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.
"Sell May at 'fifty; sell May; sell May." A moment's indecision, an instant's hesitation, the first faint suggestion of weakness, and the market would have broken under them. But for the better part of four hours they stood their ground, taking all that was offered, in constant communication with the Chief, and from time to time stimulated and steadied by his brief, unvarying command:
"Support the market."
At the close of the session they had bought in the twenty-five thousand bushels of May. Hornung's position was as stable as a rock, and the price closed even with the opening figure—one dollar and a half.
But the morning's work was the talk of all La Salle Street. Who was back of the raid?
What was the meaning of this unexpected selling? For weeks the pit trading had been merely nominal. Truslow, the Great Bear, from whom the most serious attack might have been expected, had gone to his country seat at Geneva Lake, in Wisconsin, declaring himself to be out of the market entirely. He went bass-fishing every day.
IV. THE BELT LINE
On a certain day toward the middle of the month, at a time when the mysterious Bear had unloaded some eighty thousand bushels upon Hornung, a conference was held in the library of Hornung's home. His broker attended it, and also a clean-faced, bright-eyed individual whose name of Cyrus Ryder might have been found upon the pay-roll of a rather well-known detective agency. For upward of half an hour after the conference began the detective spoke, the other two listening attentively, gravely.
"Then, last of all," concluded Ryder, "I made out I was a hobo, and began stealing rides on the Belt Line Railroad. Know the road? It just circles Chicago. Truslow owns it. Yes? Well, then I began to catch on. I noticed that cars of certain numbers—thirty-one nought thirty-four, thirty-two one ninety—well, the numbers don't matter, but anyhow, these cars were always switched onto the sidings by Mr. Truslow's main elevator D soon as they came in. The wheat was shunted in, and they were pulled out again. Well, I spotted one car and stole a ride on her. Say, look here, that car went right around the city on the Belt, and came back to D again, and the same wheat in her all the time. The grain was reinspected—it was raw, I tell you—and the warehouse receipts made out just as though the stuff had come in from Kansas or Iowa."
"The same wheat all the time!" interrupted Hornung.
"The same wheat—your wheat, that you sold to Truslow."
"Great snakes!" ejaculated Hornung's broker. "Truslow never took it abroad at all."
"Took it abroad! Say, he's just been running it around Chicago, like the supers in 'Shenandoah,' round an' round, so you'd think it was a new lot, an' selling it back to you again."
"No wonder we couldn't account for so much wheat."
"Bought it from us at one-ten, and made us buy it back—our own wheat—at one-fifty."
Hornung and his broker looked at each other in silence for a moment. Then all at once Hornung struck the arm of his chair with his fist and exploded in a roar of laughter. The broker stared for one bewildered moment, then followed his example.
"Sold!
