid in paper, not readily should be called 'The Stock Exchange,' which is convertible, and were forced to part with their to be wrote over the door. The brokers then wages at any discount which it pleased the money

collected sixpence each, and christened the House lenders to fix. Guy made large purchases in these

with punch."

One of the great stockbrokers of Queen Anne's reign was Thomas Guy, the founder of one of the noblest hospitals in the world, who died in 1724. He was the son of a lighterman, and for many years stood behind a counter and sold books. Acquiring a small amount of ready cash, he was tempted to employ it in Change Alley; it turned

tickets at an immense reduction, and by such not very creditable means, with some windfalls during the South Sea agitation, he realised a fortune of £500,000. Half a million was then almost a fabulous sum, and it was constantly increasing, owing to his penurious habits. He died at the age of eighty-one, leaving by will £240,000 to the hospital which bears his name.

His body lay in

in full if they preferred. This anticipation of a 1746, and from the moment his statue was set up modern financial change was not adopted. At this in Gresham's Exchange he would never enter the period, £10,000,000 were held by foreigners in building, but carried on his monetary affairs outBritish funds. In 1750, the reduction from four side. The Barnard blood still warms the veins of to three per cent. interest on the funded debt was some of our wealthiest commercial magnates, since effected, and though much clamour followed, no his son married the daughter of a capitalist, known in reasonable ground for complaint was alleged, as the City as "the great banker, Sir John Hankey." the measure was very cautiously carried out. Sir Sampson Gideon, the famous Jew broker, died John Barnard, the Peel of a bygore age, was com- in 1762. Some of his shrewd sayings are pre

Stock Exchange.}

STOCK-EXCHANGE ANECDOTES.

Madam,

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debating-forum up Capel Court, and buildings contiguous with the freehold site, were purchased, and the foundation-stone was laid for this temple, to be, when completed, consecrated to free, open traffic.

In 1805 Ambrose Charles, a Bank clerk, publicly charged the Earl of Moira, a cabinet minister, with using official intelligence to aid him in speculating in the funds. The Premier was compelled to investigate the charge, but no truthful evidence could be adduced, and the falsehood of his allegations was made apparent.

Mark Sprot, a remarkable speculator, died in 1808. He came to London with small means, but getting an introduction to the Stock Exchange, was wonderfully successful. In 1799 he contracted for the Lottery; and in 1800 and the three following years he was foremost among those who contracted for the loans. During Lord Melville's trial, he was asked whether he did not act as banker for members of

Smoke the old girl in silk shoes there! do you want a broker?-Four per Cents--The Dutch fleet skulked into-Short Annuities !-The French army retreating!-The Austrians pursuing !-Consols! Consols! Bravo!-Who's afraid?-Up they go! up they go !-' De Empress de Russia dead!' -You lie, Mordecai! I'll stuff your mouth with pork, you dog!—Long Annuities! Long Annuities! Knock that fellow's hat off, there !-He'll waddle, to-morrow Here, Long Annuities! Short Annuities-Longs and Shorts!-The Prince of Condé fled-Consols -The French bombarding Frankfort!-Reduced Annuities-Down they go! down they go-You, Levi, you're a thief, and I'm a gentleman-Step to Garraway's, and bid Isaacs come here-Bank Stock !—Consols !-Give me thy hand, Solomon-Didst thou not hear the guns fire ?--Noble news! great news!-Here, Consols! St. Lucia taken!-St. Vincent taken!-French fleets blocked up! English fleets triumphant! both houses. "I never do business with priviBravo! Up we go! up, up, up!-Imperial An- leged persons!" was his reply, which might have nuities Imperial! Imperial !-Get out of my referred to the following fact:-A broker came sunshine, Moses, you d-d little Israelite!-- to Sprot in great distress. He had acted largely Consols! Consols! &c.' for a principal who, the prices going against him, refused to make up his losses. "Who was the scoundrel ?" "A nobleman of immense property." Sprot volunteered to go with him to his dishonest debtor. The great man coolly answered, it was not convenient to pay. The broker declared that unless the account was settled by a fixed hour next day, his lordship would be posted as a defaulter. Long before the time appointed the matter was arranged, and Sprot's friend rescued from ruin.

The noise of the screech-owl, the howling of the wolf, the barking of the mastiff, the grunting of the hog, the braying of the ass, the nocturnal wooing of the cat, the hissing of the snake, the croaking of toads, frogs, and grasshoppers-all these in unison could not be more hideous than the noise which these beings make in the Stock Exchange. And as several of them get into the Bank, the beadles are provided with rattles, which they occasionally spring, to drown their noise and give the fair purchaser or seller room and opportunity to transact their business; for that part of the Rotunda to which the avenue from Bartholomew Lane leads is often so crowded with them that people cannot enter."

The history of the money articles in the London papers is thus given by the author of "The City." In 1809 and 1810 (says the writer), the papers had commenced regularly to publish the prices of Consols and the other securities then in the market, About 1799, the shares of this old Stock Ex- but the list was merely furnished by a stockbroker, change having fallen into few hands, they boldly who was allowed, as a privilege for his services, to attempted, instead of a sixpenny diurnal admission append his name and address, thereby receiving to every person presenting himself at the bar, to the advantages of an advertisement without having make it a close subscription-room of ten guineas to pay for it. A further improvement was effected per annum for each member, and thereby to shut by inserting small paragraphs, giving an outline of out all petty or irregular traffickers, to increase the events occurring in relation to City matters, but revenues of this their monopolised market. A these occupied no acknowledged position, and violent democracy revolted at this imposition and only existed as ordinary intelligence. However, invasion of the rights, privileges, and immunities of a public market for the public stock. They proposed to raise 263 shares of £50 each, creating a fund of £13,150 wherewith to build a new, uninfluenced, unaristocraticised, free, open market. Those shares were never, as in the old conventicle, to condense into a few hands, for fear of a dread aristocracy returning. Mendoza's boxing-room, the

from 1810 up to 1817, considerable changes took place in the arrangements of the several daily journals; and a new era almost commenced in City life with the numerous companies started on the joint-stock principle at the more advanced period and then it was that this department appears to have received serious attention from the heads of the leading journals.