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Phillips, David Graham, 1867-1911

"The Deluge"

I know now that the new interests had in fact
crowded the things down town far into the background, had impaired my
judgment, had suspended my common sense; but I had no inkling of this then,
The most important matter that was occupying me down town was pushing
Textile up toward par. Langdon's doubts, little though they influenced me,
still made enough of an impression to cause me to test the market. I sold
for him at ninety, as he had directed; I sold in quantity every day. But no
matter how much I unloaded, the price showed no tendency to break.
"This," said I to myself, "is a testimonial to the skill with which I
prepared for my bull campaign." And that seemed to me--all unsuspicious as
I then was--a sufficient explanation of the steadiness of the stock which I
had worked to establish in the public confidence.
I felt that, if my matrimonial plans should turn out as I confidently
expected, I should need a much larger fortune than I had--for I was
determined that my wife should have an establishment second to none.
Accordingly, I enlarged my original plan. I had intended to keep close
to Langdon in that plunge; I believed I controlled the market, but I
hadn't been in Wall Street twenty years without learning that the worst
thunderbolts fall from cloudless skies.


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