Chicago (Ill.) -- Fiction; Didactic fiction; Domestic fiction; Married people -- Fiction; Psychological fiction; Wheat trade -- Fiction
"Sell! You mean buy, of course."
"No, I don't. I've been thinking it over since you left last night.
Wheat is worth exactly what it is selling for this blessed day. I've
not inflated it up one single eighth yet; Crookes thinks I have. Good
Lord, I can read him like a book! He thinks I've boosted the stuff
above what it's worth, and that a little shove will send it down. He
can send it down to ten cents if he likes, but it'll jump back like a
rubber ball. I'll sell bushel for bushel with him as long as he wants
to keep it up."
"Heavens and earth, J.," exclaimed Gretry, with a long breath, "the
risk is about as big as holding up the Bank of England. You are
depreciating the value of about forty million dollars' worth of your
property with every cent she breaks."
"You do as I tell you--you'll see I'm right," answered Jadwin. "Get
your boys in here, and we'll give 'em the day's orders."
The "Crookes affair"--as among themselves the group of men who centred
about Jadwin spoke of it--was one of the sharpest fights known on the
Board of Trade for many a long day. It developed with amazing
unexpectedness and was watched with breathless interest from every
produce exchange between the oceans.
It occupied every moment of each morning's session of the Board of
Trade for four furious, never-to-be-forgotten days. Promptly at
half-past nine o'clock on Tuesday morning Crookes began to sell May
wheat short, and instantly, to the surprise of every Pit trader on the
floor, the price broke with his very first attack. In twenty minutes it
was down half a cent. Then came the really big surprise of the day.
Landry Court, the known representative of the firm which all along had
fostered and encouraged the rise in the price, appeared in the Pit, and
instead of buying, upset all precedent and all calculation by selling
as freely as the Crookes men themselves. For three days the battle went
on. But to the outside world--even to the Pit itself--it seemed less a
battle than a rout. The "Unknown Bull" was down, was beaten at last. He
had inflated the price of the wheat, he had backed a false, an
artificial, and unwarrantable boom, and now he was being broken. Ah
Crookes knew when to strike. Here was the great general--the real
leader who so long had held back.
By the end of the Friday session, Crookes and his clique had sold five
million bushels, "going short," promising to deliver wheat that they
did not own, but expected to buy at low prices. The market that day
closed at ninety-five.
Public-domain text, read in full here on John Shaqi.
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