The Remarkable Rise Of Eliza Jumel (2016) - Plot & Excerpts
The London stock market peaked early in the year and then share prices dropped precipitously.1 Investors who had purchased stock in a host of risky ventures—mines, water companies, canals, and bridges—turned out, too often, to have been poorly informed and ill-advised.2 The effects of bursting speculative bubbles were apparent on both sides of the Atlantic. As the editor of Niles’ Weekly Register, an American financial paper, wrote in early September, “those who had [money], did not know how to employ it, and so they made mighty investments in the wildest and most visionary projects that ever had their day. These, in general, have returned little or nothing, and money has become ‘scarce,’ the prices of stocks have considerably fallen in both countries [i.e., Great Britain and United States], and no small pressure begins to be felt, which will probably increase and become very onerous on traders and dealers of all classes.”3 The collapse of the cotton markets added to the turmoil, as oversupply replaced fears of a shortage.
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