I. THE BEAR—WHEAT AT SIXTY-TWO
As Sam Lewiston backed the horse into the shafts of his backboard and began hitching the tugs to the whiffletree, his wife came out from the kitchen door of the house and drew near, and stood for some time at the horse's head, her arms folded and her apron rolled around them. For a long moment neither spoke. They had talked over the situation so long and so comprehensively the night before that there seemed to be nothing more to say.
The time was late in the summer, the place a ranch in southwestern Kansas, and Lewiston and his wife were two of a vast population of farmers, wheat growers, who at that moment were passing through a crisis—a crisis that at any moment might culminate in tragedy. Wheat was down to sixty-six.
At length Emma Lewiston spoke.
"Well," she hazarded, looking vaguely out across the ranch toward the horizon, leagues distant; "well, Sam, there's always that offer of brother Joe's. We can quit—and go to Chicago—if the worst comes."
"And give up!" exclaimed Lewiston, running the lines through the torets. "Leave the ranch! Give up! After all these years!"
His wife made no reply for the moment. Lewiston climbed into the buckboard and gathered up the lines. "Well, here goes for the last try, Emmie," he said. "Good-by, girl. Maybe things will look better in town to-day."
"Maybe," she said gravely. She kissed her husband good-by and stood for some time looking after the buckboard traveling toward the town in a moving pillar of dust.
"I don't know," she murmured at length; "I don't know just how we're going to make out."
When he reached town, Lewiston tied the horse to the iron railing in front of the Odd Fellows' Hall, the ground floor of which was occupied by the post-office, and went across the street and up the stairway of a building of brick and granite—quite the most pretentious structure of the town—and knocked at a door upon the first landing. The door was furnished with a pane of frosted glass, on which, in gold letters, was inscribed, "Bridges & Co., Grain Dealers."
Bridges himself, a middle-aged man who wore a velvet skull-cap and who was smoking a Pittsburg stogie, met the farmer at the counter and the two exchanged perfunctory greetings.
"Well," said Lewiston, tentatively, after awhile.
"Well, Lewiston," said the other, "I can't take that wheat of yours at any better than sixty-two."
"It's the Chicago price that does it, Lewiston. Truslow is bearing the stuff for all he's worth. It's Truslow and the bear clique that stick the knife into us. The price broke again this morning. We've just got a wire."
"Good heavens," murmured Lewiston, looking vaguely from side to side. "That—that ruins me. I can't carry my grain any longer—what with storage charges and—and—Bridges, I don't see just how I'm going to make out. Sixty-two cents a bushel! Why, man, what with this and with that it's cost me nearly a dollar a bushel to raise that wheat, and now Truslow—"
He turned away abruptly with a quick gesture of infinite discouragement.
He went down the stairs, and making his way to where his buckboard was hitched, got in, and, with eyes vacant, the reins slipping and sliding in his limp, half-open hands, drove slowly back to the ranch. His wife had seen him coming, and met him as he drew up before the barn.
"Well?" she demanded.
"Emmie," he said as he got out of the buckboard, laying his arm across her shoulder, "Emmie, I guess we'll take up with Joe's offer. We'll go to Chicago. We're cleaned out!"
II. THE BULL—WHEAT AT A DOLLAR-TEN
…——and said Party of the Second Part further covenants and agrees to merchandise such wheat in foreign ports, it being understood and agreed between the Party of the First Part and the Party of the Second Part that the wheat hereinbefore mentioned is released and sold to the Party of the Second Part for export purposes only, and not for consumption or distribution within the boundaries of the United States of America or of Canada.
"Now, Mr. Gates, if you will sign for Mr. Truslow I guess that'll be all," remarked Hornung when he had finished reading.
Hornung affixed his signature to the two documents and passed them over to Gates, who signed for his principal and client, Truslow—or, as he had been called ever since he had gone into the fight against Hornung's corner—the Great Bear. Hornung's secretary was called in and witnessed the signatures, and Gates thrust the contract into his Gladstone bag and stood up, smoothing his hat.
"You will deliver the warehouse receipts for the grain," began Gates.
"I'll send a messenger to Truslow's office before noon," interrupted Hornung. "You can pay by certified check through the Illinois Trust people."
When the other had taken himself off, Hornung sat for some moments gazing abstractedly toward his office windows, thinking over the whole matter. He had just agreed to release to Truslow, at the rate of one dollar and ten cents per bushel, one hundred thousand out of the two million and odd bushels of wheat that he, Hornung, controlled, or actually owned. And for the moment he was wondering if, after all, he had done wisely in not goring the Great Bear to actual financial death. He had made him pay one hundred thousand dollars. Truslow was good for this amount. Would it not have been better to have put a prohibitive figure on the grain and forced the Bear into bankruptcy? True, Hornung would then be without his enemy's money, but Truslow would have been eliminated from the situation, and that—so Hornung told himself—was always a consummation most devoutly, strenuously and diligently to be striven for. Truslow once dead was dead, but the Bear was never more dangerous than when desperate.
"But so long as he can't get wheat," muttered Hornung at the end of his reflections, "he can't hurt me. And he can't get it. That I know."
For Hornung controlled the situation. So far back as the February of that year an "unknown bull" had been making his presence felt on the floor of the Board of Trade. By the middle of March the commercial reports of the daily press had begun to speak of "the powerful bull clique"; a few weeks later that legendary condition of affairs implied and epitomized in the magic words "Dollar Wheat" had been attained, and by the first of April, when the price had been boosted to one dollar and ten cents a bushel, Hornung had disclosed his hand, and in place of mere rumours, the definite and authoritative news that May wheat had been cornered in the Chicago pit went flashing around the world from Liverpool to Odessa and from Duluth to Buenos Ayres.
It was—so the veteran operators were persuaded—Truslow himself who had made Hornung's corner possible. The Great Bear had for once over-reached himself, and, believing himself all-powerful, had hammered the price just the fatal fraction too far down. Wheat had gone to sixty-two—for the time, and under the circumstances, an abnormal price.
When the reaction came it was tremendous. Hornung saw his chance, seized it, and in a few months had turned the tables, had cornered the product, and virtually driven the bear clique out of the pit.
On the same day that the delivery of the hundred thousand bushels was made to Truslow, Hornung met his broker at his lunch club.
"Well," said the latter, "I see you let go that line of stuff to Truslow."
Hornung nodded; but the broker added:
"Remember, I was against it from the very beginning. I know we've cleared up over a hundred thou'. I would have fifty times preferred to have lost twice that and smashed Truslow dead. Bet you what you like he makes us pay for it somehow."
"Huh!" grunted his principal. "How about insurance, and warehouse charges, and carrying expenses on that lot? Guess we'd have had to pay those, too, if we'd held on."
But the other put up his chin, unwilling to be persuaded. "I won't sleep easy," he declared, "till Truslow is busted."
III. THE PIT
Just as Going mounted the steps on the edge of the pit the great gong struck, a roar of a hundred voices developed with the swiftness of successive explosions, the rush of a hundred men surging downward to the centre of the pit filled the air with the stamp and grind of feet, a hundred hands in eager strenuous gestures tossed upward from out the brown of the crowd, the official reporter in his cage on the margin of the pit leaned far forward with straining ear to catch the opening bid, and another day of battle was begun.
Since the sale of the hundred thousand bushels of wheat to Truslow the "Hornung crowd" had steadily shouldered the price higher until on this particular morning it stood at one dollar and a half. That was Hornung's price. No one else had any grain to sell.
But not ten minutes after the opening, Going was surprised out of all countenance to hear shouted from the other side of the pit these words:
"Sell May at one-fifty."
Going was for the moment touching elbows with Kimbark on one side and with Merriam on the other, all three belonging to the "Hornung crowd." Their answering challenge of "Sold" was as the voice of one man. They did not pause to reflect upon the strangeness of the circumstance. (That was for afterward.) Their response to the offer was as unconscious, as reflex action and almost as rapid, and before the pit was well aware of what had happened the transaction of one thousand bushels was down upon Going's trading-card and fifteen hundred dollars had changed hands. But here was a marvel—the whole available supply of wheat cornered, Hornung master of the situation, invincible, unassailable; yet behold a man willing to sell, a Bear bold enough to raise his head.
"That was Kennedy, wasn't it, who made that offer?" asked Kimbark, as Going noted down the trade—"Kennedy, that new man?"
"Yes; who do you suppose he's selling for; who's willing to go short at this stage of the game?"
"Maybe he ain't short."
"Short! Great heavens, man; where'd he get the stuff?"
"Blamed if I know. We can account for every handful of May. Steady! Oh, there he goes again."
"Sell a thousand May at one-fifty," vociferated the bear-broker, throwing out his hand, one finger raised to indicate the number of "contracts" offered. This time it was evident that he was attacking the Hornung crowd deliberately, for, ignoring the jam of traders that swept toward him, he looked across the pit to where Going and Kimbark were shouting "Sold! Sold!" and nodded his head.
A second time Going made memoranda of the trade, and either the Hornung holdings were increased by two thousand bushels of May wheat or the Hornung bank account swelled by at least three thousand dollars of some unknown short's money.
Of late—so sure was the bull crowd of its position—no one had even thought of glancing at the inspection sheet on the bulletin board. But now one of Going's messengers hurried up to him with the announcement that this sheet showed receipts at Chicago for that morning of twenty-five thousand bushels, and not credited to Hornung. Some one had got hold of a line of wheat overlooked by the "clique" and was dumping it upon them.
"Wire the Chief," said Going over his shoulder to Merriam. This one struggled out of the crowd, and on a telegraph blank scribbled:
"Strong bear movement—New man—Kennedy—Selling in lots of five contracts—Chicago receipts twenty-five thousand."
The message was despatched, and in a few moments the answer came back, laconic, of military terseness:
"Support the market."
And Going obeyed, Merriam and Kimbark following, the new broker fairly throwing the wheat at them in thousand-bushel lots.