The old merchants of New York City / by Walter Barrett.

130

THE OLD I.MRCHANJTS

all were distanced, and in 1833 the IHones paid only
$4,000, when Ilaggerty, Austin & Co., paid $52,000,
as I have stated. It was a very difficult thing in those
days to get an auctioneer's commission, unless the person applying belonged to the party in power in the
State, then the Democratic. Sometimes it happened
that a great auction house would take into partnership
a person because he had or could get an auctioneer's
commission. John Hone took into partnership Charles
Town, a Democrat, and gave him an interest in the
business, so that Hone could carry it on with Town's
commission.
David Austin was the Democratic partner of Haggerty & Austin. He had married the sister of Mr.
11a agger ty.
When the great commercial troubles of 1827 occurred, and when Edward II. Nickoll, of the house of
Smith & Nickoll, tea merchants, needed assistance, a
person was present in a public place, who stated that
John Haggerty had failed. He was sitting there
That day Haggerty & Austin had lent Smith & Nicoll
$70,000 in casl on teas, and Mr. ITaggerty went to his
own counting-room and told what lie had had stated to
him, and that it was a capital joke.
When Haggerty, Austin & Co., dissolved, two con
cerns grew out of the old hlouse, first John Haggerty &
Son, and Austin, Wilmerding & Co. Young John
Itaggerty was in the first house. He was a young man
about town, and very popular. He was much relied
upon by his father to give information about merchants
who purchased merchandise of the house at their heavy
auction sales.
Plumb, Crandall & Co. were located at 438 Pearl
street at that time, and were in high repute. John