I have spent a considerable portion of my time since I arrived in England studying this matter, and this is the conclusion at which I have arrived." "My dear Mr.Wingate, one moment," Phipps intervened.

"The magnitude of our operations in wheat has been immensely exaggerated.

We are not abnormally large holders.

There are a dozen firms in the market, buying." "Those dozen firms," was the swift reply, "are agents of yours." "That is a statement which you cannot possibly substantiate," Phipps declared irritably.

"It is simply Stock Exchange gossip." "For once, then," Wingate went on, "Stock Exchange gossip is the truth." "My dear Mr.Wingate," Phipps expostulated, "if you will discuss this matter, I beg that you will do so as a business man and not as a sentimentalist.