Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1862-12-19

g The Old Merchants OF New York;,
How Nat Prime Speculased and II et urn.
cd Fast Favors
We recently noticed gossiping book call
ed " The Old Merchants Of New York" The
following anecdotes are specimens Of many
more which will be found in its pages. The
hero Of the following is Nathaniel Prime, Of
Prime Ward & King notoriety:
Robert Kermit once started . line Of
saint steamers. He owned the ship "St.
George" and he persuaded Stephen Whitney
and old Nat Prime to become owners in u
new ship called the "St Andrew" The
line never succeeded, although the latter once
made very short passage in the year 1884,
and brought the intelligence of an advance in
the price Of cotton in Liverpool. She came
in late one Christmas eve Old Mr.. Prime
lived at that time at the corner of Broadway
and Marketfield street, (now Battery Place.
Mr.. Whitney lived only few steps distant,
on the corner Of State Street and Bowling
Green row. These old heads and two o.
three younger ones had the exclusive news,
and they intended to make the most of it,
1t was certain not to be made public until
the day after Christmas. Letters OF credit
were prepared in the front parlor of No. /
Broadway, for one million dollars. Walte,
Barrett was selected to leave next morning
for New Orleans, by way of Wheeling, hop.
ing that he would outstrip the great Southern
mail, leaving two days ahead, carrying these
credits in favor of Thomas Barret and John
Hagan of New Orleans, both eminent mer.
chants in those days. The letters ordered
cotton bought rs long as there was bale in
first hands in New Orleans. Mr.. Barrett, the
bearer of credits and orders was told to spare
no expense in order to beat the mail 1t was
now eleven o'clock Christmas eve. No one
had thought about money for the expenses
Of the messenger to New Orleans. Banks
were all shut-brokcrs too. Mr.. Prime
siezed a blank check, and went up with it to
the City Hotel.
willard, for what amount can you cash
my check to-n,ght?"
"How much do you wish, Mr.. Prime :"
Gone thousand dollars"
Mr.. Willard had the money and gave it to
NJ. Prime. 1t was in the pocket of Mr.
Walter Barret the next morning, when he
embarked at six o'clock in the boat for Am.
boy, commanded then by the since famous
Captain Alexander Schultz.
The messenger by bribing stage-drivers
paying Mississippi boat captains $50 or $75
not to stop and receive freight, reached New
Orleans in eleven days. 1t was daylight
when he got into the old City Hotel in New
Orleans, kept then by Mr.. Bishop. Two
houls after, John llagan and Thomas Bar
ret had the letters of credit and orders to pur-
chase cotton. The Southern mail did not
arrive for three days. Before night over 80,
900 bales of cotton had been purchased at /
to 12 cents for $50 per bale. The cotton
was sold at II and lS cents, when cotton
went up a few days after. Some was
lots over $50 bale, and was divided up
between the New Orleans houses of Barret
& Co., and John llagan e. Co., and the New
York operators. The Messenger had the
profit of 200 bales awarded him and his cx-
penses paid.
Another story is gwen Of " old Nat Prime"
which if true, is not much to his credit:
Old Nat Prime was an extraordinary man,
stout, thick, short and heavy in person vet
he was wonderful shrewd calculator, II
was. stated that he, the original head of his
firm, was ir early life coachman to the rich
William Gray an cmineiH merchant of Bos.
ton. Mr.. Gray loaned him small sum Of
money with which to commence the broker.
age business in very small way. The ex-
coachman shaved notes and got bravely
ahead. He was invited to dinner party
where there were several gentlemen and one
a planter of wealth from Georgia. The con.
versation turned upon the best mode of in
vesting money. Mr.. Prime took part in
this conversation, and after giving his finan.
cial views added "lf had $4,000 could
invest it tomorrow in manner that would
enable,,me to double the sum inside of a wear. ~
"What security could you give m, Mr..
Prime, if lend you the sum named ?" ask.
ed the Georgia planter. ..s...
I" The word of on honest man." said Mr.,
Prime. You shall have the money on that
security alone" said the Georgian He gave
Mr.. Prime $4,000 the next day. The broker
did double the sum and within year return.
ed the $4,000 with interest, to the generous
and confidng lender. But there is a sequel
to that not so pleasant to narrate. Some
years after the $4,000 transaction, the Geor.
gia planter became embarrassed His planta-
ton and slaves were mortgaged, and he was
unable to pay the interest and prevent a FORE
closure and sale. He could not raise the
money. In this emergency he thought of Mr..
Prime, who had meanwhile become the great
Wall street banker. He went to him and
recalled himself to the memory of Mr.. Prime
and then stated his desperate circumstances.
need" he added, about tho amount |
once loaned you" s.. .
What security can you give ?'' asked
Prime. a.. ...E .-
g. The word of an honest man." replied
the Georgian.
That won't pass in Wall street." said
Prime, and he refused to make the loan, and
the planter became beggar in consequence.
The TURN OF LIFE.-Between the years of
forty and sixty, man who has properly reg
ulated hmsslf may be considered in the
prime of life. His maturcd strength of con-
stitution renders him almost impervious to
the attacks Of disease, and experience has
piyen soundneSs to his itldument H;s mind