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Phillips, David Graham, 1867-1911

"The Deluge"

I fancied he was actually
about to put me where I could be of the highest usefulness to him and his
associates, as well as to myself. As if an old man ever yielded power or
permitted another to gain power, even though it were to his own great
advantage. The avarice of age is not open to reason.
It was with tears in my eyes that I shook hands with him, thanking him
emotionally. It was with a high chin and a proud heart that I went back
to my offices. There wasn't a doubt in my mind that I was about to get my
deserts, was about to enter the charmed circle of "high finance."
That small and exclusive circle, into which I was seeing myself admitted
without the usual arduous and unequal battle, was what may be called the
industrial ring--a loose, yet tight, combine of about a dozen men who
controlled in one way or another practically all the industries of the
country. They had no formal agreements; they held no official meetings.
They did not look upon themselves as an association. They often quarreled
among themselves, waged bitter wars upon each other over divisions of
power or plunder. But, in the broad sense, in the true sense, they were
an association--a band united by a common interest, to control finance,
commerce and therefore politics; a band united by a common purpose, to keep
that control in as few hands as possible.


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