THE GRIP OF THE PIT 205 



rapidly. It began to look as if they would get out 

 from under the threatening avalanche without much 

 loss, if any. 



The Company's old-time enemies apparently saw an 

 opportunity to undermine its credit at this crisis; for 

 attacks began to appear in print accusations of specu- 

 lation, of official negligence and so forth. If the Grain 

 Growers could be prevented from paying for the large 

 quantity of oats, delivery of which they would have to 

 take on May 1st to complete the export sales made 

 during the winter if they could be made to fail in 

 filling these export orders when navigation opened, 

 they would be smashed. 



But in attacking the credit of the Grain Growers, 

 these opponents overlooked the rapid increase in paid- 

 up capital and the ability of the farmers to secure 

 money outside of Winnipeg. It was not being forgotten 

 by the Grain Growers that upon the first day of May 

 there would be delivered to them over 2,200,000 bushels 

 of oats. 



When the day arrived, therefore, the money was on 

 hand to meet every contingency. Every bushel was 

 paid for immediately. Within a few weeks half of the 

 quantity was riding the waves of the Atlantic, bound 

 for the Old Country to fill part of the sales already 

 made there. 



Before long some of the grain companies which had 

 sold the oats were trying to buy them back. Had the 

 farmers' company been a speculating firm they might 

 have turned upon the market and cornered the oats 

 with a vengeance. It was one of those rare occasions 

 when a corner could have been operated successfully 

 to a golden, no-quarter finish; for the export demand 

 was sustained and the local market could have been 

 made to pay " through the nose " for its fun. 



