The business held the confidence of investors and commanded an abundance of capital.

It was assumed, as late as 1840, that the wooden sailing ship would continue to be the supreme type of deep-water vessel because the United States possessed the greatest stores of timber, the most skillful builders and mechanics, and the ablest merchant navigators.

No industry was ever more efficiently organized and conducted.

American ships were most in demand and commanded the highest freights.

The tonnage in foreign trade increased to a maximum of 904,476 in 1845.