the pit-第35节

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as　as　though　a　lubricant　had　dried　up。　　The　cogs　and　wheels　worked　slowly　and　with　dislocations。　　Things　were　a　little　out　of　joint。　　Wall　Street　stocks　were　down。　　In　a　word；　〃times　were　bad。〃　Thus　for　three　years。　　It　became　a　proverb　on　the　Chicago　Board　of　Trade　that　the　quickest　way　to　make　money　was　to　sell　wheat　short。　　One　could　with　almost　absolute　certainty　be　sure　of　buying　cheaper　than　one　had　sold。　　And　that　peculiar；　indefinite　thing　known　among　the　most　unsentimental　men　in　the　worldas　〃sentiment；〃　prevailed　more　and　more　strongly　in　favour　of　low　prices。　　〃The　'sentiment；'〃　said　the　market　reports；　〃was　bearish〃；　and　the　traders；　speculators；　eighth…chasers；　scalpers；　brokers；　bucket…shop　men；　and　the　likeall　the　world　of　La　Salle　Streethad　become　so　accustomed　to　these　〃Bear　conditions；〃　that　it　was　hard　to　believe　that　they　would　not　continue　indefinitely。

Jadwin；　inevitably；　had　been　again　drawn　into　the　troubled　waters　of　the　Pit。　　Always；　as　from　the　very　first；　a　Bear；　he　had　once　more　raided　the　market；　and　had　once　more　been　succesful。　　Two　months　after　this　raid　he　and　Gretry　planned　still　another　coup；　a　deal　of　greater　magnitude　than　any　they　had　previously　hazarded。　　Laura；　who　knew　very　little　of　her　husband's　affairsto　which　he　seldom　alludedsaw　by　the　daily　papers　that　at　one　stage　of　the　affair　the　〃deal〃　trembled　to　its　base。

But　Jadwin　was　by　now　〃blooded　to　the　game。〃　　He　no　longer　needed　Gretry's　urging　to　spur　him。　　He　had　developed　into　a　strategist；　bold；　of　inconceivable　effrontery；　delighting　in　the　shock　of　battle；　never　more　jovial；　more　daring　than　when　under　stress　of　the　most　merciless　attack。　　On　this　occasion；　when　the　〃other　side〃　resorted　to　the　usual　tactics　to　drive　him　from　the　Pit；　he　led　on　his　enemies　to　make　one　single　false　step。　　Instantlydisregarding　Gretry's　entreaties　as　to　cautionJadwin　had　brought　the　vast　bulk　of　his　entire　fortune　to　bear；　in　the　manner　of　a　general　concentrating　his　heavy　artillery；　and　crushed　the　opposition　with　appalling　swiftness。

He　issued　from　the　grapple　triumphantly；　and　it　was　not　till　long　afterward　that　Laura　knew　how　near；　for　a　few　hours；　he　had　been　to　defeat。

And　again　the　price　of　wheat　declined。　　In　the　first　week　in　April；　at　the　end　of　the　third　winter　of　Jadwin's　married　life；　May　wheat　was　selling　on　the　floor　of　the　Chicago　Board　of　Trade　at　sixty…four；　the　July　option　at　sixty…five；　the　September　at　sixty…six　and　an　eighth。　　During　February　of　the　same　year　Jadwin　had　sold　short　five　hundred　thousand　bushels　of　May。　He　believed　with　Gretry　and　with　the　majority　of　the　professional　traders　that　the　price　would　go　to　sixty。

March　passed　without　any　further　decline。　　All　through　this　month　and　through　the　first　days　of　April　Jadwin　was　unusually　thoughtful。　　His　short　wheat　gave　him　no　concern。　　He　was　now　so　rich　that　a　mere　half…million　bushels　was　not　a　matter　for　anxiety。　　It　was　the　〃situation〃　that　arrested　his　attention。

In　some　indefinable　way；　warned　by　that　blessed　sixth　sense　that　had　made　him　the　successful　speculator　he　was；　he　felt　that　somewhere；　at　some　time　during　the　course　of　the　winter；　a　change　had　quietly；　gradually　come　about；　that　it　was　even　then　operating。　　The　conditions　that　had　prevailed　so　consistently　for　three　years；　were　they　now　to　be　shifted　a　little？　　He　did　not　know；　he　could　not　say。　　But　in　the　plexus　of　financial　affairs　in　which　he　moved　and　lived　he　felta　difference。

For　one　thing　〃times〃　were　better；　business　was　better。　He　could　not　fail　to　see　that　trade　was　picking　up。　　In　dry　goods；　in　hardware；　in　manufactures　there　seemed　to　be　a　different　spirit；　and　he　could　imagine　that　it　was　a　spirit　of　optimism。　　There；　in　that　great　city　where　the　Heart　of　the　Nation　beat；　where　the　diseases　of　the　times；　or　the　times'　healthful　activities　were　instantly　reflected；　Jadwin　sensed　a　more　rapid；　an　easier；　more　untroubled　run　of　life　blood。　　All　through　the　Body　of　Things；　money；　the　vital　fluid；　seemed　to　be　flowing　more　easily。　　People　seemed　richer；　the　banks　were　lending　more；　securities　seemed　stable；　solid。　　In　New　York；　stocks　were　booming。　　Men　were　making　moneywere　making　it；　spending　it；　lending　it；　exchanging　it。　　Instead　of　being　congested　in　vaults；　safes；　and　cash　boxes；　tight；　hard；　congealed；　it　was　loosening；　and；　as　it　were；　liquefying；　so　that　it　spread　and　spread　and　permeated　the　entire　community。　The　People　had　money。　　They　were　willing　to　take　chances。

So　much　for　the　financial　conditions。

The　spring　had　been　backward；　cold；　bitter；　inhospitable；　and　Jadwin　began　to　suspect　that　the　wheat　crop　of　his　native　country；　that　for　so　long　had　been　generous；　and　of　excellent　quality；　was　now　to　proveit　seemed　quite　possiblescant　and　of　poor　condition。　　He　began　to　watch　the　weather；　and　to　keep　an　eye　upon　the　reports　from　the　little　county　seats　and　〃centres〃　in　the　winter　wheat　States。　　These；　in　part；　seemed　to　confirm　his　suspicions。

From　Keokuk；　in　Iowa；　came　the　news　that　winter　wheat　was　suffering　from　want　of　moisture。　　Benedict；　Yates'　Centre；　and　Douglass；　in　southeastern　Kansas；　sent　in　reports　of　dry；　windy　weather　that　was　killing　the　young　grain　in　every　direction；　and　the　same　conditions　seemed　to　prevail　in　the　central　counties。　　In　Illinois；　from　Quincy　and　Waterloo　in　the　west；　and　from　Ridgway　in　the　south；　reports　came　steadily　to　hand　of　freezing　weather　and　bitter　winds。　　All　through　the　lower　portions　of　the　State　the　snowfall　during　the　winter　had　not　been　heavy　enough　to　protect　the　seeded　grain。　　But　the　Ohio　crop；　it　would　appear；　was　promising　enough；　as　was　also　that　of　Missouri。　　In　Indiana；　however；　Jadwin　could　guess　that　the　hopes　of　even　a　moderate　yield　were　fated　to　be　disappointed；　persistent　cold　weather；　winter　continuing　almost　up　to　the　first　of　April；　seemed　to　have　definitely　settled　the　question。

But　more　especially　Jadwin　watched　Nebraska；　that　State　which　is　one　single　vast　wheat　field。　　How　would　Nebraska　do；　Nebraska　which　alone　might　feed　an　entire　nation？　　County　seat　after　county　seat　began　to　send　in　its　reports。　　All　over　the　State　the　grip　of　winter　held　firm　even　yet。　　The　wheat　had　been　battered　by　incessant　gales；　had　been　nipped　and　harried　by　frost；　everywhere　the　young　half…grown　grain　seemed　to　be　perishing。　　It　was　a　massacre；　a　veritable　slaughter。

But；　for　all　this；　nothing　could　be　decided　as　yet。　Other　winter　wheat　States；　from　which　returns　were　as　yet　only　partial；　might　easily　compensate　for　the　failures　elsewhere；　and　besides　all　that；　the　Bears　of　the　Board　of　Trade　might　keep　the　price　inert　even　in　face　of　the　news　of　short　yields。　　As　a　matter　of　fact；　the　more　important　and　stronger　Bear　traders　were　already　piping　their　usual　strain。　　Prices　were　bound　to　decline；　the　three　years；　sagging　was　not　over　yet。　They；　the　Bears；　were　too　strong；　no　Bull　news　could　frighten　them。　　Somehow　there　was　bound　to　be　plenty　of　wheat。　　In　face　of　the　rumours　of　a　short　crop　they　kept　the　price　inert；　weak。

On　the　tenth　of　April　came　the　Government　report　on　the　condition　of　winter　wheat。　　It　announced　an　average　far　below　any　known　for　ten　years　past。　　On　March　tenth　the　same　bulletin　had　shown　a　moderate　supply　in　farmers'　hands；　less　than　one　hundred　million　bushels　in　fact；　and　a　visible　supply　of　less　than　forty　millions。

The　Bear　leaders　promptly　set　to　work　to　discount　this　news。　　They　showed　how　certain　foreign　conditions　would　more　than　offset　the　effect　of　a　poor　American　harvest。　They　pointed　out　the　fact　that　the　Government　report　on　condition　was　brought　up　only　to　the　first　of　April；　and　that　since　that　time　the　weather　in　the　wheat　belt　had　been　favorable　beyond　the　wildest　hopes。

The　April　report　was　made　public　on　the　afternoon　of　the　tenth　of　the　month。　　That　same　evening　Jadwin　invited　Gretry　and　his　wife　to　dine　at　the　new　house　on　North　Avenue；　and　after　dinner；　leaving　Mrs。　Gretry　and　Laura　in　the　drawing…room；　he　brought　the　broker　up　to　the　billiard…room　for　a　game　of　pool。

But　when　Gretry　had　put　the　balls　in　the　triangle；　the　two　men　did　not　begin　to　play　at　once。　　Jadwin　had　asked　the　question　that　had　been　uppermost　in　the　minds　of　each　during　dinner。

〃Well；　Sam；〃　he　had　said；　by　way　of　a　beginning；　〃what　do　you　think　of　this　Government　report？〃

The　broker　chalked　his　cue　placidly。

〃I　expect　there'll　be　a　bit　of　reaction　on　the　strength　of　it；　but　the　market　will　go　off　again。　　I　said　wheat　would　go　to　sixty；　and　I　still　say　it。　　It's　a　long　time　between　now　and　May。〃

〃I　wasn't　thinking　of　crop　conditions　only；〃　observed　Jadwin。　　〃Sam；　we're　going　to　have　better　times　and　higher　prices　this　summer。〃

Gretry　shook　his　head　and　entered　into　a　long　argument　to　show　that　Jadwin　was　wrong。

But　Jadwin　refused　to　be　convinced。　　All　at　once　he　laid　the　flat　of　his　hand　upon　the　table。

〃Sam；　we've　touched　bottom；〃　he　declared；　〃touched　bottom　all　along　the　line。　　It's　a　paper　dime　to　the　Sub…Treasury。〃

〃I　don't　care　about　the　rest　of　the　line；〃　said　the　broker　doggedly；　sitting　on　the　edge　of　the　table；　〃wheat　will　go　to　sixty。〃　　He　indicated　the　nest　of　balls　with　a　movement　of　his　chin。　　〃Will　you　break？〃

Jadwin　broke　and　scored；　lea