On the tenth of April came the Government report on the condition of winter wheat. It announced an average far below any known for ten years past. On March tenth the same bulletin had shown a moderate supply in farmers’ hands, less than one hundred million bushels in fact, and a visible supply of less than forty millions.

The Bear leaders promptly set to work to discount this news. They showed how certain foreign conditions would more than offset the effect of a poor American harvest. They pointed out the fact that the Government report on condition was brought up only to the first of April, and that since that time the weather in the wheat belt had been favorable beyond the wildest hopes.

The April report was made public on the afternoon of the tenth of the month. That same evening Jadwin invited Gretry and his wife to dine at the new house on North Avenue; and after dinner, leaving Mrs. Gretry and Laura in the drawing-room, he brought the broker up to the billiard-room for a game of pool.