OF JVEW  YORK  CITY.                       47
 

,   CHAPTER VL

The house of Rogers & Co. was conducted by Charlefi
Sagory. While Mr. Rogers held the French contract
for tobacco, his agents at Richmond and New Orleans
were constantly purchasing tobacco, and drawing upon
the New York house for money to pay for their pur¬
chases. Consequently, the New York house was a drawer
of bills on Paris and on London, to meet the payment
of the Southern drafts. Sometimes this business amount¬
ed to a million a month, and Chas. Sagory would be the
largest drawer of foreign bills in the market. Brokers
were employed to sell bills of exchange, but this house
had its regular buyers, and principally among French
houses.

A great business was this advancing money on con¬
signments of cargoes of foreign produce. A voyage
for instance, would be made for the " Liberty," or anj
of John McCrea's ships. The money would be advanc¬
ed by Rogers & Co. to pay for the cargo, provided it
came freight-free. There was rarely any loss on such
' advances. It required of course an immense capital to
be able to advance $250,000 to purchase a cargo in
Canton. Yet it was easily done. Letters of credit
were furnished to draw on London, at Canton. Sup¬
pose Rogers & Co. applied for these London   credits.