Autograph letter signed : London, to Mr. Gray, 1848 Mar. 22.

In reply to Mr. Gray's letter, he has consulted a man of sound judgment about railroad shares, who advises people who can meet calls without selling to hold their shares because all railroad property is below value, but otherwise to well. If Mr. Gray bought 200 shares of Boulogne, J. J. Ruskin has little hope of his getting clear, he having considered himself venturous to buy 25. As to keeping Mr. Gray's "situation private," he heard that Mr. Gray was a ruined man six months ago. What distresses Mr. Ruskin is Mr. Gray's having to go into bankruptcy, thus losing the confidence of the county of Perth and perhaps two-thirds of his business. He is also "sorely vexed" at Mr. Gray's "taking this time to disturb the young people..." John cannot help, knowing that if he were "to be security for a single hundred for the best friend he has--he should never see a shilling more of my money--" He himself gets so upset when he hears about speculation that he would almost beg Mr. Gray not to mention such affairs to him or to John or, if he dare presume, to Effie. He is nervous and easily made ill, and his health is of some consequence to John and Phemy. Yet he would be obliged if Mr. Gray could postpone for a few months his winding up, after which he would be prepared for the worst. He concludes that Mr. Gray's house is as good as gone. Although John will write in a different strain, he is "naturally annoyed" that all this should come on the young people. It would have been better to have told him in October or November than just on the point of consummation. He went through the same sort of thing with his brother-in-law "whom I used to tell when he boasted of his property that I did not value any man in Perth at fifty shillings."