On the first of February following, Frank, then not quite twenty-one, was admitted a partner in the house of Russell, Rollins, & Co., and, in the succeeding summer, was sent to Europe on business of the firm. Shortly after his return, in the following spring, he came on from Boston with a proposal from Cragin that I should embark with them and young Preston in an extensive speculation. Deeming any business in which Cragin was willing to engage worthy of careful consideration, I listened to Frank's exposition of the plan of operations. He had originated the project, and in it he displayed the comprehensive business mind and rare blending of caution and boldness which characterized his father. As the result of this transaction had an important influence on the future of some of the actors in my story, I will detail its programme. It was during the Crimean war. The Russian ports were closed, and Great Britain and the Continent of Europe were dependent entirely on the Southern States for their supply of resinous articles. The rivers at the South were low, and it was not supposed 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: