Coming sure and fast, that profit of millions! But it never reached
me. No; it wasn’t side-tracked by a sudden change in conditions. The
market did not experience an abrupt reversal of form. Coffee did not
pour into the country. What happened? The unexpectable! What had never
happened in anybody’s experience; what I therefore had no reason
to guard against. I added a new one to the long list of hazards of
speculation that I must always keep before me. It was simply that the
fellows who had sold me the coffee, the shorts, knew what was in store
for them, and in their efforts to squirm out of the position into which
they had sold themselves, devised a new way of welshing. They rushed to
Washington for help, and got it.
Perhaps you remember that the Government had evolved various plans
for preventing further profiteering in necessities. You know how
most of them worked. Well, the philanthropic coffee shorts appeared
before the Price Fixing Committee of the War Industries Board--I
think that was the official designation--and made a patriotic appeal
to that body to protect the American breakfaster. They asserted that
a professional speculator, one Lawrence Livingston, had cornered,
or was about to corner, coffee. If his speculative plans were not
brought to naught he would take advantage of the conditions created
by the war and the American people would be forced to pay exorbitant
prices for their daily coffee. It was unthinkable to the patriots who
had sold me cargoes of coffee they couldn’t find ships for, that one
hundred millions of Americans, more or less, should pay tribute to
conscienceless speculators. They represented the coffee trade, not the
coffee gamblers, and they were willing to help the Government curb
profiteering actual or prospective.
Public-domain text, read in full here on John Shaqi.
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