In January a broker in the trade, not a competitor for the reason
that he was a specialist in a line that I did not cover, gave me
a large order, for future delivery.

He told me it was a purchase on speculation for himself and another
party whom he named, and that not only should I have the resale
but they would give me one-eighth interest in the transaction.

Up to that time I had never been interested to the extent of a
single dollar in the markets in which I dealt as a broker nor had
I any speculative clientage, I was certain the operation would be
successful provided they did not hold on for too large a profit
and overstay the market. I accepted the order as he offered it,
but stipulated that I should have the right at any time to close
out my interest in the deal.

The purchase was made and a few weeks later long before time
for delivery, I found a buyer who would pay a clear ten thousand
dollars profit. In vain I urged them to accept it. Then with their
knowledge I sold my interest and secured my twelve hundred and
fifty dollars.

They held on, took delivery at maturity, and finally after several
months I resold for them at a loss of nearly forty thousand dollars.

In the negotiations I came into personal contact only with the
broker. The other party was a wealthy Hebrew merchant then doing
business on Broome Street. He was at that time supposed to be
worth possibly a million and was just getting in touch with my line
of trade. A few years later he became a most important factor and