| London. 19 Nov. 1868.
My dear Sir,
I send you now
extracts
relating to the Russian Loan hinted at in a
former
letter.
The “
Money Market Review”
simply reflects the mind
of the Money Market.
Yours Truly
K. Marx
“
The Russian
Anglo-Dutch Five P.Ct. Loan for £6,000,000.
”
“
It is said that English applications alone for this
loan amount to between 20 and 30
millions
. ... there is no
doubt that a very large amount of British Capital has been offered for this
investment.”
(
‘
Money Market Review
’.
N. 24, 1866
)
“So complete and unreasoning is the distrust of the
public, that a multitude of sound investments are left in utter neglect,
though at greatly depressed prices.”
(
“
Money Market Review
”. City Article.
Nv.
24,
’66
)
“
The Stock Markets.
”
“Holders of money are afraid—afraid, at least, 
| of
all the old channels of investment, and capital is only to be tempted
for the moment by the invitation of some new Foreign or colonial loan.
Of this
the enormous application for the
Russian
, and the marked success of the New Zealand
etc
loans are
proofs.
… Doubtless several needy Governments will not delay following in the
wake of the Russian. It is a gain, at all events, that there is at
length some renewal of investment.”
(
“
Money Market Review
”. 1 Dec.
’66
)
“On Monday (3 Dec.) the letters of allotment of the new Russian Loan were issued
(by
Baring
)
… The price ruled between 1⅛ to 1¼ premium. A large amount of the stock has been
paid up in full for transmission abroad.”
(
‘
Money Market Review
’.
8 Dec. 1866
)
P. S.
I send you by bookpost a
little
pamphlet
by
Gerstenberg
, a German Jew and
London Stockbroker. This
same
Gerstenberg
wanted
Lord Stanley
to interfere on
behalf of the British Venezuela bondholders against the Venezuelan
Government.
The
margin exclamations and so forth I am not responsible for. They belong to my
eccentric friend, Mr.
Borkheim
, wine
merchant in the City. He believes that
Gerstenberg
acts
in the
under the
secret instructions of the
Barings
.