The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-22
big STOCK EXCHANGE
HOAXOF CENTURY AGO
Huge Profits Made by Spreading
Bogus Story Of Napoleon's
Death.
LORD COCHRANE INVOLVED
Officer in Chaise and Four With
Despatch From France
Helped Deception.

LONDON. March 7i.-Among many notabie
centcnaries celebrated this year the re-
markable hoax" perpetratcd on the Stock
Exchange on February Fl. 1914. deserves
high place.
The bare facts are probably known TO
most people how certain spectators con-
trlved to spread the news. supported by
a forged letter and other corrobOrative
details. that Napoleon was dead and peace
was proclaimed. and how the stocks went
bounding up from hour to hour amid In
tense excitement.
Further. how huge profits were reaped
and how in the result Lord Cochrane with
other prominent individuals was brought
to trial and convicted OF conspiracy and
misiemeanor. mulcted In heavy fines and
sentenced to Imprisonment and TO DO set
In the pillory opposite the Royal Ex-
II was a scandalous fraud without q
doubt. but the modern reader may well
he forgiven II. studying contemporary ac-
counts. he is inclined to be- struck by the
humorous rather than the tragic side OF
It. The Globe, from its columns OF a
hundred years ago. gives the story written
as the drama developed
The first edition OF Monday. February
81. 1914. came out In evident excitement
and with the big headlines quite In the
modern style thus:
REPORT ED DEATH OF BoNAPAETE.
ARRIVAL OF DEPUTIES FROM PARIS
"a great sensation was excited at the
West End OF the town this morning BY
n report OF the death OF Bonaparte. II
was confidently said that Government this
morning received intelligence from Deal
OF the arrival OF an officer in flag Of
truce from France with intelligence that
"poNAPARrE HAD DIED 1T POISON!
about II O'Clock an officer arrived in
town in n chaise and four with despatches
for Lord Liverpool. with which he i'm
mediately waited upon his Lordship at MS
house in Whitehall He came from Deal.
at which place he landed in nag OF truce
from France.
"The boys who drove the chaise were
decorated with white cockades and laurel.
There are two Deputies from Paris on
the road. They are expected In town
this forenoon.
"The news Of the death OF Bonaparts
has excited great hustle IN inc Ivy.
The funds have risen. as VIII be seen
in the state OF the prices at half past IL
o'clock. There is a diversity OF opini =
! in the City as to the account OF the death
OF Donnparte Bets to a consiueraDis
amount have been held upon II. We learn
| that the account OF his death was not
received this morning by Government. but
The Globe published no fewer than
| three editions that day. In the second II
| admits there Is no official confirmation O!
| the news while In the third brief para
graph announces that "the reports OF the
morning are not credited at the Treasury.
| They are supposed to have originated IN
\ stock jobbinE purposes.
Next day the bubble was blown and tho
editor. probably annoyed q. having him
self been taken in, poured out the viais
Of his wrath on the swirdlers IN the foi-
lowing majestic leader:
3 Nv. Yesterday gave an account OF the
great sensation excited by the report or
the death Of Boraparts and following u?
thes. reports lost no time to state In
Tn. course OF the dav that they were
dscredl;ed az the public OFFICES and con-
s!d.red fahrIcations. invented for the
purpose Of influencing the funds Such
is their real character. and more
nerarious stock jobbing fraud was never
practised. Among the means adopted
/ to civ. IL effect az half past II cha!ss
and four. procured for the purpose from
Slttingbourne. the horses decorated with
laurel and the persons within wearing
/ IN. white cockade, passed over London
Bridge and proceeded toward the West End
o: the town; the cha!se suddenly turned
off from Fleet street. over Blackfriars
Bridge and was no more heard OF The
I lfNNl. We are sbTTN To say. pIoNcu as
successful az /: was iniquitous, Omniun.
which opened at 27i.,. rapidly rose to 80,
Vast sums were sold In the course OF the
DAY. not less. II Is supposed. in all than
half million Toward the close OF the
market .hc reports were exploded and tho
funds declined Of course
The only stocks, II should he noted. that
! the spectators a hundred years ago had
TO deal in were Bank OF India stock and
/ I.pyarpmenf securities which God
| OF 3 per cent consols. per cent Re-
duccd. the 4 per cents. and the J per
cents. The omnium referred to In the
preceding paragraph was a mixed In
vsstmert, purchasers OF the stock having
the right OF receiving a certain amount
of Reduced and certain amount OF con-
soils.
1t was always quoted at a premium
varying from day to day. though its com
ponent parts were both in reality at q
discount. II was peculiarly sensitive
stock and much in favor with those who
bought for n rise and who could not az
/ ford to purchase large quantities Of
stock outright
To return. however. TO the hustle In
the city" on February 81 we ind that no
time was lost in inauiring into tho origin
OF the fraud, and on the csth was pub
| lished:
"FURTHER PARTICULARS
"oF THE
FRAUD PRACTISED ON THE STOCK
"ENCHANGE.
1.-The persons at Dover. who were FIRST
concerned in transmitting the false In
telligence to London. and who OF course
| feel II incumbent on them to eXoncrate
| themselves from the charge OF partici-
pating in so infamous n transaction, have
put forth the following statement: They
say that in the middle OF Sunday night
! a person dressed as an officer walked
| from the beach at Dover toward the