Silence had descended over their little section of the Exchange. In the near distance he could hear the shouts of other transactions, but no one among the East India traders said a word. The battle had begun, and it surely appeared to the spectators that Miguel was already defeated. Parido smiled and whispered something in the ear of a member of his combination, who answered with a hoarse laugh.
Miguel called out his price again. A few Dutchmen looked on curiously but, seeing the crowd of menacing Jews, kept their distance. Miguel had nothing to offer that was sweet enough to either entice the Portuguese Jews to defy Parido or draw the Christians to trouble themselves with what was so obviously a duel among aliens. Standing alone in the midst of a circle, Miguel looked like a lost child.
He called out once more. Again, no reply. Parido met his gaze and smiled. His lips moved silently. You’ve lost.
Then Miguel heard the call in poor Latin. “I’ll buy twenty at thirty-nine.”
Alferonda had worked his contacts among the Tudescos. One of that nation, a man whose usual trade was in the discounting of bank notes, stood forth and repeated his call. He wore black robes, and his white beard swayed as he shouted out his bid. “Twenty barrels at thirty-nine!”
“Sold!” Miguel shouted. He could not help but smile. It was not the usual trader who hoped his buyers would keep lowering his price. But his business today was to sell cheap.
“I’ll buy twenty-five at thirty-eight and a half,” cried another Tudesco, whom Miguel recognized as a dealer in unminted gold.
Miguel pushed his way through the wall of Parido’s men to acknowledge him. “Twenty-five barrels at thirty-eight and a half, sold!”
The blockade had loosened. A sell-off had begun, and Parido knew he could not stop Miguel merely by keeping his men near.
“Thirty barrels of coffee to buy,” Parido shouted in return, “at forty guilders.”
The Tudescos would be fools not to turn around and sell for an immediate profit. They had never agreed to act as Miguel’s combination, only to break the blockade, motivated by the promise that their assistance would yield its own profitable opportunities. Miguel could see that they considered selling, which would stabilize the price for Parido. Portuguese Jews stood by and waited to see which way the prices went, which faction had command. The odds surely favored Parido. The only thing he could not counter would be a general sell-off. If too many men moved to sell, he could not stem the tide alone, and the men in his combination would not sacrifice their own money for him.
Here was the pivotal moment for the coffee scheme, and the whole of the Exchange sensed it.
Miguel looked up and, unexpectedly, locked eyes with his brother. Daniel stood at the far reaches of the circle of spectators, his lips moving silently as he calculated the odds against a gen-eral sell-off. Daniel tried to look away, but Miguel would not let him go. He wanted to see that his brother understood. He wanted to see it in his brother’s eyes.
And Daniel did understand. He knew that if he chose, at that moment, to join sides with Miguel, to throw himself in with his brother, to call out a sale of cheap coffee, the scheme would succeed. The momentum from Daniel’s participation would tip the scales in Miguel’s favor. Here was the time at last in which family might rise above petty interests. Daniel might say that yes, Parido was his friend, and friendship should be honored, but family was another matter and he could not stand by while his brother faced ruin, permanent ruin-not while he had the power in his hands to prevent it.
They both knew it. Miguel could see that his brother knew it. He had asked Daniel once if he would choose his brother or his friend, and Daniel had not answered, but he would answer now. One way or another. Miguel could see from the look on his brother’s face that Daniel, too, recalled that conversation. He could see the look of shame on Daniel’s face as he turned away and allowed this coffee business to unfold without him.
A strange quiet fell within the walls. Certainly not what would have passed for quiet in any other part of the world, but for the Exchange the noise reduced to a mere din. Traders moved in close as though they watched a cockfight or a brawl.
They would get good sport, Miguel told himself. When Parido had moved to buy, he had himself given the signal for Miguel’s next move, one the parnass could not have anticipated.
“Selling coffee! Fifty barrels at thirty-six!” Joachim shouted.
Parido stared in disbelief. He had not seen Joachim arrive upon the Exchange, or perhaps he had not noticed him. Having lost his peasant’s attire, he was once more dressed like a man of means, looking every bit the Dutch trader in his black suit and hat. No one who did not know him would have guessed that a month ago he had been less than a beggar. Now he was surrounded by a crowd of buyers whose eager calls he engaged with one at a time, calm as any seasoned merchant upon any bourse in Europe.
This move had been Alferonda’s inspiration. Parido could easily assert his influence over the traders of the Portuguese Nation. Every man knew of his rivalry with Miguel, and few would willingly cross a vengeful man with a seat on the Ma’amad. Alferonda knew he would be able to encourage a few foreign Tudescos to begin the trading, but there were not enough of them to sustain the sell-off, and most would be unwilling to invest heavily in so unknown a commodity or do too much to irritate Parido. But Joachim could entice the Dutch market into seeing that this conflict was a matter of business, not some internal Portuguese contest. He could bring in the Dutch traders willing to make a profit off this new product. They might be sheepish about jumping into a fray where Jew battled Jew over a commodity hardly anyone had ever heard of, but once they saw one of their own intrepid countrymen joining in, they would fall in line lest they lose the chance to profit.
Another Dutchman called out to sell. Miguel had never seen him before. He was only some unfortunate trader who had taken a chance on coffee and now found himself caught in the crossfire. Desperate to get rid of his goods before the price dipped even further, he let his fifteen barrels go at thirty-five. Miguel was now only two guilders per barrel away from the price he needed to survive, five guilders from what he needed to defeat Parido. But even if he brought the price to thirty, he would have to keep the price stable until two o’clock, the end of the trading day.
A new man shouted out in Dutch, but his accent sounded French. Then another, this one Danish. Thirty-five. Thirty-four. Miguel need only look on and monitor. He had sold eighty barrels that he did not own. It was no matter. Far more barrels had already changed hands than the warehouses of Amsterdam could hope to house.
Now Miguel would have to wait to see how low the price went and then buy enough to protect himself. If a buyer chose, he might file an appeal so that he would not have to buy his coffee at the now-high prices of thirty-eight and thirty-nine, but that hardly mattered to Miguel. Let them keep their money. Only the price of the barrels mattered now.
Parido looked on, his face blank. He had stopped shouting orders, for one man could not buy everything, not without ruining himself. He had artificially raised the price himself, and he knew that if he bought back enough barrels at a price to bring coffee back to thirty-nine, he would surely lose a great deal of money, even if he factored in the profit of his put.
The price began to stabilize, so Miguel bought at thirty-one and then sold at once for thirty. The loss was nothing, and it set off another frenzy of selling.