ry is related specially illustrative of the rapid
fortunes made in the old war-time, when the funds ran up and down every
time Napoleon mounted his horse. Mr. F., afterwards proprietor of one of
the largest estates in the county of Middlesex, had lost a fortune on
the Stock Exchange, and had, in due course, been ruthlessly gibbeted on
the cruel black board. In a frenzy, as he passed London Bridge,
contemplating suicide, F. threw the last shilling he had in the world
over the parapet into the water. Just at that moment some one seized him
by the hand. It was a French ensign. He was full of a great battle that
had been fought (Waterloo), which had just annihilated Bonaparte, and
would restore the Bourbons. The French ambassador had told him only an
hour before. A gleam of hope, turning the black board white, arose
before the miserable man. He hurried off to a firm on the Stock
Exchange, and offered most important news on condition that he should
receive half of whatever profits they might realise by the operation. He
told them of Waterloo. They rushed into the market, and purchased
Consols to a large amount. In the meantime F., sharpened by misfortune,
instantly proceeded to another firm, and made a second offer, which was
also accepted. There were two partners, and the keenest of them
whispered the other not to let F. out of his sight, while he sent
brokers to purchase Consols. He might tell some one else. Lunch was then
brought in, and the key turned on them. Presently the partner returned,
red and seething, from the Stock Exchange. Most unaccountably Consols
had gone up 3 per cent., and he was afraid to purchase. But F. urged the
importance of the victory, and declared the funds would soon rise 10 or
12 per cent. The partners, persuaded, made immense purchases. The day
the news of Waterloo arrived the funds rose 15 per cent., the greatest
rise they were ever known to experience; and F.'s share of the profits
from the two houses in one day exceeded L100,000. He returned next day
to the Stock Exchange, and soon, amassed a large fortune; he then wisely
purchased an estate, and left the funds alone for ever.

Some terrible failures occurred in the Stock Exchange during the Spanish
panic of 1835. A few facts connected with this disastrous time will
serve excellently to illustrate the effects of such reactions among the
speculators in stocks. A decline of 20 or 30 per cent. in the Peninsular
securities within a week or ten da