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 still later was allied with Standard Oil interests. At his death in 1902 he left to his heirs many millions of dollars. I attended his funeral and truly mourned and respected the man, for while for many years we were active business competitors, in the days of trouble he was one of the very few ready to extend a helping hand. In the first three months of 1880, including my profit in the transaction just mentioned, I made six thousand dollars. I was now in a position where if hard times came I could accept them with reasonable complacency. My success had broadened my views and given me a keener insight into the possibilities of my business. I became convinced that in earning capacity it was about at the top notch.