Chaper XII Summary and Analysis

Livingston receives a request to meet with the noted cotton trader, Percy Thomas, whom he admires but who has recently lost millions in the cotton market. Thomas proposes he and Livingston become partners, with Thomas providing information and Livingston guiding the trading. Livingston refuses because he prefers to work alone, so no-one is dependent on him and he can follow his own ideas. He hints that his downfall in the incident to come is that he can be persuaded by a brilliant mind and cogent presentation.

Percy Thomas proves an interesting and highly knowledgeable discussion companion. They discuss the cotton market, and where Livingston believes it is a bear market, Thomas believes it is a bull market. Thomas makes such a convincing presentation that Livingston starts to waver. He begins to follow Thomas' thinking, in spite of his mantra...