The Pit Part 26

"Come," said Aunt Wess', getting to her feet, "it's all over, Page.

Come, and kiss your sister--Mrs. Jadwin."

In the vestry room Laura stood for a moment, while one after another of the wedding party--even Mr. Cressler--kissed her. When Page's turn came, the two sisters held each other in a close embrace a long moment, but Laura's eyes were always dry. Of all present she was the least excited.

"Here's something," vociferated the ubiquitous clerk, pus.h.i.+ng his way forward. "It was on the table when we came out just now. The s.e.xton says a messenger boy brought it. It's for Mrs. Jadwin."

He handed her a large box. Laura opened it. Inside was a great sheaf of Jacqueminot roses and a card, on which was written:

"May that same happiness which you have always inspired in the lives and memories of all who know you be with you always.

"Yrs. S. C."

The party, emerging from the church, hurried across the street to the Dearborns' home, where Laura and Jadwin were to get their valises and hand bags. Jadwin's carriage was already at the door.

They all a.s.sembled in the parlor, every one talking at once, while the servants, bare-headed, carried the baggage down to the carriage.

"Oh, wait--wait a minute, I'd forgotten something," cried Laura.

"What is it? Here, I'll get it for you," cried Jadwin and Cressler as she started toward the door. But she waved them off, crying:

"No, no. It's nothing. You wouldn't know where to look."

Alone she ran up the stairs, and gained the second story; then paused a moment on the landing to get her breath and to listen. The rooms near by were quiet, deserted. From below she could hear the voices of the others--their laughter and gaiety. She turned about, and went from room to room, looking long into each; first Aunt Wess's bedroom, then Page's, then the "front sitting-room," then, lastly, her own room. It was still in the disorder caused by that eventful morning; many of the ornaments--her own cherished knick-knacks--were gone, packed and s.h.i.+pped to her new home the day before. Her writing-desk and bureau were bare. On the backs of chairs, and across the footboard of the bed, were the odds and ends of dress she was never to wear again.

For a long time Laura stood looking silently at the empty room. Here she had lived the happiest period of her life; not an object there, however small, that was not hallowed by a.s.sociation. Now she was leaving it forever. Now the new life, the Untried, was to begin.

Forever the old days, the old life were gone. Girlhood was gone; the Laura Dearborn that only last night had pressed the pillows of that bed, where was she now? Where was the little black-haired girl of Barrington?

And what was this new life to which she was going forth, under these leaden skies, under this warm mist of rain? The tears--at last--were in her eyes, and the sob in her throat, and she found herself, as she leaned an arm upon the lintel of the door, whispering:

"Good-by. Good-by. Good-by."

Then suddenly Laura, reckless of her wedding finery, forgetful of trivialities, crossed the room and knelt down at the side of the bed.

Her head in her folded arms, she prayed--prayed in the little unstudied words of her childhood, prayed that G.o.d would take care of her and make her a good girl; prayed that she might be happy; prayed to G.o.d to help her in the new life, and that she should be a good and loyal wife.

And then as she knelt there, all at once she felt an arm, strong, heavy even, laid upon her. She raised her head and looked--for the first time--direct into her husband's eyes.

"I knew--" began Jadwin. "I thought--Dear, I understand, I understand."

He said no more than that. But suddenly Laura knew that he, Jadwin, her husband, did "understand," and she discovered, too, in that moment just what it meant to be completely, thoroughly understood--understood without chance of misapprehension, without shadow of doubt; understood to her heart's heart. And with the knowledge a new feeling was born within her. No woman, not her dearest friend; not even Page had ever seemed so close to her as did her husband now. How could she be unhappy henceforward? The future was already brightening.

Suddenly she threw both arms around his neck, and drawing his face down to her, kissed him again and again, and pressed her wet cheek to his--tear-stained like her own.

"It's going to be all right, dear," he said, as she stood from him, though still holding his hand. "It's going to be all right."

"Yes, yes, all right, all right," she a.s.sented. "I never seemed to realise it till this minute. From the first I must have loved you without knowing it. And I've been cold and hard to you, and now I'm sorry, sorry. You were wrong, remember that time in the library, when you said I was undemonstrative. I'm not. I love you dearly, dearly, and never for once, for one little moment, am I ever going to allow you to forget it."

Suddenly, as Jadwin recalled the incident of which she spoke, an idea occurred to him.

"Oh, our bargain--remember? You didn't forget after all."

"I did. I did," she cried. "I did forget it. That's the very sweetest thing about it."

VI

The months pa.s.sed. Soon three years had gone by, and the third winter since the ceremony in St. James' Church drew to its close.

Since that day when--acting upon the foreknowledge of the French import duty--Jadwin had sold his million of bushels short, the price of wheat had been steadily going down. From ninety-three and ninety-four it had dropped to the eighties. Heavy crops the world over had helped the decline. No one was willing to buy wheat. The Bear leaders were strong, una.s.sailable. Lower and lower sagged the price; now it was seventy-five, now seventy-two. From all parts of the country in solid, waveless tides wheat--the ma.s.s of it incessantly crus.h.i.+ng down the price--came rolling in upon Chicago and the Board of Trade Pit. All over the world the farmers saw season after season of good crops. They were good in the Argentine Republic, and on the Russian steppes. In India, on the little farms of Burmah, of Mysore, and of Sind the grain, year after year, headed out fat, heavy, and well-favoured. In the great San Joaquin valley of California the ranches were one welter of fertility. All over the United States, from the Dakotas, from Nebraska, Iowa, Kansas, and Illinois, from all the wheat belt came steadily the reports of good crops.

But at the same time the low price of grain kept the farmers poor. New mortgages were added to farms already heavily "papered"; even the crops were mortgaged in advance. No new farm implements were bought.

Throughout the farming communities of the "Middle West" there were no longer purchases of buggies and parlour organs. Somewhere in other remoter corners of the world the cheap wheat, that meant cheap bread, made living easy and induced prosperity, but in the United States the poverty of the farmer worked upward through the cogs and wheels of the whole great machine of business. It was 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 world--as "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 like--all the world of La Salle Street--had 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 successful. 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 affairs--to which he seldom alluded--saw 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. Instantly--disregarding Gretry's entreaties as to caution--Jadwin 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 pa.s.sed 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 s.h.i.+fted a little? He did not know, he could not say. But in the plexus of financial affairs in which he moved and lived he felt--a 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 money--were 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 prove--it seemed quite possible--scant 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 Dougla.s.s, 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 peris.h.i.+ng. It was a ma.s.sacre, 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 b.a.l.l.s 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.