nderful system of subsidiary companies, and
their holdings of wheat throughout the country are enormous,--all bought,
mind you, at much below to-day's price. If they were to realise to-day,
they'd realise an enormous profit. Personally, it seems to me that
they've made their money and they can realise practically when they like.
The price of wheat can't slump sufficiently to put them in Queer Street."

"The price of wheat is coming down, though, and coming down within the
next ten days," Wingate pronounced.

Kendrick stretched out his hand towards the cigarettes and passed the box
across to his friend.

"Why do you think so?" he asked bluntly. "According to accounts, the
harvests all over the world are disastrous. There is less wheat being
shipped here than ever before in the world's history. I can conceive that
we may have reached the top, and that the price may decline a few points
from now onwards, but even that would make very little difference. I
can't see the slightest chance of any material fall in wheat."

"I can," Wingate replied. "Don't worry, Ken. No need to dash into the
business like a Chicago booster. Just go at it quietly but
unwaveringly. I suppose a good many of the B. & I. commissions are
still open, and there's bound to be a little buying elsewhere, but I'm
a seller of wheat, too, wherever there's any business doing. Wheat's
coming down; so are the B. & I. shares. I'm not giving you verbal
orders. Here's your warrant."

He drew a sheet of note paper towards him and wrote a few lines upon it.
Kendrick blotted and laid a paper weight upon it.

"That's one of the biggest things I've ever taken on for a client,
Wingate," he said. "You won't mind if I venture upon one last word?"

"Not I," was the cheerful reply. "Go right ahead."

"You're sure that Phipps hasn't drawn you into this? He's a perfect devil
for cunning, that man, and he's simply been waiting for your coming. I
think it was the disappointment of his life when you first came down to
the City and left him alone. You've shown wonderful restraint, old chap.
You're sure you haven't been goaded into this?"

Wingate smiled.

"Don't you worry about me, Ken," he begged. "Of course, in a manner of
speaking, this is a duel between Phipps and myself, and if you were to
ask my advice which to back, I don't know that I should care to take the
responsibility of giving it. At the same time, I'm out to break Phipps
and I rather think this time I'm g