Franklin County: Edward McPherson to John B.
McPherson, August 26, 1857
Summary:
Edward McPherson writes to his father that he plans to profit from the recent
"panic in the money market" by buying shares of Reading Railroad while the price
remains low.
Ag. 26. 57.
424 Walt. Street
Phila.
My dear Father --
You will notice there is a panic in the money market -- out of which I think some money can be made.-- Reading Railroad stock has fallen to 24 @ 30 -- the lowest price it has reached for years.-- Its purchase at those figures is perfectly secure, and sure to be money-making.-- It will rise again in a few weeks when I will sell.-- I was to see Mr. Drexel, to-day. He will buy me 10 shares tomorrow -- for which I will give him a check on you.-- I do not recollect how much I have on deposit, but more than enough to pay this bill.-- I have connected with several persons, & all advise the investment.-- I would not make the experiment if not considered perfectly safe.-- I hope you will approve it.--
I saw Sheriff Thomas yesterday eve-g.-- He was at the St. Lawrence in the aftn.; but did not leave a card, & I would not have known he was in town, but for meeting Jake Ziegler on Chest. Street after tea.-- I went to the Allegheny House, & talked with the Sheriff for a half hour or more-- I regretted I could not spend the evening with him; but I had an engagement.-- This evening, I intend going up Old [unclear: Patterson], in Arch Street.
Yours
Edwd
Love to Mother.--
