n and that the
export market for oats was too strong to justify it or sustain it.

"I'll just step into the market and buy some oats," said he. "Later on
I'll sell for export at a satisfactory figure." Accordingly, one fine
morning he went into the Pit and began to buy.

The Manager's motive in attempting to sustain the market may have been
of the best; but it was the first time that such methods had been
attempted by the Grain Growers--methods which were not at all in
keeping with the avowed principles of the Company. The Board of
Control had every confidence in their Manager and, although he was
merely a salaried employee and not an executive officer, he had been
given a pretty free hand in the conduct of the Company's operations.
Apparently it did not occur to him that he should consult the Board
before entering the market on a speculative basis. Had the Board known
what he was about to do they would have vetoed it; but when they did
discover what was afoot it was too late to prevent the situation. It
developed very swiftly.

"The Grain Growers are up to the neck in May oats," was the whisper
which passed about among the other traders. That was all that was
necessary.

"Sell May oats! Sell May oats!"

On every side of the Pit they were being offered by thousands of
bushels--five--twenty-five--fifty thousand! The idea was to load up
the Grain Growers' Grain Company to the point where their line of
credit with the Clearing House would become exhausted, after which
every bushel would require a marginal deposit. Then when the Company
could carry no further burden the Clearing House would be forced to
dump back the oats onto the market, breaking it several cents per
bushel. At this lower price the traders who had obligated themselves
to make these big deliveries would buy back the necessary supply of
oats at a profit and everything would resume the even tenor of its
way--except the Grain Growers, of course. Their serviette would be
folded. Their chair would be pushed back from the table! They would
be _through_!

Up until now all the troubles of the farmers in marketing their own
grain may be said to have come from sources outside themselves; but in
the present instance they had nobody to blame but themselves for the
predicament. It arose at a time, too, when the other grain dealers
were beginning to recognize the farmers as a force in the grain
market--a force which had come to stay. It was unfortu