The proceeding elated him, for the sudden and large profit was in a sense a revelation. He regretted that he had never before tried this method of demonstrating his business shrewdness. He felt that it suited him admirably. He would be no rash-headed fool; he would sell boldly, but intelligently; he would keep his eye on the general market, and not cover his shorts until the general situation changed. If a serious decline in the prices of everything were in store for Benham—and the indications of this were multiplying from week to week—the price of pork might drop out of sight, so to speak, and he win a fortune as a consequence. It was the chance of a lifetime. He reasoned that he would keep cool and make a big thing of it; that a small fellow would be content with a few thousands and run to cover, but he intended to be one of the big fellows. Why take his profit when the whole financial horizon was ominous with clouds, and money was becoming tighter every day?
Emil's reasoning was perfect. The course of prices was exactly as he had predicted; that is, the price of everything except pork. The unexpected happened there, and this from a cause which no shrewd person could have foreseen. One day when, in the parlance of trade, the bottom seemed to be dropping out of all the markets, a despatch appeared in the newspapers stating that a peculiar disease had broken out among the hogs in Western Illinois. The pork market stiffened, but became flat at the advance after somebody declared the story to be a canard invented by the bulls to bolster up their holdings. Emil, adopting this explanation, and certain that this cunning stratagem to check the decline would prove unavailing, sold more pork.
A week later—one Saturday preceding a Monday which was to be a holiday—there were rumors in Chicago, just before the close of the Exchange, that the disease among the hogs was no mere local manifestation; that it was spreading rapidly, and had already shown itself in Indiana and Ohio. Pork in the last fifteen minutes bounded upward and closed ominously strong. Before the market opened on the following Tuesday it was definitely known that the hogs of the country were in the grasp of an epidemic, the precise character of which, to quote the press, was not yet determined, but which, in the opinion of those most competent to judge, would render the flesh of the animals attacked by the dread disease unfit for food, and their lard unwholesome. When the market opened, the price of pork was so high that Emil's margin of protection was wiped out as thoroughly as the tide wipes out the sand dyke which a child erects upon the beach. He was unable to respond to the demand made on him for money to keep his account with his broker good, and was sold out before night at a loss—a loss which left him in debt. He went home knowing that he was bankrupt, and that his firm must fail the moment his note at the bank became due, even if the broker to whom he owed five thousand dollars over and above his margins did not press him. There was no escape from ruin and humiliation.
He disclosed the truth to Constance with the repressed bitterness of a Prometheus. He explained to her with the mien of a wounded animal at bay the cruelty of the trick of destiny which had crushed him. How had he been at fault? He had been shrewd, far-seeing and prompt to act. The wisdom of his course had been demonstrated by the fall in prices. He was on the high road to fortune, and fate had stabbed him in the back. Could any intelligent man have foreseen that the hogs of the country would be stricken with disease? And more galling still, why had luck played him false by singling out the only possible combination of events which could have done him harm?
"An all-wise Providence!" he ejaculated with a scornful laugh. "A man looks the ground over, uses his wits and is reaping the benefit of his intelligence when he is struck in the head with a brick from behind a hedge, and is then expected to glorify the hand which smote him. How could it have been helped? How was I to blame?" he reiterated with a fierce look at his wife.
Constance could not answer the question. The details of business were a sealed book to her. The brief account of the disaster in pork, which he had just given, was confusing to her, and had left her with no conviction save pity for her husband. She was ready to take his word, and to believe that this overwhelming misfortune was the result of ill-luck which could not have been guarded against. What was uppermost in her mind was the impulse to help and comfort him. It pained her that he should inveigh against fate, though she recognized that the provocation was severe. But he needed her now more than ever. She would be brave and let him see that her love was at his command.
"You mustn't mind too much, Emil," she said. "We have to start again, that's all. I can economize in lots of ways, and we shall manage somehow, I'm sure. We have the house, you know. If it's necessary—in order to set you up in business—we can mortgage that. We've always had that to fall back on."
She knew as she spoke that from the standpoint of prudence the offer of the house was unwise. If that were gone, what would become of her children? Yet she felt a joy in tendering it. Why did her husband look at her with that malevolent gaze as though she had contributed to his distress?
"If you had put a mortgage on the house when I first started in business, and had given me the benefit of a larger capital, then we shouldn't be where we are to-day. I wanted it at the time, but you didn't offer it."
"Oh, Emil. I never dreamt that you wished it. To mortgage our home then would have been rash, surely. Besides, if I had given it to you, wouldn't it have been lost with the rest now?"