Chapter 30: Soaring and Plummeting

February 1, 1920.

The day of decision had dawned.

Lee Jun-hyuk arrived at the office before sunrise.

The sky outside the window was still dark, but his mind was clearer than ever.

From today, the real contest would begin.

The office was filled with the rich aroma of freshly brewed coffee, and the tense atmosphere of a command center before a battle.

“Delgado, are you ready?”

“Perfectly, Mr. Lee.”

Delgado spread a stack of documents across the table.

His eyes glinted like a beast before a hunt.

The buyer list and estimated purchase volumes he’d organized overnight were written in precise columns.

“Three major confectionery companies in New York, two distributors in Boston, one speculative fund in Philadelphia… and even a new buyer in Shanghai through Chairman Wang’s network. All standing by.”

“Daily sales?”

“If we release just 500 tons a day to the market, we can dispose of the entire stock by the end of February.”

“Good. Begin immediately.”

As Delgado bowed and hurried out, Carlos came in with a new telegram.

“Opening price on the New York market this morning.”

“How much?”

“Eighteen point five cents per pound.”

Lee Jun-hyuk nodded.

It was within the range he had anticipated.

“Soon, it’ll break twenty cents.”

“Will that be… the peak we’re aiming for?”

“Probably.”

In truth, Lee Jun-hyuk knew.

The real peak was twenty-three cents, perhaps even higher.

But if you try to reach the very tip of a mountain, you risk falling straight off a thousand-foot cliff.

“Let’s play it safe. Sell around the shoulder. Twenty cents, give or take, is more than enough.”

At that moment, Judge Mendoza entered the office with a graver face than usual.

“I have some bad news.”

The judge’s voice was low and heavy.

“I just received word. The Special Sugar Tax Act passed the session last night.”

“Already? Didn’t you say the Executive Order would come into effect at the end of March?”

“The proclamation is indeed set for the end of March. But the bill itself has already passed…”

The judge lowered his voice even further.

“This means the Government is moving faster than we thought. The President could even move the enforcement date forward by Executive Order before public backlash intensifies.”

Lee Jun-hyuk’s expression hardened, his features turning cold.

A new variable.

And the worst kind.

“How much earlier could it be pushed?”

“Even if they hurry, not before early March… but I can’t guarantee it.”

“Understood. We’ll have to move faster.”

After the judge left, Lee Jun-hyuk called Delgado in again.

“We need to increase the sales pace.”

“By how much??”

“From today, raise it to seven hundred tons per day.”

“But Mr. Lee! If we suddenly increase the supply, it could dampen the upward trend in price!”

“We have to take that risk. We’re out of time now.”

That evening, Chairman Wang arrived, face pale with urgency.

“Mr. Lee, there’s a strange rumor going around Havana Port.”

“What kind of rumor?”

“The United States Government, under the pretext of protecting domestic industry, may temporarily restrict sugar imports…”

Lee Jun-hyuk’s heart sank with a heavy thud.

This was something neither in his past life nor in his knowledge.

The massive wave he had started was now creating unforeseen currents in history.

“Is this information certain?”

“Still just a rumor. But…”

Chairman Wang’s face was full of worry.

“Merchants in Shanghai have already started canceling orders after hearing it.”

A chain reaction.

Fear is contagious.

Lee Jun-hyuk sensed it at once.

The crash could come much faster than he expected.

“Chairman Wang, sell all the sugar you have.”

“Are you certain?”

“Yes. Even if the price is a bit lower, sell it now. Immediately.”

At 10 p.m., a telegram arrived from New York.

The clatter of the telegraph split the office’s silence.

Prices soaring. STOP Breaks through 20 cents. STOP But market mood is strange. STOP Buying pressure is strong but everyone seems uneasy STOP – George

At last, it broke twenty cents.

But Lee Jun-hyuk felt no joy at all.

“Market mood is strange.” George’s animal instincts had sensed danger.

Lee Jun-hyuk wrote back immediately.

Maximize selling speed. STOP Move up target deadline from 25th to 20th. STOP Goal is to liquidate all inventory by the 20th STOP

It was the order signaling the start of the battle.

February 5.

The office was no different from a field command center.

Delgado and his team were stationed in the office almost twenty-four hours a day, cycling through calls to buyers all across the United States.

The constant ringing of telephones, the tapping of typewriters, and people’s shouts tangled together endlessly. The floor was littered with crumpled order forms and cigarette butts.

“To date, 25% of our total inventory has been sold.”

Carlos glanced over the numbers.

“Average selling price?”

“Nineteen point eight cents. Almost touching twenty.”

“Good. Continue.”

Lee Jun-hyuk calculated, staring at the massive Chart on the wall.

The speed of the rise was unnatural.

It looked like a sheer, vertical cliff.

Just then, Carlos burst in with another telegram.

Urgent. STOP It’s crazy. STOP New York breaks through twenty-one cents. STOP No sign of stopping. STOP Still climbing STOP – George

Lee Jun-hyuk glanced at the clock.

It would be afternoon in New York right now.

He closed his eyes for a moment.

He calculated countless variables in his head.

And then he quickly wrote a reply.

To George, STOP At twenty-four cents, sell everything STOP Greed beyond that. STOP Dangerous. STOP – Lee Jun-hyuk

Thirty minutes later, a reply from George arrived.

Can’t understand. STOP Why twenty-four cents. STOP Looks like twenty-five or twenty-six cents possible .STOP Market’s gone sky-high. STOP – George

Lee Jun-hyuk picked up his pen again.

He had to persuade George.

To George, STOP My analysis says twenty-four cents is the reasonable limit. STOP Higher than that is too risky. STOP The steeper the rise, the sharper the fall. STOP Take secure profits at twenty-four. STOP Trust me STOP – Lee Jun-hyuk

By evening, Delgado burst into the office, his shirt soaked with sweat.

“Mr. Lee! It’s broken through twenty-two cents! A new record!”

“Already?”

“The whole United States is in an uproar! Everyone’s ready to sell their own house just to buy sugar!”

Delgado was clutching a thick bundle of order sheets.

“Should we sell at this price? We can sell any amount right now!”

“No. Wait for twenty-four cents.”

“Wait longer? Even now, the profits are enormous!”

Delgado shouted, unable to comprehend.

“Delgado, according to my calculations, we’ll hit twenty-four cents within days.”

“We could go higher! Twenty-six, twenty-seven cents…”

“Yes. It could even reach twenty-seven cents.”

Lee Jun-hyuk looked straight into Delgado’s excited eyes.

“But we’re selling everything at twenty-four cents. That’s our target, and that’s our principle. Not a single grain more. Understood?”

At the chill and firmness of Lee Jun-hyuk’s voice, Delgado’s excitement cooled. He swallowed dryly and nodded.

***

February 10.

The price finally broke through twenty-three cents.

Only one cent away from the goal.

“Incredible speed.”

Carlos spoke with an almost enlightened expression.

“It’s already an unprecedented price in Cuban history.”

“Are you considering changing the plan? Maybe up to twenty-five cents…”

“No. The twenty-four cent target stands.”

Carlos asked no further.

No one in this office now questioned Lee Jun-hyuk’s decisions.

His word was law and truth.

***

Morning, February 12.

All the office phones began ringing at once.

“Twenty-four cents!”

Delgado shouted as he stormed in, receiver in hand.

“In New York! Just now, it hit twenty-four!”

“Finally… it’s here.”

Lee Jun-hyuk stood up from his chair.

The long-awaited moment.

He turned to all the office staff, speaking quietly but with authority.

“From this moment, sell everything.”

“As quickly as possible, but as discreetly as possible so as not to shock the market. Release every last grain we have into the market.”

***

For the next two days.

The office did not sleep for forty-eight hours.

Within a narrow price range of twenty-four to twenty-four point five cents, Lee Jun-hyuk’s hundreds of thousands of tons of sugar were carefully released into the market.

Delgado displayed astonishing skill.

Like a maestro conducting an orchestra, he cleverly dispersed the massive supply among various buyers so the price would not swing violently.

“Mr. Lee, the Boston buyer desperately wants more supply.”

Delgado reported, holding back his impatience.

“Tell them we have none.”

“Really? They’re offering to buy five thousand tons more at twenty-four point three cents. That’s a premium…”

“We have nothing left to sell.”

Lee Jun-hyuk’s voice was as firm as steel.

In fact, the warehouse was nearly empty now.

***

Evening, February 14.

The last sales order was processed.

The noise that had filled the office vanished as if it had been a lie.

Everyone held their breath, eyes on Carlos’s hand as he compiled the final numbers.

“It’s done.”

Carlos, voice trembling, handed over the final report.

“All inventory sold. Average price, twenty-four point two cents.”

Everyone swallowed dryly.

“Total. The total profit…”

Lee Jun-hyuk asked.

“Total pre-tax revenue: twenty-six point eight million dollars.”

A heavy silence descended on the office.

Everyone was so overwhelmed by the unreal number, no one could speak.

“Twenty-six… twenty-six point eight million… dollars…”

Jose muttered, stammering like a child in disbelief.

“Heavens above…”

“It reminds me of when we started.”

Judge Mendoza spoke in a nostalgic tone.

“Just over a year ago, an Oriental youth came to Cuba with fifty thousand dollars in hand…”

“It was possible only with everyone’s help.”

Lee Jun-hyuk replied humbly.

But his heart was pounding madly.

Relief, accomplishment, even awe toward himself.

“It’s done. Now, no matter what happens, we’re safe.”

***

February 15.

The market acted as if it didn’t notice Lee Jun-hyuk’s absence.

The price broke through twenty-five cents and kept rising.

“Mr. Lee!”

Delgado burst in, looking regretful.

“Twenty-five point five cents! It keeps going up even after we sold everything!”

“I expected as much.”

Lee Jun-hyuk answered calmly, sipping tea in his study.

“Don’t you regret it? If we’d waited just one more day, we could have made hundreds of thousands more…”

“Not at all. We’ve earned more than enough. Human greed is endless.”

By afternoon, the price finally broke through twenty-six cents.

The market had lost all sense and was swept into a frenzy.

Another urgent telegram arrived.

Lee Jun-hyuk STOP Everyone’s crazy STOP Records twenty-six point five cents STOP Still climbing STOP Are we headed for thirty cents STOP – George

Lee Jun-hyuk quickly wrote a reply.

To George, STOP Did you hold back any personal supply STOP – Lee Jun-hyuk

A reply came soon after.

None. STOP As you said, sold everything at twenty-four cents. STOP In hindsight I regret a bit, but you saved me STOP – George

Lee Jun-hyuk sent one last telegram.

Well done. STOP Big change coming soon. STOP Brace yourself STOP – Lee Jun-hyuk

***

February 16.

Early in the morning, Chairman Wang visited again.

Awe was written on his face.

“Mr. Lee… you are truly remarkable.”

“What do you mean…”

“Yesterday, the price closed at exactly twenty-seven cents. The very number you predicted.”

Chairman Wang marveled.

“How could you have known so precisely?”

“I was just lucky.”

“That’s not luck. You’re like the god of the market.”

Around midday, this time Leonardo rushed in.

“Mr. Lee, something’s wrong.”

“What is it?”

“Just now in London, rumors say a massive sell order went out.”

Leonardo’s expression was grim.

“Word is, the United Kingdom Government has begun releasing its stockpiled supply into the market.”

Lee Jun-hyuk checked the time.

1 p.m.

“So it begins.”

“Carlos, gather all key staff in the office immediately.”

“Pardon? For what…”

“A great wave is coming. We need to prepare them in advance.”

By 2 p.m., the farm office was filled with key staff.

Delgado, Carlos, Jose, and several other managers. Their faces full of confusion.

“Why did you call us so urgently, Mr. Lee?”

Delgado asked.

“A huge change is about to hit the market.”

Lee Jun-hyuk spoke gravely.

“What kind of change?”

“The price is about to fall. Maybe… very sharply.”

Everyone was shocked.

“But it just hit twenty-seven cents yesterday. Why now…”

“That’s why it’s even more dangerous.”

Lee Jun-hyuk explained.

“It rose too fast, too high. Every party has an end.”

Right then, Carlos burst in, nearly screaming, telegram in hand.

His face was as white as a sheet of paper.

Urgent… urgent telegram!

New York price crash begins. STOP From twenty-seven cents down to twenty-four in one hour. STOP – AP News

The office was in an uproar.

“How… how can this be…”

“This is only the beginning.”

Lee Jun-hyuk said calmly.

His voice alone remained serene amid the chaos.

“Don’t panic. Everyone, do your jobs. We’re already safe.”

By 4 p.m.

Another telegram arrived.

Lee Jun-hyuk. STOP Price collapses to twenty-two cents. STOP Everyone’s desperate to sell. STOP Only sell orders pouring in, but no buyers STOP It’s a freefall STOP – George

Towards evening, Chairman Wang returned, face pale again.

“Mr. Lee… how could this happen…”

“What’s going on?”

“Some members of the Chinese Merchants’ Association… ignored my warning and got greedy.”

Chairman Wang sighed deeply.

“They thought it would go higher from twenty-seven cents… Now it’s dropped to twenty, and they can’t even sell, just wringing their hands…”

“That’s unfortunate.”

“You truly… seem able to see the future.”

9 p.m.

That day’s final price closed at eighteen cents per pound.

From twenty-seven to eighteen cents in a single day. A drop of over thirty-three percent—an unprecedented crash in history.

“I’ve never seen a crash like this in my life.”

Judge Mendoza shook his head, looking at the newspaper.

“Countless people will be thrown out onto the streets.”

“That’s why greed is so frightening.”

Lee Jun-hyuk spoke quietly.

The next morning.

Delgado burst into the office, face brimming with excitement.

“Mr. Lee! You’re a genius! No, a god!”

“What’s happened?”

“My friends—they all envy me for working under you!”

Delgado unfolded the newspaper.

The front page headline caught his eye.

‘Black Tuesday’ Sugar Crash—Countless Speculators Bankrupted!

From twenty-seven to fifteen cents, the worst crash in history.

Overnight, the price had collapsed to fifteen cents.

“People say it’s a miracle we sold exactly at twenty-four cents!”

“It was just luck.”

“It wasn’t!”

Delgado insisted, his voice filled with conviction.

“Mr. Lee, you named exactly twenty-four cents. Predicted it would go to twenty-seven, and knew the crash would come right after. How on earth…”

Lee Jun-hyuk simply smiled.

“What will you do now?”

Carlos asked.

His eyes were full of utter respect.

“Now that it’s crashed, will you buy it all back for cheap?”

“No.”

Lee Jun-hyuk stood up and looked out the window.

“It’s time for me to leave Cuba.”