The Pit · Chapter
Chapter X explained
Jadwin and Gretry discuss the precarious financial state of the wheat corner, with Gretry warning that the new harvest and rising prices are straining their resources.
What happens
Jadwin and Gretry discuss the precarious financial state of the wheat corner, with Gretry warning that the new harvest and rising prices are straining their resources. Jadwin defiantly plans to mortgage all his real estate to raise funds and drive wheat prices higher. Meanwhile, Laura and Page argue about Laura's lack of interest in her husband's business, with Page defending Landry's dedication. Laura reflects on the tragedy of Cressler's suicide and her own resolve to prioritize love over financial concerns. Jadwin later receives news that foreign markets reject his wheat offers, signaling the corner's collapse. On Laura's birthday, Page announces her engagement to Landry Court.
Themes in this chapter
Speculation and Greed
Jadwin's reckless determination to corner the wheat market, mortgaging everything to sustain the corner, illustrates the destructive power of speculative greed.
Love and Marriage
The conflict between Laura and Page highlights differing views on marital duty and support, with Page advocating for active involvement in a spouse's work.
The American Dream and Its Costs
Jadwin's pursuit of immense wealth through the wheat corner leads to personal and financial ruin, reflecting the high price of ambition.
Characters to notice
- Curtis Jadwin
Determined to fight the bear clique, he plans to mortgage all his properties to raise funds and drive wheat prices higher, ignoring Gretry's warnings.
- Samuel Gretry
Jadwin's broker, who warns of the financial strain and the danger of the Pit turning against them, but ultimately agrees to support Jadwin's aggressive strategy.
- Laura Jadwin
Feels neglected by Jadwin's obsession with speculation, argues with Page about her lack of interest in her husband's business, and reflects on Cressler's suicide.
- Page Dearborn
Defends Landry Court's dedication to his work, criticizes Laura for not supporting Jadwin, and announces her engagement to Landry.
- Landry Court
Mentioned as being busy and brave in the Pit, and is engaged to Page Dearborn.
- Charles Cressler
His suicide is recalled by Laura, highlighting the human cost of speculation.
Key passages
“The moment we admit that we can’t buy all the wheat that’s offered, there’s the moment we bust.”
If we stop buying all the wheat, we'll go bankrupt immediately.
Gretry warns Jadwin of the precariousness of their position.
“I’ll run wheat up so high before the next two days, that the Bank of England can’t pull it down.”
I'll drive wheat prices so high that even the Bank of England couldn't lower them.
Jadwin's overconfident declaration of his strategy.
“What do I care about wheat—about this wretched scrambling for money.”
I don't care about wheat or this desperate pursuit of money.
Laura expresses her disdain for her husband's speculative activities.
“I’d put my two hands into the fire to help him.”
I would endure great hardship to support him.
Page's passionate defense of her commitment to Landry.