company. This looked like a "heads I win, tails you lose" sort of
game for him, but as he owned most of the stock in the company it
was very like taking money out of one pocket and putting it in the
other.

Another episode, still more peculiar, was in the case of the firm
of A & B.

The firm had placed in our hands for discretionary sale a parcel
of fifty tons due to arrive in November.

Shortly after, A called at the office and gave us an order to sell
for his individual account fifty tons November delivery. He was a
bear and it was a short sale.

The same day and before the sale had been made B called and gave
us an order to buy him fifty tons November delivery. He was a bull.

Both requested that his partner should not be informed of the
transaction. We matched the orders, selling for A to B. A closed
his transaction first, and to cover his sale we sold him the lot
belonging to his own firm. This was to be delivered to B and we
then sold it for him.

Thus we had made commissions on sales of one hundred and fifty
tons where there was only fifty tons of actual stuff, the rest all
book-keeping.

In all the years in which we handled this business we had but one
unpleasant experience in connection with it.