The Sun.
London, England, 1841-01-06 00:00:00

POST.—In a recent article we mentioned the fact
that a large amount of a certain bankrupt Three per
Cent. foreign stock had been purchased on the special
recommendation of an "eminent capitalist." The
holder of the stock in question seems to think the
matter has not been put by us with sufTicient emphasis,
and we are accordingly asked whether the authority
from which we were writing did not go the length of
showing very distinctly that two gentlemen who hap-
pened to have sums of mosey to invest were
implies
61111 Loe
There can be no doubt that it did, but we were fearful
lest in following the text with that precision we felt dis-
posed to do we might have been taking too greet
a liberty with a oommunication which had the
appearance of being confidential. The sufferer*
in this case are members of the same fa--
wily. They have between them about a hun-
dred and ten thousand pounds in nearly equal
amounts, the one of Spanish stock, the other of Portu-
guese, exclusive of a heavy arrear of dividends. Osi
the subject of these claims, the remarks made by us in
the first instance are thus referred to :—" Does not the,
note say that my purchases were, and that I believed
my relative's to have been, founded upon the representa-
tion alluded to? His were, in fact, for they were made
by the same broker, proceeding on the same recommen-
dation. Mine were absolutely so, for the broker re-
turned to me from the party direct with the message
—' Tell him they (the Three per Cents.) will be
80.'" The principals were well known as opulent and
respectable persons, owing, as it would seem, to the
considerable investments made by them, on previous oc-
casions, of Dutch Stock through the same channels, for
every transaction of this nature is, we may venture to
assume, treasured up in the memories of the great opo-
rators in loans when once a knowledge of it is acquired.
The business of which we are now speaking was;
managed for one of the gentlemen through the followings
artful process :
" I find," he observes, " on reference, that I bought of
the capitalist 638,000 guilders in the middle of February,
1835, and sold him 32,000 Portuguese Five per Cents.,
because he said, according to my broker, they were much
too high. At tke end of the same month I re-sold hint
320,000 guilders, and bought 20,500 Portuguese Three
per Cents., because ho said they would be at ;30 Now,.
I think it was about a fortnight after I had sold hint the,
Portuguese Fives at 92, because they were too high,' that
we had out the Three per Cent. stock, extinguishing tho
Six per Cents., and which carried the Fives up to 100.
tie must have known, in all human probability, that a loan
bad been contracted, or was in the ccurse of being so,
which, by extinguishing the Six per Cents , would carry
the Fives up to par, and yet he gave me the advice to
part with them, and, although no purchaser's name is ex-
pressed in the b-oker's account, I am confident that, basing
done it, it was to hint. After this he passes otr, w" have
seen, 20 500 of the New Three per Cents. upon mt.'
be-
cause they would be at SO."
These details will let the public a little more into-
the mysteries of the loan-jobbing system, the art of
making millions on the one hand, and the readiest and
most effectual method of kicking down a splendid patri-
mony on the other.
At a meeting of the committee of bondholders held
to-day, preliminary to the general meeting fixed for the
6h instant, various financial documents dignified with
the name of securities were read, and the contempt of:
the decrees under which they were issued as exhibited.
by the Peninsular Governments produced a great scrim-
, tion. Several of the number, such for instance as hart/
the guarantee of the tobacco contract, were found to
ti be. in lbw.-some atate,lhat is to say,.witls seven overdue
coupons attached to them, as when first throw n off from
the printing press ; yet another change of papor is pro-
' prised. The contractors arc to be called sin to in-
terfere.