Although the conditions of general business were unsatisfactory at
the beginning of 1885 and I had much doubt of the year proving as
profitable as the one previous, I never dreamed of such a falling
off as actually occurred.

Our legitimate trade, that carried on with dealers and consumers,
we thought would be poor for some months, as it had been over-done,
and all our customers were well supplied with spot stock, as also
contracts for future delivery; but the speculative element we relied
on to compensate us for this.

Our clients had done well and we expected they would continue their
operations. We did not in our calculations make allowance for the
fact that these men were all in active business. As a rule, such
men do not go into outside matters when their own business is dull
or unprofitable. It is in good times, when they are making money,
that they enter the speculative field.

Before the winter was over our books were entirely cleared of
speculative contracts.

We thought of making efforts to secure new customers but decided
it would at that time be useless, for if men who knew the business
and had made money at it were unwilling to go on, it was hardly
possible to enlist the interest of people who knew nothing about
it.

Month after month I saw the business decrease, but took
it philosophically. I could afford to wait for better times and
meanwhile did not worry, knowing that we were getting more than