I had taken no further steps toward seeking speculative clients, as the trade speculators who had come in were sufficient in number to absorb all that class of business I cared for in the market conditions then existing. Some of the incidents in that business are well worth relating. We had one case where the president of one of the largest manufacturing concerns in Connecticut was the client. His concern was a regular customer of ours and we were carrying for him some speculative contracts not yet matured. The market was against him a few thousand dollars, and when he called one day I suggested his buying an additional quantity at the lower price to average his holdings. "Average nothing," said he, "if when that stuff comes in there is any loss on it, I bought it for the company." There was a loss and under his instructions we made delivery to the 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. The treasurer of a manufacturing concern had been dealing with us on his own account for some months, always with profit to himself. The day came when he was not so fortunate. The market was against him and we called on him for additional margin. He asked for a few days' time, and as we had every reason to suppose he was responsible we granted it. Meantime, the market further declined, and when he put in an appearance at our office his account was about three thousand dollars short. To our surprise he said he could not pay a dollar. When asked where all the profits we had paid him had gone he replied: "Wall Street." The man died shortly after, and although he left an estate of fifty thousand dollars, he also left a large family and we waived our claim. CHAPTER XIX THE STREAM BROADENS