’Change Alley

Abstract

By 1786 much had changed since Swift wrote his poem The Bubble;¹ but one place which had not changed was the “Garr’way’s” of the poem, or Garroway’s Coffee House. In 1786 as in 1720 Garroway’s played an essential part in the life of the London stock market. Celebrated originally as the first establishment to serve tea as a drink to the British public, it was situated in ’Change Alley, in the midst of the market; and for all its long life drew its custom from those who frequented the market. The Coffee Room was on the ground floor; and the Coffee Room might have been better called, as the great Rotunda of the Bank of England was officially called, the Stock Room. For what occupied the frequenters of Garroway’s Coffee House was business in the stocks. Dealers assembled there, and some of the dealers used it as their business address. It was the business address of Abraham Ricardo during the whole of his career on the London stock market.

There is a Gulph, where thousands fell, Here all the bold Advent’rers came; A Narrow sound, though deep as Hell: ‘Change Alley is the dreadfull name.

Nine times a day it ebbs and flows, Yet he that on the surface lyes Without a Pilot, seldom knows The time it falls, or when ‘twill rise...

Meantime secure on Garr’way’s cliffs A savage race, by shipwrecks fed, Lye Waiting for the founder’d skiffs, And strip the bodies of the Dead...