Second half letter JB S[mith] to W Longsdon discussing southern line supported by Southern Michigan and Erie. No doubt southern line being shorter will take all through traffic. Money market in their favour against precipitate action by others - but it is just the time for them to step in and do the work. Little confidence many parties on the other side and congratulates himself that one of Longsdon's calm judgement and discrimination should represent the English interest. Hear proxies will amount to £21,000 shares out of 25,000, so Longsdon is made despotic and can afford to be magnanimous. Longsdon to take care of himself and enjoy himself as much as he can and in the hope that they may meet again in the merry month of May. 1855. May 1852