Chronicles and characters of the stock exchangeFrancis, John, of the Bank of England
History
Chronicles and characters of the stock exchange
Francis, John, of the Bank of England
Speculation; Stock Exchange (London, England)
But the East India stock was the main point. Every man’s eye, when he
came to the market, was upon the brokers who acted for Sir F——. Does
Sir F—— sell or buy? If Sir F—— had a mind to buy, the first thing he
did was to commission his brokers to look sour, shake their heads,
suggest bad news from India; and at the bottom it followed, “I have
commission from Sir F—— to sell out whatever I can”; and perhaps they
would actually sell ten, perhaps twenty thousand pounds. Immediately
the Exchange (for they were not then come to the Alley) was full of
sellers; nobody would buy a shilling; till perhaps the stock would
fall six, seven, eight, ten per cent., sometimes more. Then the
cunning jobber had another set of men employed on purpose to buy, but
with privacy and caution, all the stock they could lay their hands
on; till, by selling ten thousand pounds at four or five per cent.
loss, he would buy a hundred thousand pounds stock at ten or twelve
per cent. under price; and, in a few weeks, by just the contrary
method, set them all buying, and then sell them their own stock again
at ten or twelve per cent. profit.
These honest methods laid the foundation, we will not say of a fine
great stone house, on a certain forest, but it certainly laid the
foundation of an opulent family, and initiated the crowds of jobbers
in that dexterity in tricking and cheating one another, which, to
this day, they are the greatest proficients that this part of the
world ever saw.
By this exactly-concerted intelligence, he then knew how to turn the
wages (a sort of jobbing then in mode, and which grew so infamous
that they were at length obliged to suppress it by Act of Parliament)
which way he pleased, and by which he got an immense sum of money.
How often did the gentleman run down true news as if it had been
false, and run up false news as if it had been true, by the force of
his foreign intelligencers! How often coin reports of great actions,
to serve a turn! It is too late a trick to be forgot by many that
were bit by it to the bone.
In a word, the putting false news upon us is nothing but an old trade
revived,—though, it must be confessed, this of the Pretender has been
a masterpiece,—and the worthy projector who has the credit of it must
pass for a dexterous manager as any the university of Exchange Alley
has bred up for thirty years past.
Public-domain text, read in full here on John Shaqi.
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