Stocks and shares in 1770

[EssexCorinne]

Does anyone know if there are any records I can consult about stocks held 1770?

We have an ancestors will in which he leaves his "money in the stocks ... now in Philladelphia...."

I have been learning about the history of the stock markets and the origin in coffee houses in London etc, but despite extensive searches, I can't find any reference to any records that might be in existence either for specific stocks or people who held them. I realize this is a long shot but you lot know so much I thought I'd ask .

There is no obvious clue in the will what "Philladelphia" refers to, whether it is the state in America or the name of a ship or something. The Philladelphia stock exchange was formed in 1790 so don't think it could be that as the will was made in 1770. I found a ship called Philladelphia in Lloyds list about the right time so stocks/shares in that is a possibility but how do I find out more?

There is also a mysterious Mrs Kelly! The wording of the will is "..all the money in the stocks and in Mrs Kellys hands now in Philladelphia if living...."

My ancestor, John Morris was a Thames lighterman/waterman in Rotherhithe, London and died in 1793. Would the stocks have to be registered in the new name of his beneficiaries after his death? Where do I find that out? Any ideas welcome.

Cheers
Corinne

[AntonyM]

At that time, "stocks" could often refer to government bonds issued by the Bank of England - it might be worth looking into the Bank of England Will Extracts - some information here.

[EssexCorinne]

Many thanks AnthonyM, I followed your link and the link in the wiki article and ended up on the bank of England archive site where a list of original investors for 1694 was found. (No Morris' but it was of course too early for the one I'm looking for) - but I did find a Robert Pulleyn who is another branch of my family! I'll be delving deeper in the holiday so thanks again. I've now got two stock holders to look into! Have a happy festive season.

[Janet in Yorkshire]

Quote
The wording of the will is "..all the money in the stocks and in Mrs Kellys hands now in Philladelphia if living...."

1)To me, that suggests that it is Mrs Kelly (if still living ) that is in Philadelphia, and not necessarily the stocks, although she may have had the administration of them.

2)With regards to sailing craft (in my case, it was fishing boats) ownership/holdings was referred to as "shares" rather than "stock." From what I can make out, rather than having total ownership of one boat, several part owners had shares, which could be sold on, passed on to family members etc. One of the reasons for this was as collateral - if there was a sailing mishap, then you didn't lose everything, the loss was shared amongst all the shareholders. I think some of the shareholders probably worked as a syndicate owning several boats in total.

Jay

[EssexCorinne]

Hi Jay
1) I agree with you that it is probably Mrs Kelly that is in Philadelphia. I have done some random searches for her both in England and America but didn't come up with anything useful, not surprisingly.
2) This is an interesting point you make about "shares" and "stock" and that it may be a different type of investment. I have been trying to learn the difference that may have applied in the 18th century but am looking into Anthony's suggestion of government bonds as this seems a good place to start, even if it proves fruitless, it will eliminate that line of research.

Thanks for your input Jay

[Olde Crone Holden]

It is definitely "Stocks" and not "stock"? Silly question maybe! As he was a waterman I thought he might have invested some money in stock, maybe tobacco, which Mrs Kelly was holding for him, or he may have sent her some goods from the UK.

OK, a bit wobbly, I know!

OC

[keldon]

At that time, "stocks" could often refer to government bonds issued by the Bank of England - it might be worth looking into the Bank of England Will Extracts - some information here.

I agree with Anthony. A look through the newspapers of the time and under the heading STOCKS there are several for 1770:
Bank Stock
Three per cent BR
Four per cent Con
Three per cent South Sea old ann
India Bonds

This newspaper extract is slightly later from 1804, but it gives you the idea.

[EssexCorinne]

OC: not a silly question at all! I have double checked and it is definitely "Stocks" in the plural but I have made a note to self as another search option. I like your thinking.

Keldon: Thanks for the stocks info. I don't know why I hadn't thought of newspaper stock reports to see where folk were putting their money, but I hadn't! This gives lots more options to look into.

Thanks again
Corinne