The Pit [109]
"I've got a lot of short wheat on my books--a lot of it."
All at once as Gretry spoke Jadwin started, and looked at him with a curious glance.
"You have, hey?" he said. "There are a lot of fellows who have sold short?"
"Oh, yes, some of Crookes' followers--yes, quite a lot of them."
Jadwin was silent a moment, tugging at his mustache. Then suddenly he leaned forward, his finger almost in Gretry's face.
"Why, look here," he cried. "Don't you see? Don't you see"
"See what?" demanded the broker, puzzled at the other's vehemence.
Jadwin loosened his collar with a forefinger.
"Great Scott! I'll choke in a minute. See what? Why, I own ten million bushels of this wheat already, and Europe will take eighty million out of the country. Why, there ain't going to be any wheat left in Chicago by May! If I get in now and buy a long line of cash wheat, where are all these fellows who've sold short going to get it to deliver to me? Say, where are they going to get it? Come on now, tell me, where are they going to get it?"
Gretry laid down his pencil and stared at Jadwin, looked long at the papers on his desk, consulted his pencilled memoranda, then thrust his hands deep into his pockets, with a long breath. Bewildered, and as if stupefied, he gazed again into Jadwin's face.
"My God!" he murmured at last.
"Well, where are they going to get it?" Jadwin cried once more, his face suddenly scarlet.
"J.," faltered the broker, "J., I--I'm damned if I know."
And then, all in the same moment, the two men were on their feet. The event which all those past eleven months had been preparing was suddenly consummated, suddenly stood revealed, as though a veil had been ripped asunder, as though an explosion had crashed through the air upon them, deafening, blinding, Jadwin sprang forward, gripping the broker by the shoulder.
"Sam," he shouted, "do you know--great God!--do you know what this means? Sam, we can corner the market!"
VIII
On that particular morning in April, the trading around the Wheat Pit on the floor of the Chicago Board of Trade, began practically a full five minutes ahead of the stroke of the gong; and the throng of brokers and clerks that surged in and about the Pit itself was so great that it overflowed and spread out over the floor between the wheat and corn pits, ousting the traders in oats from their traditional ground. The market had closed the day before with May wheat at ninety-eight and five-eighths, and the Bulls had prophesied and promised that the magic legend "Dollar wheat" would be on the Western Union wires before another twenty-four hours.
The indications pointed to a lively morning's work. Never for an instant during the past six weeks had the trading sagged or languished. The air of the Pit was surcharged with a veritable electricity; it had the effervescence of champagne, or of a mountain-top at sunrise. It was buoyant, thrilling.
The "Unknown Bull" was to all appearance still in control; the whole market hung upon his horns; and from time to time, one felt the sudden upward thrust, powerful, tremendous, as he flung the wheat up another notch. The "tailers"--the little Bulls--were radiant. In the dark, they hung hard by their unseen and mysterious friend who daily, weekly, was making them richer. The Bears were scarcely visible. The Great Bull in a single superb rush had driven them nearly out of the Pit. Growling, grumbling they had retreated, and only at distance dared so much as to bare a claw. Just the formidable lowering of the Great Bull's frontlet sufficed, so it seemed, to check their every move of aggression or resistance. And all the while, Liverpool, Paris, Odessa, and Buda-Pesth clamoured ever louder and louder for the grain that meant food to the crowded streets and barren farms of Europe.
A few moments before the opening Charles Cressler was in the public room, in the southeast corner of the building, where smoking was allowed, finishing his morning's cigar. But as he heard the distant striking of the gong, and the roar of
All at once as Gretry spoke Jadwin started, and looked at him with a curious glance.
"You have, hey?" he said. "There are a lot of fellows who have sold short?"
"Oh, yes, some of Crookes' followers--yes, quite a lot of them."
Jadwin was silent a moment, tugging at his mustache. Then suddenly he leaned forward, his finger almost in Gretry's face.
"Why, look here," he cried. "Don't you see? Don't you see"
"See what?" demanded the broker, puzzled at the other's vehemence.
Jadwin loosened his collar with a forefinger.
"Great Scott! I'll choke in a minute. See what? Why, I own ten million bushels of this wheat already, and Europe will take eighty million out of the country. Why, there ain't going to be any wheat left in Chicago by May! If I get in now and buy a long line of cash wheat, where are all these fellows who've sold short going to get it to deliver to me? Say, where are they going to get it? Come on now, tell me, where are they going to get it?"
Gretry laid down his pencil and stared at Jadwin, looked long at the papers on his desk, consulted his pencilled memoranda, then thrust his hands deep into his pockets, with a long breath. Bewildered, and as if stupefied, he gazed again into Jadwin's face.
"My God!" he murmured at last.
"Well, where are they going to get it?" Jadwin cried once more, his face suddenly scarlet.
"J.," faltered the broker, "J., I--I'm damned if I know."
And then, all in the same moment, the two men were on their feet. The event which all those past eleven months had been preparing was suddenly consummated, suddenly stood revealed, as though a veil had been ripped asunder, as though an explosion had crashed through the air upon them, deafening, blinding, Jadwin sprang forward, gripping the broker by the shoulder.
"Sam," he shouted, "do you know--great God!--do you know what this means? Sam, we can corner the market!"
VIII
On that particular morning in April, the trading around the Wheat Pit on the floor of the Chicago Board of Trade, began practically a full five minutes ahead of the stroke of the gong; and the throng of brokers and clerks that surged in and about the Pit itself was so great that it overflowed and spread out over the floor between the wheat and corn pits, ousting the traders in oats from their traditional ground. The market had closed the day before with May wheat at ninety-eight and five-eighths, and the Bulls had prophesied and promised that the magic legend "Dollar wheat" would be on the Western Union wires before another twenty-four hours.
The indications pointed to a lively morning's work. Never for an instant during the past six weeks had the trading sagged or languished. The air of the Pit was surcharged with a veritable electricity; it had the effervescence of champagne, or of a mountain-top at sunrise. It was buoyant, thrilling.
The "Unknown Bull" was to all appearance still in control; the whole market hung upon his horns; and from time to time, one felt the sudden upward thrust, powerful, tremendous, as he flung the wheat up another notch. The "tailers"--the little Bulls--were radiant. In the dark, they hung hard by their unseen and mysterious friend who daily, weekly, was making them richer. The Bears were scarcely visible. The Great Bull in a single superb rush had driven them nearly out of the Pit. Growling, grumbling they had retreated, and only at distance dared so much as to bare a claw. Just the formidable lowering of the Great Bull's frontlet sufficed, so it seemed, to check their every move of aggression or resistance. And all the while, Liverpool, Paris, Odessa, and Buda-Pesth clamoured ever louder and louder for the grain that meant food to the crowded streets and barren farms of Europe.
A few moments before the opening Charles Cressler was in the public room, in the southeast corner of the building, where smoking was allowed, finishing his morning's cigar. But as he heard the distant striking of the gong, and the roar of