The buying was not aggressive, far from it. Whoever was buying wanted the stuff, not a higher market. The greatest caution was observed in making the purchases so that the market might be affected as little as possible. Every effort was made to conceal the source from which the demand emanated. I knew it was not from any of the New York trade, and I could not believe, judging from the broker who was doing the buying, that it could be for account of any American speculator. If I was right in this conclusion, then of necessity it must be for foreign account. In order that my readers shall fully understand what follows it is necessary they should know the basis of our arrangement with our London friends, which was this: They were to cable us daily limits for buying or selling as the case might be. These limits included our commission. We were to guarantee our customers, that is to say, the London firm took no risk of buyers. If we were to sell a parcel for future delivery and before the delivery was made our customer should fail we would have to stand the loss, if any, on the re-sale. A few months after the connection was established the firm found fault because so little business was done, while in many cases the limit was so close to the market that only the commission or part of it stood in the way of a sale. The original arrangement was then qualified and thereafter the limits were sent net, it being understood that when necessary we would sell at limit, that is, do the business for nothing; but to offset this concession, we were at all times to have for our commission all we could get over the limit. It proved a most fortunate change for us. The buying continued and the market moved slowly toward a higher level. After a few days steady buying there would be a cessation for a day or two to allow the market to sag, then it would commence again. The principal sellers were our London friends, and though we were earning many commissions we felt that our friends were making a mistake and not gauging the market correctly. At this time our Boston correspondent offered us one hundred tons to arrive by sailing vessel due in about three months. We secured refusal over night and cabled the offer to London, advising the purchase and expressing fully our opinion of the market. The following morning I sat at my desk, and opening a cable read, "Market advanced through operations of a few weak French speculators." Then followed a selling limit. I laid the cable down and took up the Boston telegram offering the hundred tons. With the exception of my small interest in that purchase in January, 1880, I had refrained from speculation, and now I was considering whether or not I should buy those hundred tons. The option had nearly expired and action must be prompt. Calling a stenographer I dictated a telegram, "We accept"--and the deed was done. On arrival of the vessel I sold out at a profit of twenty thousand dollars.