Evening star. [volume] (Washington, D.C.) 1854-1972, 1863-08-22
Federal and Confederate Stocks in Eng.
land.


land.
The London correspondent of the Pnitade,-
phia Inquirer, writing under date Of Aug 9Th,
says that little more than fortnight ago Con-
federate scrip stood firmly at the London Stock
Exchange at from three to four per cent pre-
MUM. This was, OF course, altogether q flctl-
tious value, the result Of successful maneu YER
ing and combinations on the part OF the friends
and those interested in the scrip, and could,
under no circumstances, have been maintained
fer any length of time. The first tidings of
Lees repuise, even before it was confirmed,
sent the bulls and bears to their arithmetic, and
before the day was over the price had sud
denly dropped to SAX and seven discount
A few days passed, and another steamer
brought the news Of the fall Of Vicksburg
Down went the Confederate stock or per
cent. Then came the tidings OF the surrender
OF Port Hudson, the bombardment of Charles
ton, and the numerous other successes of the
Federal army in other quarters No one was
surprised the next day TO see scrip quoted at
70 TO "a discount, and day after day to find the
two figures gradually increasing In magni-
tude. The upshot of it all has been, in spite OF
the urgent appeals and representations of Mr.
Spence and the Confederate agents, through
the Times and other newspapers, and at the
Stock Exchange itself, that The miserable trash
has At last been publicly offered al 40 discount,
and rot man has been found willing to risk
MS money in the investment eyen at that price
j is true that subsequent sales are reported AT
e TO 20 discount.
As 10 the condition of Federal stocks, it IL
only necessary TO quote from the weekly cir
cular of one of the most unfriendIy London
banking houses:
The market in London for American Secu-
rites has been steadily tmproring lroa ytout tn.
gtek. To-day, however, on receipt Of the
Jura's telegrams, a rery dctiue demand sprarg
Gr, and, stock being scarce, an adyance OF
three dollars per share took place in Illinois,
and OF one dollar and fifty cents in Erie
shares" Now for the philosophical explaua-
tlon OF tins state OF things "There is a real
substantial improvement in the actual posi-
ton of railroad undertakings in the Northern
States of America (whati i'm spite OF the war q
as compared with their position two years ago.
which seems 10 be understood in that country
though 1t is ignored on this side of the Allan
tic: hence we see why the values OF railroad
stocks continue TO increase, whilst the pre-
MUM gold declines.
The result Is large advance in the sterling
value Of shares held here; take, for instance,
Illinois shares, which, on the Ilth of March
last, stood at IS discount, with exchange 19S,
and are now standing at only IL discount, with
exchange down to I30. Again, take ErieA,
which on the same day stood At ~, and are TO-
day 1If'
"American stocks and railway shares were
generally, with The exception OF Virginia State
Bonds (mark the exception,) frmer. There IS
a further advance in Illinois Central, Erie, and
Atlantic and Great Western (Pennsylvania
section.f'
Every day this is the character of the para
graph devoted TO the United states, in the ordi-
nary money articles of all the London papsrs.