The hand of every man in the trade throughout the world was raised
against them. They were in the meshes of an endless chain. For
every ton they could sell they must buy five, or more, in order to
sustain the price. If they stopped buying, even for a single day,
the bottom would drop out. What was to be done?

In Wales was an industry, comprising many mills, that in the aggregate
consumed large quantities of the article. The business had become
almost paralyzed by the advance, and many mills were about to or
had closed down. A representative of the syndicate communicated
with all these mills and negotiated a contract for supplies covering
requirements to April 30th, 1888.

The only possible way of making such a contract was by guaranteeing
that the spot market should not fall below the price then ruling.
This meant that every day the syndicate must bid (pounds)167 per ton for
all the spot stuff the market would sell--but, it stopped buying
futures. As fast as the stuff could be brought to market it had to
take it, but only as it arrived.

That was the first step. But there was still an enormous stock to
be disposed of, together with all that would have to be taken, up
to the end of April. How was that to be sold?

Our London friends had fought the syndicate from the start with
the utmost vigor. The plan of campaign was to load them with such
quantities that the burden must become too heavy to carry.

The London firm usually carried a large spot stock. This was poured