It was now that there began the systematic practice of stagging — applying heavily for the shares in new companies with a view to selling them immediately at a premium — and Punch that year had plenty of fun satirising ‘Stag-hunting in Capel Court”.That’s from David Kynaston’s City of London: The History.It refers to the railway mania of the 1840s, an investment bubble that collapsed in 1846 after a corn drought forced the Bank of England to raise rates. The hike put an abrupt end to the preceding period of excessively cheap money, which eventually meant more than a third of the railways the government authorised were never built. According to Wikipedia:…the companies either collapsed due to poor financial planning, were bought out by larger competitors before they could build their line,
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It was now that there began the systematic practice...