The perils of Pearl street : including a taste of the dangers of Wall Street

CHAPTER I. Containing a slight survey of the ground

Of all the various professions, occupations, or eixo ployments of life, none perhaps afford greater vicissitudes than that of the merchant. None exhibit greater changes of fortune; none lead through more trials and difficulties ; none expose their votaries to severer hazards of shipwreck, both in money and reputation. To-day they are floating with gentle gales on the tide of prosperity; to-morrow they are driven by fierce winds on the rocks of adversity. To-day all is sunshine and hope ; to-morrow all is clouds and despondency.

The wheel of fortune is constantly moving ; some are

making, and some are breaking. The merchant knows

little to-day of what he shall be on the morrow; and his

drafts on futurity, in spite of present appearances, are

very likely to be dishonored. Whatever indebtedness 2

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the present may acknowledge, the future will coldly say, I owe him nothing.

It would astonish those who are not in the secrets of trade, to know what troubles, what embarrassments those suffer who are fairly in for it. Those, who are out of the melee, look upon those who are in, and envy their condition. They see them busy running to and fro : buying and selling goods and merchandize ; handling notes and bills of exchange ; and counting and fingering cash.

They fancy that all is fair within, as it seems without. They have no conception of the daily miseries of trade. They have no idea of the vexatious shifts the merchant is driven to. Thejr have never been used to the exercise of shinning ; they have never been compelled to fly the kite ; they have never been forced to beat the drum ; they have never had occasion for the services of Peter Funk.

Ah ! sigh these lookers on, as they behold the merchant up to the eyes in business, hoAv rich this man must be growing ! He sells a world of goods — he employs a store full of clerks — he piles the boxes mountain high before his door — he takes a prodigious heap of paper— he has oceans of business in the bank — he is continually handling the cash — he must certainly be making money like dust.

Alas ! what a mistake ! The poor man, who sighs

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at what seems to him the happy fortune of the merchant, does not know that the world of goods are not all paid for ; that the store full of clerks are not all profitably employed ; that the mountain piles of boxes are not always filled with merchandize ; that the prodigious heap of paper is not always signed by responsible men ; that the oceans of business in the bank, is no better than so much borrowing and paying ; and that a man may be continually handling the cash, without a sixpence ever sticking to his fingers.

Of those who engage in mercantile pursuits, it is estimated, that not more than three in every hundred retire with absolute wealth ; while nine out of every ten become bankrupt. Some of these fail once, some twice, some thrice, and even more. Like adventurers in love, or in a lottery, one failure does not discourage them. They try again, and again — hoping that, though fortune may frown upon them unkindly to-day, she will smile propitiously to-morrow.

The causes of the numerous failures in mercantile pursuits, may be chiefly classed under three heads; first, unavoidable losses ; second, imprudent management ; third, extravagant expenditures. Of these causes the second class is perhaps the most common; though the third is by far too frequent and too fatal. The young merchant is no sooner started in business, than he fancies himself making money ; and, relying on this fancy, he is apt to launch into a sea of extravagance, which would swallow up a much larger income than his ; and the inevitable consequence is, that he is soon involved in ruin.

Having myself for several years been engaged in mercantile pursuits; having passed through various changes of fortune during those years ; having felt much and seen more of the miseries and vexations of trade ; having witnessed many rare and curious scenes, connected in one way or other with my own pursuits ; having come in contact with some very remarkable characters in the way of business ; in a word, being pretty well experienced in the vicissitudes of trade, and pretty well versed in the affairs of Pearl street for the last ten, or a dozen years — and having, also, some knowledge of matters and things in Wall street; I propose, in the following pages, to give a sketch of my own personal history during those years ; together with such other notices of men and things — such anecdotes, and such reflections, as are naturally connected with, 01 suggested by, my own history.

CHAPTER It

Which gallops rapidly over a period of twenty-one years.

I was born in the smart bustling little village of Spreadaway, in the interior of the state of New-York. My father was a carpenter by trade, and nearly every building in the town had been reared by his hands. My mother was a milliner ; and if the person of any village belie was set off to advantage, or produced a killing effect on the beaux, it was in a great measure owing to her skill in moulding and fashioning them to the best advantage. Thus while my father beheld, with laudable pride, the edifices springing up at the touch of his hand ; my mother was no less gratified in knowing that the beauties, who adorned those edifices, were formed and fashioned by her skill.

From this account of my parents it will be seen, that they were persons of no little importance in the village of Spreadaway. There were a few persons indeed, who held themselves to be somewhat above them. Such, for instance, were the families of the two parsons, the three lawyers, the four doctors, and half a dozen merchants, 2*

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But neither my father nor my mother were willing to acknowledge this superiority. They considered their claims to gentility to be quite equal to those of any of their neighbors ; and in fact these claims were so far allowed, that my parents never failed to he invited by the first families to all their wedding parties, and to such other gatherings as threw the doors pretty wide open to all sorts of honest and decent kind of people.

With this distinction my parents were fain to he content. But for my part, though I ever considered the mechanic arts, as conferring equal dignity to any profession whatever, I could not help seeing that those who followed them could never obtain a cordial admission into what was accounted good society ; and I resolved not to he a mechanic. Farming seemed to me objectionable on the same' ground. Besides, in both these employments there was quite too much hard labor to suit my taste; for, I know not how it was, but I had become early convinced that hard work was not easy.

I cdrripared these laborious occupations with the pursuit of the merchant. I took notice of the difference between'pushing the fore-plane or holding the plough, and merely standing behind the counter to measure tape, weigh tea, and wait upon the ladies. I saw that the clerks and shop-boys had comparatively an easy time of it ; and I fairty envied the dignity with which they moved about with a goose-quill behind their ear. Then

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they were in the highway to good society ; which the poor mechanic or honest plough-jogger, let him work as hard as he might, could never fully attain.

Considering all these things, I resolved to be a merchant; and, at the age of fifteen, I obtained leave of my father to stand behind the counter of Squire Dawson, the greatest shop-keeper in all the village of Spreadaway.

“ Billy will make a marchant,” said my father— “ he has the right cut-out for it. He’ll go to work by the square rule. Nay, for that matter, he can work by the rule of three — and thereby he’ll thribble his money. He’s very neat at figures as the school-master informs me.”

“ And then he’s nice at a bargain,” said my mother — “ I’ve seen him trade with the neighbor’s boys, and I do assure you he’s very sharp. It was no longer ago than last week, he swapped offa pair of skates for a jack-knife, and got a shilling to boot. Oh, he’ll take care of himself, Billy will- — no fear of him.”

Such were the fond observations of my parents ; and in truth, so far as the arithmetic was concerned, I was no bad proficient. I had gone through Erastus Root, and Jonathan Grout, and Nathan Daboll, from beginning to end. I was particularly conversant with decimal fractions, the rule of three, single and double fellowship, loss and gain; and indeed with all those rules which are necessary to men of business. Then I was not ignorant of other useful branches of learning. I could spell accurately, read tolerably, and write a fair hand. And, what was more, I could write passable grammar — which many a merchant, I am sorry to say, cannot. Such was my school learning ; but as to my acuteness in the way of trade, I am at present sadly suspicious my kind mother overrated my abilities. She certainly did so, if my talents in that way are to be measured by my subsequent success in pursuit of fortune.

I continued with Squire DaAVSon till I was twenty-one. I had been six years engaged in selling goods of all sorts, and in keeping books— which I had learned to do in a very fair, neat, accurate, and workmanlike manner. I had served out my time, and I considered myself perfectly competent to take charge of a mercantile concern, either as clerk or principal. But I deemed a country village, though smart and bustling as that of Spreadaway, no place for me. I resolved on coming to New- York.

To be sure I had no capital, and no ready means of obtaining any. But I said to myself, I’ll clerk it awhile. My capacity for business and my integrity of character will no doubt secure me good wages. I’ll lay up my money, and shortly accumulate a capital, sufficient to commence business upon.

My parents were loath to have me so far from them ;

but they approved my spirit of enterprise, furnished me with fifty dollars of money, and declared they had no doubt but I should be a rich merchant, in time. I procured recommendations, both of character and capacity, from Squire Dawson, as likewise from the minister of our church, the doctor of our family, and the lawyer, with whom we had most intercourse. Thus provided, I badq good-bye to my friends ; kissed Mary Dawson, with a bumping heart ; and set out to seek my fortune in the city of New-York,

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Chapter III

Wherein are set forth the miseries of a country youth , seeking employment in a strange city.

As I approaehed the city in the steamboat, and surveyed the tall spires and crowded chimneys of the Commercial Emporium, my heart beat high, and the most lively hopes danced merrily in my imagination. I beheld myself, in prospect, a rich man, with a fine house, a store full of merchandize, money in the bank, servants in livery, a coach and four, together with all the

“ Pride, pomp, and circumstance of glorious wealth

But, alas ! it is much easier to lay plans for the advancement of fortune, than to bring them to a successful issue. I soon found myself in the city of New- Y ork ; but I was alone in the midst of a hundred and fifty thousand people — that is to say, I knew nobody, and nobody seemed to care in the least about knowing me. To get employment, where so many are seeking it, is no easy matter; and to contend successfully against candidates, perhaps as well qualified as myself, and certainly pos-

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sessing some advantages over me in the flexibility of their manners, or the possession of city acquaintance, I soon found was not a thing of very rational expectation.

I nevertheless began to exert myself most vigorously in search of a place. My design was, if possible, to get into a wholesale store — both because I expected larger wages, and because I considered it a more dignified birth than a place in a mere retail establishment. Full of these ideas, I made directly for Pearl street, and inquired, at the first store I came to, if they were in want of a clerk ?

“No,” said a long-faced man, standing at the door-r- “ I have more clerks now than business. I hav’nt sold a single piede of goods to-day; and unless business im proves between this and to-morrow, I shall dismiss two of the clerks I now have.”

Little chance for me here ! thought I, and so I moved on to the next store.

“ Do you want a clerk here?” bowing to a fat man at the desk.

“No; I have three as good fellows as ever drummed a customer, footed a bill, or made a dear piece of goods appear a cheap one. And three clerks are as many as I can afford to keep at present.”

I marched on-— “ Do you want a clerk?”

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I marched again — “ Do you want a clerk here?”

“ No, sir — but they want one at the next door.”

My hopes now began to brighten. I proceeded to the next door, and seeing a little old crabbed-looking gentleman, whom I took to be the principal man of the concern, I told him I understood he was in want of a clerk.

“ A dark ! ” said he, “ who told you that lie?”

“ I don’t know whether it’s a lie, or not,” said I, “but I got the information at the next door.”

“ Well, sir, you go back and tell the fools at the next door to mind their own business, and not meddle with mine.”

I saw that I had been imposed upon, but I did not intend to take any notice of it to the witless wags, who had thus taken the liberty of sporting with a stranger : but, on coming out of the store, I saw the fellow who had given me the false information, had been peeping in at the old gentleman’s door to see the result. This raised my dander , as they used to say in the country; and as the rascal turned to retreat with a horse-laugh, I kicked him into the gutter, and a general shout was now Taised at his expense.

“Well done! young man,” said the little crabbed-looking old gentleman — “ if I had’nt more darks than I can afford already, I’d employ you for that very thing. I’m glad you kicked the rascal.”

For my own part, without deigning to trouble myself farther with the man in the gutter, I walked on in search of a place. But I walked in vain. It was all, “ No” —

" No”-— to my anxious inquiries. But resolving not to be discouraged, I continued on, through all the crooks and turns of Pearl street ; and began to think my fortune as crooked as the street itself.

From this street I passed into others. I tried Broadway, Maiden Lane, Water, Front and South streets. I wished, as I said before, to get into a wholesale employment. I preferred one in the dry goods line. But I was equally well prepared for hardware or groceries ; and was ready to turn my hand to any thing that was honest, in the way of selling goods, figuring accounts, or fingering cash. Nor was I so particular about wholesale business, but that I would upon a pinch accept of a place in a retail establishment.

But my tramping up and down the city, was of little use, except to blister my feet, and wear out my shoes. A countryman, like a Jersey horse, soon gets weary and lame with walking on the pavements ; and the condition of my feet and ancles reminded me of a poor limping steed, who is so foot-sore, that he can scarcely get over the ground. I was also reminded of the anecdote of a Dutchman in this city, who, being a little the worse for liquor, struck his foot against the curb-stone, and fell upon the side-walk. As he gathered himself up, he

18 THE PERILS OF FEARL STREET.

From inquiring at the stores themselves, I next applied at the intelligence offices. I paid my money, and like all others — as I have since learned — I found myself hoaxed. Perhaps never were greater cheats than these establishments. Strangers, from the country, are constantly imposed upon ; and strangers only, for citizens are too well acquainted with these misnamed intelligence offices, to allow themselves to be deceived.

In addition to my other exertions for a place, I daily consulted the newspapers. But as often as I found a situation advertised, I found myself too late in applying : that the place was already engaged : or that there were one or two hundred applicants for the vacancy.

Not succeeding in gettinga place by the advertisements of others, I next advertised myself — directing inquirers to call on the printer ; or saying, that a line addressed to X. Y, Z ., and left in the post-office, would receive immediate attention. But these proved unavailing — not being noticed at all.

However, after advertising in sundry papers, and changing my initials to A. B. C., and afterwards to O. P. Q,„ I got an answer, expressed in the following terms :

“ Mr. O. P. Cl. — Sir —

I notis your Advertisment in to-days paper — am in

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want of a clarke — and if You will cawl at 4 o’clock Shall be at lezzure to taulk with you.

SAML. THUMGUDGEON.

No Pearl-street.”

Punctual to the hour I went, and announced myself as the Mr. O. P. Q.., whose advertisement the gentleman had been so good as to notice.

“ But your real name, sir, if I may presume — ”

“ Certainly, sir — my name is William Hazard.” “Hazard? — Hazard? — rather hazard- ous name that. However, young man, nothing venter, nothing have, as the saying is. But to proceed to business — I’m in want of a dark, and you’re in want of a dark -skip. Now tell me in two words, do you understand drumming?”

“ No, sir — I have very little taste for martial music of any kind ; and the drum would be the last instrument I should think of playing on.”

“ Martial music ! playing the drum ! — what the d — l’s the fellow dreaming of? — I see at once, sir, you won’t answer my purpose ”

“ I have brought the best of recommendations, which I will show you.” As I said this, I took out the certificates of Squire Dawson, the parson, the doctor, and the lawyer, which I was about handing over to the merchant. But he put them aside with contempt, declaring that there was no use in examining the papers, since I had confessed with my own mouth, that I was ignorant of the art of drumming.

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“ X beg your pardon, sir,’’ said I — “ but what has drumming to do with the business of a clerkship?”

“■Much — much, sir. I would not give a tape’s end: for a dark, that does’nt understand all about drumming. But there’s no use in talking to a man who do’nt know the first rudiments, as a body may say, of the mercantile life. — Good bye, Mr. Hazard.

“ Good bye, sir.”

From a note, indited and spelt like the above, I ought not to have conceived any very flattering hopes. But I was in want of employment, and therefore not in a condition to be too fastidious about the scholarship of my employer. ‘ Beggars must’nt choose,’ I thought to myself; besides, though this man can’t spell, he may be a merchant of some consequence, and pay his clerks liberally and promptly.

But I had missed of a place because I could not drum. ‘Oh, all ye gods at once!’ thought I, what has a merchant’s clerk to do with drumming? True I expect to make some noise in the world ; but it must not be by beating a piece of sheep-skin.

I had now got fairly discouraged with advertising ; I had been in the city for some weeks ; my fifty dollars were nearly spent ; and I resolved, with a heavy heart, on returning forthwith to the village of Spreadway.

My heaviness, however, was in some measure lightened by remembering Mary Dawson. Sweet Mary ! I

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had seen nothing like her in the whole Commercial Emporium. But to fail in my projects — to return to my native village — to acknowledge before the inquisitive people of Spreadaway, that the enterprising Mr. Hazard, the rich merchant that was going to be, could’nt compass even a clerkship — it was too bad — it was a mortification I could not well endure. But there was no help for it. Return I must — or beg — or starve. I packed up my clothes, engaged a berth on board the steamboat, and ■ but I refer the reader to the next chapter.

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CHAPTER IV. Containing a peep at a fashionable shopping establishment

i

As I was on my way to the boat, thinking of nothing less than spending another day in New- York, I chanced,, by the merest accident in the world, to stumble upon an old acquaintance of my father. He knew me — or rather suspected me — for he had never seen me before— -from the striking resemblance I bore to the old gentleman.

“ Is not your name Hazard ?” said lie.

“ Yes, sir.”

“ A son of Jonas Hazard, of Spreadaway ?”

“ Yes, sir — but the boat is ringingthe last bell, and I shall be too late.”

“ That may be too. But what need is there of your going to-day.”

“ I have been spending several weeks in the city, trying to get a place. I am out of employment, out of hopes, and nearly out of cash.”

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“ Never mind. I’ll put you in a way of getting all three. Come, go home with me. My name is Jones — your father will recollect David Jones. We were journeymen carpenters together. But why did he not send you to me in the first place ?”

“ He did not know of you being here, I suppose. I have often heard him speak of you ; of his working on the same building, &c. ; but it was always with reference to some other place than New- York.”

“ Ah, there it is now. I have been very forgetful about writing, and your father I dare say is always at home and at work ; and so was not aware of my being here. I’m sorry I did’nt light of you sooner. I have some acquaintance in the city, and might have been of some service to you. But come, go to my house, and we’ll see what can be done for you.”

I thanked the kind-hearted Mr. Jones for his civility, and accepted his offer. I found him to be a mechanic, of good standing ; and, as a master builder, having a rather extensive acquaintance with men of wealth and influence. I also found his practice kept even pace with his professions — for he exerted himself so well in my favor, that in a very few days, I was in possession of a respectable place in Broadway. It was not, however, precisely such as I could have wished ; and Mr. Jones, being aware of my preference, promised me his influence in obtaining a wholesale employment, as soon as a favorable opportunity should offer.

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Mr. Joseph Smoothly, my employer, kept an extensive and fashionable dry goods establishment, which was much resorted to by the ladies. He had acquired the reputation of selling cheap, which is usually of great consequence with females, because they pride themselves on buying bargains.

But there was another thing, which, in their estimation, was still more in favor of Mr. Smoothly : he was a dear, sweet, smiling man. He was the mirror of fashion, and the pink of politeness. He was as neat as a newlaid egg, and as courteous as a prince. His clothes were always made of the best materials, in the newest possible fashion, and worn with the most inimitable grace. The ladies declared that it was impossible to catch him in dishabille : that, go to his store when they would, they were sure to find him dressed, and looking for all the world as though he had just come out of a bandbox. And then his manners were so very agreeable : he never spoke without smiling, and never moved without bowing. His head, when attending to the ladies, was continually on the bob, like that of a Chinese mandarin.

His hands were soft and white, as though they had been steeped in new milk ; and so delicately did he handle the silks, the laces, and the muslins, that he

'26

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barely touched them with the tip of his thumb and finger.

In addition to all these admirable qualities of look and motion, the ladies declared that he smelt delightfully ; that his whole person seemed to exhale perfumes ; and that, when they were in his shop, they could not help fancying themselves in the midst of Arabia the Blest.

He was, besides, the most accommodating man in the world — or in all Broadway — which was the same thing. He did not, like some other shopkeepers, grudge the labor of exhibiting his goods to the inspection of bright eyes, and submitting them to the examination of fair hands, even though he was perfectly assured that he should not derive any advantage from such exceeding complaisance. He would take his goods from the shelf with a bow, unfold them with a smile, and thank the ladies for begging a pattern.

With such talents for pleasing, Mr. Joseph Smoothly was accounted the very prince of retailers. His store was constantly thronged with the beauty and fashion of the city. It was the great shopping mart — or, perhaps I should say, the great shopping theatre — for the goods were rather exhibited than sold. The ladies too, while examining the merchandize, had a chance of exhibiting themselves to the lounging beaux ; and thus,

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under pretence of shopping, might possibly make a market for themselves.

But where there was so much smoke, there must of eourse be some fire ; and Mr. Smoothly certainly sold a considerable quantity of goods, and at a considerable advance from the original cost. But an extensive business, with a good advance profit, does not always render the dealer rich in the end. In a large and fashionable shopping establishment, there, must be a large number of clerks, to wait promptly on the ladies ; otherwise there will he pouting, fidgetting, and withdrawing of patronage.

Then if the fair customer does not purchase, she must at least beg a pattern. To do otherwise, would be treating the dealer very scurvily. Thus the demand for samples becomes very great. It was so in the store of the obliging and accomplished Mr. Smoothly — insomuch, that I verily believe, one half his goods were disposed of in gratuitous shreds and patches.

It is a most provoking thing to have any thing to do with professed shoppers. They require more attention, without offering an equivalent, than any other class of people in the world. If they are young and handsome, to be sure the clerk may consider this as a tolerable offset for his trouble; but the master — Mr. Joseph Smoothly always eiccepted — is very apt to think it a poor return for his expenditure of time, money, and complaisance.

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But unluckily it happens, that many a fashionable shopper is as ugly as sin ; and yet she will take upon herself the same airs, demand the same attention, and- give the poor clerk the same trouble, as if she were a perfect beauty.

I could recollect many an amusing, and at the same time, provoking exhibition of the shopping mania, during my short stay in the employ of Mr. Smoothly. There was, however, a remarkable similarity in these exhibitions; and something like the following might be witnessed almost every day.

Enter Mrs. Callagain, with a reticule in one hand and a parasol in the other.

Mrs. Call. Good morning, Mr Smoothly — I’ll trouble you to show me that bit of silk I was looking at yesterday.

Smoothly. No trouble in the world, madam. I shall be delighted to show it you, because I’m sure you’ll be delighted with it. It’s really a superb piece of goods.