Oh, the folly of it! This passion and greed for wealth.

"Market advanced through operations of a few weak French speculators"--so
read our cable. It seemed to us that their strength was far more in
evidence than their weakness, indeed of the latter we could detect
no sign. They had by their purchases advanced the market already
fifteen or twenty per cent and they continued buying in all the
world's markets, at advancing prices, everything that was offered.

The increased price was commencing to tell on consumption. Dealers
and consumers ceased buying until their surplus stocks had become
exhausted, and then bought in small lots only as they were compelled
to. Meanwhile, stocks in the hands of the syndicate were accumulating
rapidly with no visible outlet for reducing them.

A feature in the trade which alone should have been sufficient to
prevent men of brains from going into such an operation was that
the production could not be contracted for in advance. The high
price stimulated production and day after day the syndicate had to
buy in the producing markets large quantities at current prices.
These purchases at such high figures rapidly increased the average
cost of the holdings.

The market advanced by leaps and bounds, until finally the price
in London reached one hundred and sixty-seven pounds sterling per
ton, with an equivalent value in all other markets. This represented
an advance of more than one hundred per cent.

Then the members of the syndicate awakened from their pleasant
dream to find a nightmare.