"Do you know how we stand, 'J'?" said the broker gravely. "Do you know how we stand financially? It's taken pretty nearly every cent of our ready money to support this July market. Oh, we can figure out our paper profits into the millions. We've got thirty, forty, fifty million bushels of wheat that's worth over a dollar a bushel; but if we can't sell it we're none the better off--and that wheat is costing us six thousand dollars a day. Where's the money going to come from, old man? You don't seem to realise that we are in a precarious condition. The moment we can't give our boys buying orders, the moment we admit that we can't buy all the wheat that's offered, there's the moment we bust."
"Well, we'll buy it," cried Jadwin. "I'll show those brutes. I'll mortgage all my real estate, and I'll run up wheat so high before the next two days that the Bank of England can't pull it down; then I'll sell our long line, and with the profits of that I'll run it up again. Two dollars! Why, it will be two-fifty before you know how it happened."
That day Jadwin placed as heavy a mortgage as the place would stand upon every piece of real estate that he owned. He floated a number of promissory notes, and taxed his credit to its farthest stretch. But sure as he was of winning, Jadwin could, not bring himself to involve his wife's money in the hazard, though his entire personal fortune swung in the balance.
Jadwin knew the danger. The new harvest was coming in--the new harvest of wheat--huge beyond all possibility of control; so vast that no money could buy it. And from Liverpool and Paris cables had come in to Gretry declining to buy wheat, though he had offered it cheaper than he had ever done before.
On the morning of June 13, Gretry gave his orders to young Landry Court and his other agents in the Pit, to do their best to keep the market up. "You can buy each of you up to half a million bushels apiece. If that don't keep the price up--well, I'll let you know what to do. Look here, keep your heads cool. I guess to-day will decide things."
In the Pit roar succeeded roar. It seemed that a support long thought to be secure was giving way. Not a man knew what he or his neighbour was doing. The bids leaped to and fro, and the price of July wheat could not so much as be approximated.
Landry caught one of the Gretry traders by the arm.
"What shall we do?" he shouted. "I've bought up to my limit. No more orders have come in. What's to be done?"
"I don't know," the other shouted back--"I don't know! Looks like a smash; something's gone wrong."