THE CALM BEFORE THE STORM



The new year opened as the old one had closed, with marked activity
in all branches of my business; nor was there any perceptible change
until late in the spring, then began a gradually diminishing demand
that made a comparatively dull summer. Not but what there was a
fair amount of business doing all the time, but the great rush was
over.

It was only the calm before the storm. Early in the fall it became
evident to me there was a new factor in the market. Somebody, outside
the regular trade, was quietly buying up the odd lots floating
around.

The buying was not aggressive, far from it. Whoever was buying
wanted the stuff, not a higher market. The greatest caution was
observed in making the purchases so that the market might be affected
as little as possible. Every effort was made to conceal the source
from which the demand emanated. I knew it was not from any of the
New York trade, and I could not believe, judging from the broker who
was doing the buying, that it could be for account of any American
speculator. If I was right in this conclusion, then of necessity
it must be for foreign account.

In order that my readers shall fully understand what follows it is
necessary they should know the basis of our arrangement with our
London friends, which was this: