you meant to cover now."

"That," admitted Hawtrey, "was in my mind."

"Then," remarked his companion, "it's a pity."

Hawtrey leaned upon the table with hesitation in his face and attitude.
He had neither the courage nor the steadfastness to make a gambler, and
every fluctuation of the market swayed him to and fro. He had a good
deal of wheat to deliver by and by, and he could still secure a very
desirable margin if he bought in against his sales now. Unfortunately,
however, he had once or twice lost heavily in an unexpected rally, and
he greatly desired to recoup himself. Then, he had decided, nothing
could tempt him to take part in another deal.

"If I hold on and the market stiffens further I'll be awkwardly fixed,"
he declared. "Wyllard made a will, and in a few months I'll have to hand
everything over to his executors. There would naturally be unpleasantness
over a serious shortage."

Edmonds smiled. He had handled his man cleverly, and had now a
reasonably secure hold upon him and the Range, but he was far from
satisfied. If Hawtrey made a further loss he would in all probability
become irretrievably involved.

"Then," he pointed out, "there's every reason why you should try to get
straight."

Hawtrey admitted it. "Of course," he said. "You feel sure I could do it
by holding on?"

Edmonds seldom answered such a question. It was apt to lead to
unpleasantness afterwards.

"Well," he said, "Beeman, and Oliphant, and Barstow are operating for a
fall. One would fancy that you were safe in doing what they do. When men
of their weight sell forward figures go down."

This was correct, as far as it went, but Edmonds was quite aware that
the gentlemen referred to usually played a very deep and obscure game.
He had also reasons for believing that they were doing it now. It was,
however, evident that Hawtrey's hesitation was vanishing.

"It's a big hazard, but I feel greatly tempted to hang on," he said.

Edmonds, who disregarded his remark, sat smoking quietly. Since he was
tolerably certain as to what the result would be, he felt that it was now
desirable to let Hawtrey decide for himself, in which case it would be
impossible to reproach him afterwards. Wheat, it seemed very probable,
would fall still further when the harvest began, but he had reasons for
believing that the market would rally first. In that case Hawtrey, who
had sold forward largely, would fall altogether into his hands, and he
looked forwar