Stocks have fallen heavily today, and I think they will fall
much lower before this game is played out.20 One can buy in yet more
profitably a fortnight hence. Southern securities are waste paper in Wall
Street. Not a dollar can be raised on them. Who wants to buy paper that must be
collected by suit in the courts of South Carolina and Georgia?
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20 Many business men thought the panic worse than in 1857; and numerous firms failed as their Southern paper became worthless.
SOURCE: Allan Nevins and Milton Halset Thomas, Editors, Diary of George Templeton Strong, Vol. 3, p. 62
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