Savannah morning news. [volume] (Savannah) 1868-1887, 1883-07-12
CONFEDERATE BONDS.
Revival of the Speculation in London
Under Respectable Auspices.

Revival of the Speculation in London
Under Respectable Auspices
London Correspondence EAj1adelphta Times
The Confederate bond speculation has
been revived under very singular and
strangely favorable auspices. A large
syndicate has been organized to manage
the business this time. Lord PenZance.
Mr.. Bruce, NJ. p, and Mr.. Gorst NJ p are
among the principal men who have
publicly accepted invitations to serve
IN the organization. A prospectus
has been issued. This invites ali
the holders of Confederate bonds to lodge
their holdings with the syndicate,
who agree to be responsible for them. TO
do everything in their power to realize
the largest sums possible on the bonds
and to render to each holder true ac-
counts OF the proceeds. The documents
are to be deposited for safe keeping with
the National Safe Deposit Company. who
VIII give certificates on receipt The
prospectus says that the late Confederate
States have become awakened to a new
life, with tremendous possibilities: that
they now enjoy prospect of an almost
immediate controlling influence in Amer
lean affairs; that with this new life and
new future has come an awakening of
conscience and determination to paw off
Indebtedness; that the spirit of repudia
tion is we'll nigh dead i'm the Southern
States, and in its place is being manifest
ed a strong and general desire to restore
the credit of the Confederate States bv
making the best possible arrangements
with all their creditors, and that is eX-
tremely probable. If all the creditors
combine satisfactory settlement can be
effected.
The syndicate announce that Lord Pen
Zance, Mr.. Bruce and Mr.. GOrst have
been appointed trustees, with full powers
to make terms on behalf of the bondhold-
ers with different Confederate States.
These trustees are represented to be gen
tlemen thoroughly informed concerning
the matter in hand entirely in earnest in the
work and in position to secure the best
possible terms from the debtor States.
Ten thousand pounds have been subscribed
by the syndicate and placed at the dis
pOsal of the trustees for the purpose of
paying all the expenses of tracing out and
securing the cooperation of all the holders
OF the Confederate bonds eXtant. This fund,
it is stipulated, shall be credited with
one-half of any proceeds realized over )
per cent. on the nominal amount of the
bonds which may be arranged for. 1t is
believed that the syndicate has been over
a year in progress of organization. and
that the recent furry in Confederate
bonds in the United States was caused by
the action OF the syndicate's agents
making inquiries and purchases through
out the Southern States. The prospectus
has already made a market in London for
the bonds, which are now saleable at
and , per cent. of their face.
But for the unimpeachable integrity
and sincerity of the trustees, all of whom
are enthusiastic believers in the
future supremacy of the Southern
States, the whole business might be sus-
pected to be a scheme on the part Of spec
ulators to create market for the purpose
of making 3 or per cent. on the millions
of dollars involved.