Doc. No. 10. 13 



[With Mr. Rush's No. 26.] 



43 Craven Street, Strand, June 5, 1838. 



Dear Sir : We beg to assure you, ia answer to your favor of the 31st 

 of May, that our endeavors to get through the forms necessary for wmd- 

 ing up the suit, and putting you into possession of the Smithsonian fund, 

 have not been less urgent and unremitting than have been your appHca- 

 tions to ourselves upon the subject. The circumstance of the shutting of 

 the offices of the court of chancery for the holidays, at a period when 

 they are ordinarily open, and some other petty difficulties not within 

 our control, have, however, prevented our getting through all the forms 

 in the month of May, as we hoped to have been able to do. 



We have now, however, the satisfaction to announce to you that 

 every thing is complete, and that the accountant general of the court of 

 chancery has transferred into your name the several sums following : 

 •' £64,535 IS 9 consols, 



12,000 reduced annuities, 

 16,100 bank stock. 

 These sums are entirely at your disposal, free from the control of the 

 court of chancery. 



There will be, in addition, a small cash balance, which, hi the course 

 of a few days, you will be able to receive of the accountant general. 

 We are, very faithfully, your obedient servants, 



CL/^RKE, FYNMORE, & FLADGATE. 

 Richard Rush, Esq. 



No. 27. 



London, Jinie 13, 1S38. 



Sir : I am glad to be able to report to you that the sales of the stock 

 are going on well. 



The whole of the consols have been sold, and part of the bank stock. 



A portion of the consols, viz : £4,535 18^. 9af, was sold on the 6th 

 instant for cash, at 943. This was considered a high price ; more could 

 not have been obtained for cash. 



My first desire was to sell all the stock for cash, and immediately, that 

 I might the sooner close the whole operation and get away ; but such a 

 course I soon found, on the best information and advice, would have been 

 injudicious. 



To have attempted a sale of the bank stock, for example, all at once, 

 "wfeuld probably have depressed the market for this particular species of 

 security, and occasioned a loss of several hundred pounds. The reason is, '' 

 that the dealings in it, contradistinguished from those in the great national 

 stocks, are limited, and confined to a veiy few persons on the stock ex- 

 change. The course which prudence dictated was, to sell it out in small 

 parcels, under careful instructions to the broker on each day of sale. 



As it thus became necessary, in order to guard against loss, that I should 

 allow myself some little latitude as to time in selling the bank stock, it 

 opened a door the more properly for disposing of the other stock on time, 

 at a short interval ; the more especially if by that mode it could be made 

 to produce a larger sum. 



