Agriculture -- Canada; Agriculture -- Canada -- Societies, etc.
However, there they were. The only thing they could do was to fight it
out to a finish in the Pit and, if they survived, to see that no
similar mistakes occurred in the future.
All sorts of rumors were flying about the corridors of the Exchange,
gathering momentum as they passed from lip to lip, swelling with the
heat of the excitement until it was a general guess that the Grain
Growers must be loaded with anywhere between five and eight million
bushels of oats more than they had been able to sell.
It was only a guess, though, and a wild one. Many traders would have
given a good round sum to know exactly how the farmers' company stood
on the books of the Clearing House. Only the Clearing House and the
Company itself knew the true figures and the Clearing House officials
were men of the highest integrity who dare not be approached for secret
tips.
Thanks to the splendid export connection which had been built up in the
Old Country and to the equally solid financial relations with the Home
Bank, the farmers' agency was selling oats for export very rapidly. It
began to look as if they would get out from under the threatening
avalanche without much loss, if any.
The Company's old-time enemies apparently saw an opportunity to
undermine its credit at this crisis; for attacks began to appear in
print--accusations of speculation, of official negligence and so forth.
If the Grain Growers could be prevented from paying for the large
quantity of oats, delivery of which they would have to take on May 1st
to complete the export sales made during the winter--if they could be
made to fail in filling these export orders when navigation opened,
they would be smashed.
But in attacking the credit of the Grain Growers, these opponents
overlooked the rapid increase in paid-up capital and the ability of the
farmers to secure money outside of Winnipeg. It was not being
forgotten by the Grain Growers that upon the first day of May there
would be delivered to them over 2,200,000 bushels of oats.
When the day arrived, therefore, the money was on hand to meet every
contingency. Every bushel was paid for immediately. Within a few
weeks half of the quantity was riding the waves of the Atlantic, bound
for the Old Country to fill part of the sales already made there.
Before long some of the grain companies which had sold the oats were
trying to buy them back. Had the farmers' company been a speculating
firm they might have turned upon the market and cornered the oats with
a vengeance. It was one of those rare occasions when a corner could
have been operated successfully to a golden, no-quarter finish; for the
export demand was sustained and the local market could have been made
to pay "through the nose" for its fun.
CHAPTER XVII
NEW FURROWS
Fishes, beasts and fowls are to eat each other, for they have no
justice; but to men is given justice, which is for the best.--_Hesiod_.
Public-domain text, read in full here on John Shaqi.
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