It was Mr. McKay’s intention to put the _Great Republic_ into the Australian trade in competition with the British clippers that were then coming out, and when her rigging and outfit were completed, she was towed to New York by the _R. B. Forbes_ and placed in the hands of Grinnell, Minturn & Co., who began loading her for Liverpool at the foot of Dover Street, East River. Thousands of people came to see this splendid ship, including the Governor of New York, members of the Legislature, and other prominent citizens. The season was favorable for a rapid passage across the Atlantic, and it was confidently predicted that the _Great Republic_ would make a record run to Liverpool. She was nearly ready for sea with all her sails bent below the royals, when, on the night of December 26, 1853, a fire broke out in Front Street, one block from where the vessel lay, and nearly in line with her as the wind was then blowing. At a little past midnight the watchman called the second mate, as sparks were flying across and falling in all directions about the ship. All hands were at once called and stationed with buckets of water in various parts of the ship; men were sent into the fore-, main-, and mizentops, and whips were rove to send up buckets of water. Soon the foresail burst into flames, and one by one the topsails and topgallantsails took fire. Every effort was made to cut the sails from the yards, but the men were driven back exhausted, and the firemen, who by this time had arrived with their engines, refused to work on board or near the ship for fear of falling blocks and gear. Captain McKay, and Captain Ellis, representing the underwriters, had a hurried consultation, and it was decided, in order to save the hull, to cut away the masts. The fore-and foretopmast stays and rigging were cut and the mast went over the side into the dock; the topmast in falling broke short off and came down, end on, through three decks. The main-and mizenmasts were next cut away, and in falling, crushed boats, deck-houses, and rails, and disabled the steam-engine. At this time the decks were a mass of burning yards, masts, sails, and rigging. The firemen now got to work, and toward morning succeeded in putting out the fire on deck.