Note 1069 — Chapter XIV

Schwab, pp. 39-44. Schwab believes that Erlanger & Company "are certainly open to the grave suspicion of having themselves been large holders of the bonds in question, especially in view of the presumably large amount of lapsed subscriptions, and of having quietly unloaded them on the unsuspecting Confederate agents when the market showed signs of collapsing" (p. 35). Schwab did not have access to Spence's report which gives further ground for this suspicion.