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The conduct of Mr. Peabody, as well as the evidences which he gave of
his remarkable capacity for business, in this crisis, placed him among
the foremost merchants of London. He carried on his business upon a
large scale from his base of operations in that city. He bought British
manufactures in all parts of England and shipped them to the United
States. His vessels brought back in return all kinds of American produce
which would command a ready sale in England. Profitable as these
ventures were, there was another branch of his business much more
remunerative to him. The merchants and manufacturers on both sides of
the Atlantic who consigned their goods to him frequently procured from
him advances upon the goods long before they were sold. At other times
they would leave large sums in his hands long after the goods were
disposed of, knowing that they could draw whenever they needed, and that
in the meanwhile their money was being so profitably invested that they
were certain of a proper interest for their loans. Thus Mr. Peabody
gradually became a banker, in which pursuit he was as successful as he
had been as a merchant.
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