In July came the harvesting returns from all over the country, proving conclusively that for the first time in six years, the United States crop was to be small and poor. The yield was moderate. Only part of it could be graded as "contract." Good wheat would be valuable from now on. Jadwin bought again, and again it was a "lot" of half a million bushels.
Then came the first manifestation of that marvellous golden luck that was to follow Curtis Jadwin through all the coming months. The French wheat crop was announced as poor. In Germany the yield was to be far below the normal. All through Hungary the potato and rye crops were light.
About the middle of the month Jadwin again called the broker to his country house, and took him for a long evening's trip around the lake, aboard the "Thetis." They were alone. MacKenny was at the wheel, and, seated on camp stools in the stern of the little boat, Jadwin outlined his plans for the next few months.
"Sam," he said, "I thought back in April there that we were to touch top prices about the first of this month, but this French and German news has coloured the cat different. I've been figuring that I would get out of this market around the seventies, but she's going higher. I'm going to hold on yet awhile."
"You do it on your own responsibility, then," said the broker. "I warn you the price is top heavy."
"Not much. Seventy-two cents is too cheap. Now I'm going into this hard; and I want to have my own lines out—to be independent of the trade papers that Crookes could buy up any time he wants to. I want you to get me some good, reliable correspondents in Europe; smart, bright fellows that we can depend on. I want one in Liverpool, one in Paris, and one in Odessa, and I want them to cable us about the situation every day."
Gretry thought a while.
"Well," he said, at length, "... yes. I guess I can arrange it. I can get you a good man in Liverpool—Traynard is his name—and there's two or three in Paris we could pick up. Odessa—I don't know. I couldn't say just this minute. But I'll fix it."
These correspondents began to report at the end of July. All over Europe the demand for wheat was active. Grain handlers were not only buying freely, but were contracting for future delivery. In August came the first demands for American wheat, scattered and sporadic at first, then later, a little, a very little more insistent.
Thus the summer wore to its end. The fall "situation" began slowly to define itself, with eastern Europe—densely populated, overcrowded—commencing to show uneasiness as to its supply of food for the winter; and with but a moderate crop in America to meet foreign demands. Russia, the United States, and Argentine would have to feed the world during the next twelve months.