and dealer. This position was really forced on us by circumstances
beyond our control. To protect ourselves from loss in our sales
for London account we had to take from time to time an interest in
the market and this made us dealers. To complete our sales we were
compelled to import the material and thus became importers.

With the opening of the year 1889 we found ourselves possessed of
fairly large capital and a firmly established credit with bankers.
These facts, combined with the best facilities for doing the
business, decided us to eliminate the brokerage phase entirely,
except in our transactions with our speculative clients. From that
time on we bought and sold for our own account.

We had a very large trade with consumers throughout the country,
and we knew we had but to say the word to increase this by calling
back all the small buyers with whom we parted company in 1884. As
brokers we did not care for that small trade, but as dealers it
was an entirely different proposition.

Of course as soon as the New York dealers learned of our new
departure they would give us sharp and active competition for the
orders, but we felt so strong in our position we did not fear it.

We made no public announcement, but quietly bought the necessary
spot stock in the cheapest market, and as soon as we were ready,
when the orders came to us, filled them ourselves instead of passing
them on to the dealers as heretofore.

Only a few days passed before the dealers, missing the orders they
had been accustomed to receive through our hands, commenced to