THE GRIP OF THE PIT 195 



child's play; rather is it a severe strain even upon 

 those who know every trick, every firm and the char- 

 acter of its dealings, every trader and his individuality, 

 his particular methods who know every sign and its 

 meaning, who can read the coming shout by the first 

 movement of the lips. And always, in and out, are 

 darting the telegraph messenger boys with yellow slips 

 that cause upheavals. 



" Why don't they take their time and do their trading 

 more quietly and systematically?" ventures Friend 

 Wife up in the gallery. 



" And lose a cent a bushel while they're turning 

 around, eh ?" laughs Friend Husband. " On a hundred 

 thousand bushels that'd only be a thousand dollars. 

 Of course that's mere car-fare!" 



The dear old lady from the quiet eddies of Shelter- 

 ville is shaking her head in disapprobation and com- 

 muning with herself upon the iniquities of gambling. 



" My, oh my ! What won't men do for money ! Jt-jt ! 

 Just look at 'em! Fightin' like that for money they 

 ain't earnt ! An' that nice lookin' young feller with the 

 intelligent gold specs! Dear me, it's enough to make 

 a body sad!" 



She could not know that but comparatively few of 

 the traders below were representatives of brokerage 

 firms which were trading on margins for speculating 

 clients that most of the traders were negotiating 

 legitimate deals in futures for firms who actually had 

 the grain for sale, for exporters who would take 

 delivery of the actual wheat for shipment, for milling 

 companies who would grind it into actual flour. 



Because trading for delivery in future months affords 

 opportunity for speculation, it is not to be condemned 

 necessarily. It is the balance wheel which steadies the 



