his pocket a good-sized parcel of dirty-backed letters, all arranged,
and tied round with string or red tape, which he sorts with as much care
and attention as if they were bank-notes. That parcel is his
stock-in-trade. Perhaps those letters may contain the allotment of
shares in various companies, to an amount, if the capital subscribed was
paid, of many hundreds of thousands of pounds.

To describe fairly the "Alley man," we must take him from the first of
his career. He is generally some broken-down clerk or tradesman, who,
having lost every prospect of life, chooses this description of business
as a _dernier ressort_. First started in his calling, he associates with
the loiterers at the Stock Exchange, where, by mixing with them, and
perhaps making the acquaintance through the introduction of Sir John
Barleycorn, at the tap of a tavern, he is initiated by degrees into the
secrets of the business, and, perhaps, before long, becomes as great an
adept in the sale or purchase of letters as the oldest man on the walk.
When he has acquired the necessary information respecting dealing, he
can commence letter-writing for shares. This is effected at the expense
of a penny only for postage, pen and ink being always attainable, either
in the tavern-parlour or coffee-house he frequents. When a new company
comes out, and is advertised, he immediately calls for a form of
application, fills it up, and dispatches it, with the moderate request
to be allotted one hundred or two hundred shares, the amount of call or
share being quite immaterial to him, as he never intends to pay upon or
keep them, his only aim being to increase his available stock of
letters, so that he can make a "deal," and pocket the profit, should
they have a price among the fraternity.

[Illustration: INNER COURT OF THE FIRST ROYAL EXCHANGE (_See page
495_).]

The purchase of stock is thus described by an _habitue_. "Suppose I
went," he says, "to buy L100 stock in the Four per Cents. I soon know
whether the funds are better, or worse, or steady; for this is the
language of the place. If they are _better_, they are on the rise from
the preceding day; if _worse_, they are lower than on that day; if
_steady_, they have not fluctuated at all, or very little. To render the
matter as intelligible as possible, we will suppose the price to be
80-1/8, that is, L80 2s. 6d. sterling for L100 stock. Upon my asking the
price of the Four per Cents., the answer probably is,