dent
that one speculator, without he was a very wealthy man, could not hope
to support a pigeon "express." The consequence was, that, the project
being mooted, two or three of the speculators, including brokers of the
house, themselves joined, and worked it for their own benefit. Through
this medium several of the dealers rapidly made large sums of money; but
the trade became less profitable, because the success of the first
operators induced others to follow the example of establishing this
species of communication. The cost of keeping a "pigeon express" has
been estimated at L600 or L700 a year; but whether this amount was
magnified, with the view of deterring others from venturing into the
speculation, is a question which never seems to have been properly
explained. It is stated that the daily papers availed themselves of the
news brought by these "expresses;" but, in consideration of allowing the
speculators to read the despatches first, the proprietors, it is said,
bore but a minimum proportion of the expense. The birds generally used
were of the Antwerp breed, strong in the wing, and fully feathered. The
months in which they were chiefly worked were the latter end of May,
June, July, August, and the beginning of September; and, though the news
might not be always of importance, a communication was generally kept up
daily between London and Paris in this manner.

In 1837-38-39, and 1840, a great deal of money was made by the "pigeon
men," as the speculators supposed to have possession of such
intelligence were familiarly termed; and their appearance in the market
was always indicative of a rise or fall, according to the tendency of
their operations. Having the first chance of buying or selling, they, of
course, had the market for a while in their own hands; but as time
progressed, and it was found that the papers, by their "second
editions," would communicate the news, the general brokers refused to do
business till the papers reached the City. The pigeons bringing the news
occasionally got shot on their passage; but, as a flock of some eight or
a dozen were usually started at a time, miscarriage was not of frequent
occurrence. At the time of the death of Mr. Rothschild, one was caught
at Brighton, having been disabled by a gun-shot wound, and beneath the
shoulder-feathers of the left wing was discovered a small note, with the
words "Il est mort," followed by a number of hieroglyphics. Each pigeon
had a method of c