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I remember that one of the side-issues of the disaster created at that stage far deeper impressions than the catastrophe itself. With the failure of the American supplies over a huge area, the Wheat Pit became convulsed with an outbreak of gambling such as had never been seen before. Chicago went crazy; and legitimate business gave place to a fury of speculation which grew ever more intense as the news came in of further extensions of the devastated areas. Before the Blight appeared in America, December wheat had been offered at 233¼; but in the earlier stages of the game of speculation it rushed up to 405: and before the end came it was dealt with at prices which were purely illusory, since they corresponded to nothing tangible in commodities. Thousands of bears were ruined in the preliminary moves; and in the end the whole machinery of the Pit was brought to a standstill owing to there being no sellers.

Of course that series of transactions had no real influence upon the course of events; but the public, both here and in America, failed to see this; and the bitterest feelings found vent concerning “gambling in the food of the people.” It is quite possible that the anger uselessly expended on this subject served to keep the public from concentrating their attention upon the real problem of the world shortage. Huge quantities of wheat were dealt with on paper; and the people, being unfamiliar with the methods of Chicago speculation, assumed that these enormous transactions actually represented the transfer of millions of bushels of real grain from seller to buyer. The sharp upward trend of flour and bread prices at home served to confirm their impression that the gambling in the Pit was responsible for their troubles; and Rodman’s attempt—which was practically successful—to corner wheat, led to violent criticism and even, at one time, to an effort to lynch him.