But more especially Jadwin watched Nebraska, that State which is one single vast wheat field. How would Nebraska do, Nebraska which alone might feed an entire nation? County seat after county seat began to send in its reports. All over the State the grip of winter held firm even yet. The wheat had been battered by incessant gales, had been nipped and harried by frost; everywhere the young half-grown grain seemed to be perishing. It was a massacre, a veritable slaughter.

But, for all this, nothing could be decided as yet. Other winter wheat States, from which returns were as yet only partial, might easily compensate for the failures elsewhere, and besides all that, the Bears of the Board of Trade might keep the price inert even in face of the news of short yields. As a matter of fact, the more important and stronger Bear traders were already piping their usual strain. Prices were bound to decline, the three years, sagging was not over yet. They, the Bears, were too strong; no Bull news could frighten them. Somehow there was bound to be plenty of wheat. In face of the rumours of a short crop they kept the price inert, weak.