Franklin County: Edward McPherson to John B.
McPherson, September 2, 1857
Summary:
Edward McPherson writes from New York, where he is on business related to a trial
case in Maryland. He nonchalantly mentions that stocks continue to fall
drastically, but is not worried.
September 2.
New York
My dear Father --
I wrote you briefly from Philadelphia Sunday morning.-- On Monday, I read a letter from Mr. [unclear: Mchaffey], requesting me to come to New York on a matter of business connected with some trial case in Allegheny County, Maryland, the particulars of which I will tell you when I reach home. I arrived yesterday afternoon, & expect to leave today at five o'clock-- Mr. M. is well, though worked hard.
There is a great panic in the city, & stocks have fallen largely. They will rally, but probably not for some weeks.--For many years, there has not been such an excitement in Wall Street as there was yesterday, & every kind of talk went down.-- This morning, matters look better.-- The country is too rich for a serious breakdown to occur.-- Fortunes have been lost by fall of stocks. Some have fallen from 73 to 10!-- Others are coming downward.-- There is a novelty in these movements, which is quite exciting.
I am stopping at the Bard Street House. The City is crowded, & I shall be glad to get back to more quiet quarters. Love to Mother.
[illeg.] yours
Edward
