Every Man His Own Broker; or A Guide to the Stock Exchange, is a book on economics by

Thomas Mortimer Sir Thomas Mortimer (c. 1350–1399) was a medieval English soldier and statesman who served briefly in several important administrative and judicial state offices in Ireland and played a part in the opposition to the government of King Richard ...

, published in 1761 and enjoying 14 editions over the next four decades. It is most famous for being the first documented use of the stock market terms

bull A bull is an intact (i.e., not castrated) adult male of the species ''Bos taurus'' (cattle). More muscular and aggressive than the females of the same species (i.e., cows), bulls have long been an important symbol in many religions, includin ...

and

bear Bears are carnivoran mammals of the family Ursidae. They are classified as caniforms, or doglike carnivorans. Although only eight species of bears are extant, they are widespread, appearing in a wide variety of habitats throughout the Nor ...

, and is considered one of the first books on guides to stock trading. Mortimer traded at

Jonathan's Coffee-House Jonathan's Coffee House was a significant meeting place in London in the 17th and 18th centuries, famous as the original site of the London Stock Exchange. The coffee house was opened around 1680 by Jonathan Miles in Change (or Exchange) Al ...

Exchange Alley Exchange Alley or Change Alley is a narrow alleyway connecting shops and coffeehouses in an old neighbourhood of the City of London. It served as a convenient shortcut from the Royal Exchange on Cornhill to the Post Office on Lombard Street ...

, which served as the country's stock exchange in 18th century

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

. He is often critical of some brokers and traders there, advising individuals to not depend on them. In the book, Mortimer famously said: This refers to the former practice of stock-brokers, abolished circa 1980's in London, allowing their clients to trade on credit during a period of about two weeks, known as an account, on the completion of which all purchases and sales made during the account period had to be paid for on the

settlement date Settlement date is a securities industry term describing the date on which a trade (bonds, equities, foreign exchange, commodities, etc.) settles. That is, the actual day on which transfer of cash or assets is completed and is usually a few days af ...

. A net trading loss would result in the client having to make a cash payment to the broker. By its 12th edition, the book had been translated into

German German(s) may refer to: * Germany (of or related to) **Germania (historical use) * Germans, citizens of Germany, people of German ancestry, or native speakers of the German language ** For citizens of Germany, see also German nationality law **Ger ...

French French (french: français(e), link=no) may refer to: * Something of, from, or related to France ** French language, which originated in France, and its various dialects and accents ** French people, a nation and ethnic group identified with Franc ...

Dutch Dutch commonly refers to: * Something of, from, or related to the Netherlands * Dutch people () * Dutch language () Dutch may also refer to: Places * Dutch, West Virginia, a community in the United States * Pennsylvania Dutch Country People E ...

, and

Spanish Spanish might refer to: * Items from or related to Spain: **Spaniards are a nation and ethnic group indigenous to Spain **Spanish language, spoken in Spain and many Latin American countries **Spanish cuisine Other places * Spanish, Ontario, Cana ...

References

External links

Full text of Every Man His Own Broker; or A Guide to the Stock Exchange
18th-century books {{econ-hist-stub