They were to cable us daily limits for buying or selling as the
case might be. These limits included our commission. We were to
guarantee our customers, that is to say, the London firm took no
risk of buyers. If we were to sell a parcel for future delivery
and before the delivery was made our customer should fail we would
have to stand the loss, if any, on the re-sale.

A few months after the connection was established the firm found
fault because so little business was done, while in many cases the
limit was so close to the market that only the commission or part
of it stood in the way of a sale.

The original arrangement was then qualified and thereafter the limits
were sent net, it being understood that when necessary we would
sell at limit, that is, do the business for nothing; but to offset
this concession, we were at all times to have for our commission
all we could get over the limit.

It proved a most fortunate change for us.

The buying continued and the market moved slowly toward a higher
level. After a few days steady buying there would be a cessation
for a day or two to allow the market to sag, then it would commence
again. The principal sellers were our London friends, and though we
were earning many commissions we felt that our friends were making
a mistake and not gauging the market correctly.

At this time our Boston correspondent offered us one hundred tons
to arrive by sailing vessel due in about three months. We secured
refusal over night and cabled the offer to London, advising the