become a gilt-edged security. But how?

During the five crop years since the "plan" was launched on the
heights above Baden, nearly 90,000,000 bags of coffee had been
raised in the world. The bankers' committee still held 5,108,000
bags of this. At the highest estimate, consumption had exceeded
production by only 4,000,000 bags. Here was a shortage of only a
little more than ten percent in supply as against demand, so far as
crops go. Yet there had been a rise of more than one hundred
percent in two years in the price of coffee on the New York Coffee
Exchange.... Upon the merchant's ability to deliver coffee on the
New York Coffee Exchange depends the price of coffee in the world.
That explains why the bankers' committee from the beginning refused
absolutely to sell valorization coffee on the public exchanges of
the world. In Europe, they put it up at auction; and when it didn't
go, it was bought in for them. In America, they announced in a
printed circular that valorization coffee would be sold only on
condition that the purchaser would not deliver it on the New York
Coffee Exchange.

Hermann Sielcken absolutely refused to sell coffee to the merchants
on the Exchange. Arbuckle Brothers kept on buying coffee heavily,
as if they would corner the market. They resold the coffee,
however, at private sales, exacting a written contract from the
buyer that he would not deliver the coffee on the New York Coffee
Exchange, or resell it to any one that would so deliver it. The
Coffee Exchange began an investigation, but nothing ever came of
it.

Shortly after the valorization committee had apparently cleared up
$25,000,000 in one year, the restriction as to the delivery of
valorization coffee on the New York Coffee Exchange was officially
removed. Yet neither from Hermann Sielcken nor from Arbuckle
Brothers, it is charged, could one buy any coffee to deliver for
that purpose. In 1911, coffee rose to sixteen cents per pound.

At the end, it was found that the committee's holdings had been marketed
at the various sales on a basis, for Santos 4s, from eight and
five-eighths cents minimum, to the final sale here forced by the United
States government, at which time the price realized was sixteen and
three-quarter cents for Santos 4s, and fourteen cents for Rio 7s.

The one fl