“I should tell a man!”
After the fashion of the West they shook hands on it and went to luncheon at the Commercial Club.
CHAPTER XLII
Directly luncheon was over and Cappy Ricks had returned to his office, J. Augustus Redell moved into action. He called on Messrs. Ford & Carter, talked the situation over with them, and showed them where they, having the necessary tonnage in hand with which to guarantee delivery, could bring a couple of million bushels of fine Number One white Australian wheat to the Pacific Coast, cut the price a cent, and doubtless unload every kernel of it at a fair profit. There was every probability that wheat would go to two dollars. For his part in producing this profit Mr. Redell desired a commission of five per cent on all sales of wheat imported in the bottoms he had under option and which he stood ready to turn over to Ford & Carter without profit, since the owners of the vessels would pay him the customary broker's commission on the freight money earned on the voyage. Ford & Carter said they would think the matter over; so Mr. Redell tactfully withdrew, stating that he would call up the following day for an answer.
He knew Ford & Carter would promptly dispatch a long cablegram to their agent in Australia, instructing him to get a forty-eight-hour option on the wheat, with a guaranty of delivery to the vessels as they arrived from time to time. Meantime, Ford & Carter would quote every milling company in the West, subject to prior acceptance and their ability to deliver Number One Australian wheat at a price that would be of interest. If the milling companies accepted this rather nebulous quotation and telegraphed orders, and Ford & Carter's Australian agent could purchase at a satisfactory price the wheat to fill these orders, then Ford & Carter would make formal acceptance and purchase the wheat. If, on the other hand, their agent in Australia failed to get the wheat, then Ford & Carter had an “out” with the milling companies who desired to buy the wheat from them, and the entire matter would be off, with Ford & Carter merely out a couple of hundred dollars in telegraph bills. That was the bet they had to make to put their fortune to the touch; and right cheerfully did they make it.
J. Augustus Redell gave them all the time he could. His forty-eight-hour options on the vessels then en route to Australia had cost him nothing; that was a courtesy which one shipowner always extends to another, free of charge, unless the vessel happens to be on demurrage at the time the option is given. When his options were within two hours of expiring he called on Ford & Carter.
“We'll take 'em all,” Carter almost shouted at him. “They'll be arriving with sufficient time elapsing between arrivals to guarantee us immunity from any undue delay or embarrassment in loading them. We've bought the wheat and sold it; now give us the tonnage to freight it, Redell, and we'll all be happy, and a little richer than we were the day before yesterday.”
Redell took up the telephone and called each shipowner, in turn, to inform him that he would exercise his option on the latter's ship, and for the owner to prepare charter parties and send them up to his office for signature.