`The Pit' is a story of speculation on the price of wheat in the Chicago wheat exchange (the `Pit') at a moment when agriculture was the main industry in the world.
As Frank Norris tells us: speculation `is a matter of life and death', not for the speculators (`the fellows in the Pit don't care about the grain'), but for the farmers and the world population, because the speculators `say just how much the peasant shall pay for his loaf of bread. If he can't pay the price, he simply starves.'
The price is also vital for the world economy: `Because of some sudden eddy spinning outward in the middle of the Pit's turmoil, a dozen bourses of continental Europe clamored with panic, a dozen Old-World banks trembled.'
An `Unknown Bull' succeeds in cornering the wheat market sending the price to dizzying heights. But his greed is also his fall. The high prices attract farmers all over the world to grow a bumper crop: `It was as if the Wheat, Nourisher of the Nations, as it rolled gigantic and majestic in a vast flood from West to East, here, like a Niagara, finding its flow impeded, burst suddenly into the appalling fury of the Maëlstrom.'
The rough and tumble of the `Pit' is paralleled by a story about an innocent maiden. She also chooses the speculator, `always cruel, selfish, pitiless, the fighter, rigorous, panoplied in the harness of the warrior', instead of the artist `and his cult of the beautiful, soft of hand and speech, refined, sensitive and temperamental.'
This novel, whose subject is still very topical, is sometimes not without a certain sentimentality and theatricality. But it should not be missed.