The Stock Exchange: A Short Study of Investment and SpeculationTitle and added title within ornamental borders. Bibliography: p. 255-256. |
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American amount Argentine Bank of England bankers boom borrow bought Bourse broker bucket shop called cent Change Alley cheque colonial commission commodities Consols contango copper corporation countries course crisis currency debenture demand dividends dollars English Exchequer fall floated fluctuations foreign fortune France funds gilt-edged securities gold Government holder houses increased industrial intrinsic value investment investor issued jobbers joint-stock Kaffir lative loans London Stock Exchange loss ment merchants millions sterling mines mortgage bond municipal operations ordinary paid Paris Paris Bourse payment person Prairie du Chien preference stocks principal profits promoter prospectus purchasing railroad railways rate of interest received rise risk rubber Russia savings sell silver sold South America South Sea Company speculation Stock Ex stock-brokers stocks and shares subscribed subscription sums tallies tariff tion trade transactions trust underwriters United usually Wall Street yield York Stock Exchange
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Page 36 - All distinctions of party, religion, sex, character, and circumstances, were swallowed up in this universal concern, or in some such pecuniary project. Exchange-alley was filled with a strange concourse of statesmen and clergymen, churchmen and dissenters, whigs and tories, physicians, lawyers, tradesmen, and even with multitudes of females. All other professions and employments were utterly neglected...
Page 36 - Alley was filled with a strange concourse of statesmen and clergymen, churchmen and dissenters, whigs and tories, physicians, lawyers, tradesmen, and even with multitudes of females. All other professions and employments were utterly neglected ; and the people's attention wholly engrossed by this and other chimerical schemes, which were known by the denomination of bubbles.
Page 37 - The sums proposed to be raised by these expedients amounted to three hundred millions sterling, which exceeded the value of all the lands in England. The nation was so intoxicated with the spirit of adventure, that people became a prey to the grossest delusion. An obscure projector, pretending to have formed a very advantageous scheme, which, however, he did not explain, published proposals for a subscription, in which he promised, that in one month the particulars of his project should be disclosed....
Page 7 - So much for industry, my friends, and attention to one's own business ; but to these we must add frugality, if we would make our industry more certainly successful. A man may, if he knows not how to save as he gets, keep his nose all his life to the grindstone, and die not worth a groat at last. A fat kitchen makes a lean will, as Poor Richard says ; and — Many estates are spent in the getting, Since women for tea forsook spinning and knitting, And men for punch forsook hewing and splitting.
Page 37 - All other professions and employments were utterly neglected; and the people's attention wholly engrossed by this and other chimerical schemes, which were known by the denomination of bubbles. New companies started up every day under the countenance of the prime nobility. The prince of Wales was constituted governor of the Welsh copper company: the duke of Chandos appeared at the head of the York-buildings company : the duke of Bridgewater formed a third, for building houses in London and Westminster.
Page 80 - ... to pay large sums in cash, and of that cash a great store must be kept somewhere. Formerly there were two such stores in Europe: one was the Bank of France, and the other the Bank of England. But since the suspension of specie payments by the Bank of France, its use as a reservoir of specie is at an end. No one can draw a cheque on it and be sure of getting gold or silver for that cheque. Accordingly the whole liability for such international payments in cash is thrown on the Bank of England....
Page 28 - That part of the business of banking which consists in the borrowing of money, with a view of lending it again at a higher rate of interest, does not appear to have been carried on by bankers until the year 1645, when a new era occurred in the history of banking. The goldsmiths, who were previously only money-changers, now became also money-lenders. They became also money-borrowers, and allowed interest on the sums they borrowed. They were agents for receiving rents. They lent money to the king on...
Page 38 - On the 29th day of the month, the stock had sunk to one hundred and fifty. Several eminent goldsmiths and bankers, who had lent great sums upon it, were obliged to stop payment, and abscond. The ebb of this portentous tide was so violent, that it bore down everything in its way; and an infinite number of families were overwhelmed with ruin.
Page 29 - ... quantity of cash into their hands, so that the chief or greatest of them were now enabled to supply Cromwell with money in advance, on the revenues, as his occasion required, upon great advantages to themselves. " After the Restoration, King Charles II. being in want of money, the bankers took ten per cent, of him barefacedly and by private contracts; on many bills, orders, tallies, and debts of that king, they got twenty, sometimes thirty per cent., to the great dishonour of the government.
Page 29 - ... rate of interest were agreed upon at the time of making the loan. The shutting up of the Exchequer occasioned great distress among all classes of the people. Persons not in trade had then no way of employing their money with advantage but by placing it out at interest in the hands of a banker. Hence, not merchants only, but widows, orphans, and others, became suddenly deprived of the whole of their property. They came in crowds to the bankers, but could obtain neither the principal nor the interest...