Our statistics, in the absence of any official figures, were accepted by the trade as an authority, and in the foreign markets also, so far as the American figures were concerned, they were regarded in the same light. As the business between London and New York was large and I foresaw that it must increase greatly I was desirous of having a London connection. A dozen reputable firms were open to me but I was ambitious. I looked forward to become the leading firm in the trade in this country and I wanted a connection with the leading firm in London. This firm had been for some months consigning occasional parcels to a large banking house. The bankers sold through any broker. A share of the business came to our office but it was unimportant. I wanted it all, not so much for its present as for the future value. So far as this market was concerned I knew we were in a position that was unique. We enjoyed the confidence of the large importers and dealers and were in close touch with the consuming trade throughout the country. Our facilities for getting information as to stocks in the aggregate and individually were unequalled. The large consumers posted us in advance of what their requirements would be for certain periods. If the large city dealers were manipulating the market it was done through our office and we knew their plans. Information of this character must be of value to the London firm and we knew it was not getting it. That was my keynote. I wrote the firm a newsy, chatty market letter, saying nothing of doing business together. After that first letter I never let a mail steamer leave New York that did not carry a letter to the firm from our office. While those letters gave enough information to show the recipient our position in the trade, I wish to emphasize the fact that not one word was written that in the remotest degree was a violation of any confidence reposed in us by our New York friends. The weeks went by and we received from the London firm--nothing. Finally came a brief communication acknowledging with thanks our various letters and requesting their continuance, ending with an offer, if at any time they could be of service to us in the way of giving information on their market, to reciprocate. To this I replied with a request that the monthly European statistics, which the firm published, should be cabled us at the end of each month that we might publish them with ours. This request was complied with, and thereafter we kept up our letters, always endeavoring to make them more interesting and occasionally receiving brief letters in acknowledgment. This one-sided correspondence continued for several months, then I wrote that we purposed forming a London connection and would much prefer to do so with their firm if open for it. If not, we should of course be compelled to cease our advices and make an arrangement with some other firm.