Chicago (Ill.) -- Fiction; Didactic fiction; Domestic fiction; Married people -- Fiction; Psychological fiction; Wheat trade -- Fiction
But now it became difficult to get wheat at all. All of a sudden nobody
was selling. The buyers in the Pit commenced to bid against each other,
offering a dollar and two cents. The wheat did not "come out." They bid
a dollar two and a half, a dollar two and five-eighths; still no wheat.
Frantic, they shook their fingers in the very faces of Landry Court and
the Gretry traders, shouting: "A dollar, two and seven-eighths! A
dollar, three! Three and an eighth! A quarter! Three-eighths! A half!"
But the others shook their heads. Except on extraordinary advances of a
whole cent at a time, there was no wheat for sale.
At the last-named price Crookes acknowledged defeat. Somewhere in his
big machine a screw had been loose. Somehow he had miscalculated. So
long as he and his associates sold and sold and sold, the price would
go down. The instant they tried to cover there was no wheat for sale,
and the price leaped up again with an elasticity that no power could
control.
He saw now that he and his followers had to face a loss of several
cents a bushel on each one of the five million they had sold. They had
not been able to cover one single sale, and the situation was back
again exactly as before his onslaught, the Unknown Bull in securer
control than ever before.
But Crookes had, at last, begun to suspect the true condition of
affairs, and now that the market was hourly growing tighter and more
congested, his suspicion was confirmed. Alone, locked in his private
office, he thought it out, and at last remarked to himself:
"Somebody has a great big line of wheat that is not on the market at
all. Somebody has got all the wheat there is. I guess I know his name.
I guess the visible supply of May wheat in the Chicago market is
cornered."
This was at a time when the price stood at a dollar and one cent.
Crookes--who from the first had managed and handled the operations of
his confederates--knew very well that if he now bought in all the wheat
his clique had sold short, the price would go up long before he could
complete the deal. He said nothing to the others, further than that
they should "hold on a little longer, in the hopes of a turn," but very
quietly he began to cover his own personal sales--his share of the five
million sold by his clique. Foreseeing the collapse of his scheme, he
got out of the market; at a loss, it was true, but still no more than
he could stand. If he "held on a little longer, in the hopes of a
turn," there was no telling how deep the Bull would gore him. This was
no time to think much about "obligations." It had got to be "every man
for himself" by now.
Public-domain text, read in full here on John Shaqi.
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