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Phillips, David Graham, 1867-1911

"The Deluge"

All I shall say is that it was
business, that in such extreme and dire compulsion as was mine, it was--and
is--right under the code, the private and real Wall Street code.
You can imagine the confused mass of transactions in which I was involved
before the Stock Exchange had been open long. There was the stock we had
been able to buy or get options on at various prices, between the closing
of the Exchange the previous day and that morning's opening--stock from all
parts of this country and in England. There was the stock I had been buying
since the Exchange opened--buying at figures ranging from one-eighth above
last night's closing price to fourteen points above it. And, on the debit
side, there were the "short" transactions extending over a period of nearly
two months--"sellings" of blocks large and small at a hundred different
prices.
An inextricable tangle, you will say, one it would be impossible for a
man to unravel quickly and in the frantic chaos of a wild Stock Exchange
day. Yet the influence of the mysterious state of my nerves, which I have
described above, was so marvelous that, incredible though it seems, the
moment the Exchange closed, I knew exactly, where I stood.


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