d they would rise sufficiently to
float produce to market before the occurrence of the spring freshets, in
the following April or May. Only forty thousand barrels of common rosin
were held in Wilmington--the largest naval-store port in the world; and
it was estimated that not more than two hundred thousand were on hand in
the other ports of Savannah, Ga., Georgetown, S. C., Newbern and
Washington, N. C., and in New York, Boston, and Philadelphia. Very
little was for sale in London, Liverpool, or Glasgow, the largest
foreign markets for the article; and Frank thought that a hundred and
fifty thousand barrels could be purchased. That quantity, taken at once
out of market, would probably so much enhance the value of the article,
that the operation would realize a large profit before the new crop came
forward. The purchases were to be made simultaneously in the various
markets, and about two hundred thousand dollars were required to carry
through the transaction. One hundred thousand of this was to be
furnished in equal proportions by the parties interested; the other
hundred thousand would be realized by Joseph Preston's negotiating 'long
exchange' on Russell, Rollins & Co.

I declined to embark in the speculation, but the others carried it out
as laid down in the programme; the only deviation being that, at Frank's
suggestion, Mr. Robert Preston was apprised of the intended movement,
and allowed to purchase, on his own account, as much produce as could be
secured in Newbern. He bought about seven thousand barrels, paid for
them by drawing at ninety days on Russell, Rollins, & Co., and held them
for sale at Newbern, agreeing to satisfy his drafts with the proceeds.
These drafts amounted to a trifle over eighty-two hundred dollars.

About a month after this transaction was entered into, our firm received
the following letter from Preston:

'GENTLEMEN: An unfortunate difference with my son prevents my
longer using him as my indorser. I have not, as yet, been able to
secure another; and, our banks requiring two home names on time
drafts, I have to beg you to honor a small bill at one day's sight.
I have drawn for one thousand dollars. Please honor.'

To this I at once replied:

'DEAR SIR: We have advice of your draft for one thousand dollars.
To protect your credit, we shall pay it; but we beg you will draw
no more, till you forward bills of lading.

'You are now overdrawn so