Turning points in the US Civil War: A British perspective

This article examines the. Confederate cotton bonds floated in Europe in Ma rch 1863 and traded on the London market. Over a 27 March 1863 to 17 June 1 865 sample we isolate two, nonreversed, "turning points" that follow news o f Confederate: defeat, at Gettysburg and Vicksburg in July 1863 and the fal l of Atlanta in September 1864. The analysis suggests that the turning poin ts important to Southern interests differ from those identified for the Nor thern side by Kristen Willard, Timothy Guinnane, and Harvey Rosen.(1) It se ems that war news did not always have symmetric effects on North and South.