between may and december 1719 the market price of a share rose from 500 to 10,000 livres and continued rising into early 1720, supported by law's 4% dividend promise. under rapidly emerging price inflation, law sought to hold the share price at 9,000 livres in march 1720, and then on 21 may 1720 to engineer a controlled reduction in the value of both notes and the shares, a measure that was itself reversed 6 days later.