Our customers as a class were a fine lot of men, all of substantial
means, most of them wealthy. We had no friction, we were popular
with all, and other things being equal we commanded the preference
from almost the entire trade.

Of course, some competition had developed--our success was sure to
attract it; but it was still of insignificant proportions, and we
gave it no thought. We had been first in the field and our position
was well entrenched.

As to the speculative branch, there we had no competition. It required
banking facilities and credit to do that business, Our competitors
had neither, while we were prepared to handle any proposition that
might be presented, regardless of the amount of money involved.

Our London connection had now become very valuable to us and was
the source of a good proportion of our profits. Business between
the two markets was of almost daily occurrence, while the quantities
dealt in were large. Our speculative customers were of great help
to us in this direction and indeed we could not have properly taken
care of them if we had depended on the New York market alone. They
had increased in numbers, and finding the business profitable their
individual operations became more important.

How true it is that "nothing succeeds like success."

Our success had become known by this time, not only to every one
in the trade, but also to many outside of it. Large banking houses,
known to us at that time only by reputation, sought our business,
offering most flattering terms and unusual facilities. Friends,