Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1869-09-24
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Publishers and Proprietors.
A Wreck ed Lie : The Downfall of u
Proud Young Man. a., f.sis

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= Hermit's " Correspondence in Troy Times.l
= Connected with the history of the e.
D. Morgan concern is that of an unfor tu-
nate young. man which furnishes a sad
but Instructive lesson. When Nor, IAN
and Earle came to New Y ork they brou ght
with them youth, to whom referei ice
has been made, and who had, though but
sixteen, won high reputation for en-
eral ability. Morgan found him ind eed
q right-hand man. Frederick A. was
finely formed and possessed faculties of
no common order. He was a frst-rate
book-keeper, and was equally good at
outside duties, while as a salesman he
had he superior. At the age of eighteen
be had control of the irdoor business,
aud was the con6dant of all Morgan's
schemes. The latter purchased goods
and attended to Whit is called "c,itting
work., while Mr.. A. wrote letters, sold
goods, paid bills, and was the inside
manager. <Hs, had o large salary and
expected to become a. partner as soon as
he should be of age, which, in fact, was
the general understanding. Under these
circup stances Frederick A. was consid-
cred the most promising young man in
Front street. Ths writer being at that
time clerk, at the poorest rate of pay,
was wont to gaze upon the fortunate fel-
low who, though only two years older,
was on che high road to wealth. In due
time Mr.. A. became partner in the great
house. 1t would not be surprising it
even less degree of success should turn
q mans head, but it was soon evident
that Mr.. A.'s greatest danger lay in him
self. He became very selfimportant and
took upon himself many airs. He
measured himself with the plodding
young men of the street with whom he
once associated, and he sscribed the diff
ference in their position to his natural
superiority. He was dizzy with eleva-
ton, and thought himself born to fill
station such as no other man of his
youth had reached. For my own part /
also thought that nothing but illness or
death would stop his progress, and used
to picture him as one of the future fell
lows of the street. He set up his car
riage, though o single man, and having
purchased q lot adjacent to one owned
by William Esston, he proposed in a
vaiuglorious manner that they would
put up houses en- suite. This top-hesvy
condition led to disagreement between
him and his partners, and at the end of
the year he left his old patron with
SIC, 900 and commenced on his own sc-
count. The sign Frederick A was dis
played on a large warehouse, and the
time had come to prove the capacity for
management. he began jobbing trade
in groceries, not to the country, but in
speculative way. and for time did a good
business At length cargo Of sugar ar
rived in Baltimore, and q number of New
York operators had their eyes fixed upon
it. Z. d, Morgan 4 Co. offered for it price
which was its fullvalue, aud were refused.
Mr.. A. then stepped forward and bought
the cargo at the rate demanded. As soon
as Morgan heard OF it he said at once, ut
will ruin him, ;" and 90 il did. To pay
part down he borrowed all the funds he
could lay his hands on, and then gave
his notes. Sugar declined. he became
involved deeper and deeper until his cap
ital was sunk, and within few months
Il was announced that Frederick A. had
failed. He had been in trade only year
and a half when this happened. This
blow brought down his pride, and he en-
deavored TO recuperate, but found 1t i'm
possible. he learned too late that his
powers we're Of limited order. he could
execute but could not plan, or, in ether
words. che could not cut out work. Nc.
A. became discouraged, and sailed TO Pa
mama In hope Of restoring his fortunes.