Very soon the papers began to speak of an unknown “bull” clique who were rapidly coming into control of the market, and it was no longer a secret to Laura that her husband had gone back to the market, and that, too, with such an impetuosity that his rush had carried him to the very heart of the turmoil.
He was now deeply involved; his influence began to be felt. Not an important move on the part of the “unknown bull,” the nameless, mysterious stranger, that was not noted and discussed.
It was very late in the afternoon of a lugubrious March day when Jadwin and Gretry, in the broker’s private room, sat studying the latest Government reports as to the supply of wheat, and Jadwin observed, “Why, Sam, there’s less than 100,000,000 bushels in the farmers’ hands. That’s awfully small.”
“It ain’t, as you might say, colossal,” admitted Gretry.
“Sam,” said Jadwin again, “the shipments have been about 5,000,000 a week; 20,000,000 a month, and it’s four months before a new crop. Europe will take 80,000,000 out of the country. I own 10,000,000 now. Why, there ain’t going to be any wheat left in Chicago by May! If I get in now, and buy a long line of cash wheat, where are all these fellows going to get it to deliver to me? Say, where are they going to get it? Come on, now, tell me, where are they going to get it?”
Gretry laid down his pencil, and stared at Jadwin.
“‘J,’” he faltered, “‘J,’ I’m blest if I know.”
And then, all in the same moment, the two men were on their feet.
Jadwin sprang forward, gripping the broker by the shoulder.
“Sam,” he shouted, “do you know——Great God! Do you know what this means? Sam, we can corner the market!”
III.—The Corner Breaks
The high prices meant a great increase of wheat acreage. In June the preliminary returns showed 4,000,000 more acres under wheat in the two states of Dakota alone, and in spite of all Gretry’s remonstrances, Jadwin still held on, determined to keep up prices to July.
But now it had become vitally necessary for Jadwin to sell out his holdings. His “long line” was a fearful expense; insurance and storage charges were eating rapidly into the profits. He must get rid of the load he was carrying little by little.
A month ago, and the foreign demand was a thing almost insensate. There was no question as to the price. It was, “Give us the wheat, at whatever figure, at whatever expense.”
At home in Chicago Jadwin was completely master of the market. His wealth increased with such rapidity that at no time was he able even to approximate the gains that accrued to him because of his corner. It was more than twenty million, and less than fifty million. That was all he knew.
It was then that he told Gretry he was going to buy in the July crops.
“’ J,’ listen to me,” said Gretry. “Wheat is worth a dollar and a half to-day, and not one cent more. If you run it up to two dollars—”