me, Mr. Hodder, that you put
yourself in a more quixotic position than the so-called reformers when
you assume that the men who organize a company in good faith are
personally responsible for every share of stock that is sold, and for
the welfare of every individual who may buy the stock. We force no one
to buy it. They do so at their own risk. I myself have thousands of
dollars of worthless stock in my safe. I have never complained."

The full force of Hodder's indignation went into his reply.

"I am not talking about the imperfect code of human justice under which
we live, Mr. Parr," he cried. "This is not a case in which a court of
law may exonerate you, it is between you and your God. But I have taken
the trouble to find out, from unquestioned sources, the truth about the
Consolidated Tractions Company--I shall not go into the details at
length--they are doubtless familiar to you. I know that the legal genius
of Mr. Langmaid, one of my vestry, made possible the organization of the
company, and thereby evaded the plain spirit of the law of the state.
I know that one branch line was bought for two hundred and fifty thousand
dollars, and capitalized for three millions, and that most of the others
were scandalously over-capitalized. I know that while the coming
transaction was still a secret, you and other, gentlemen connected with
the matter bought up large interests in other lines, which you proceeded
to lease to yourselves at guaranteed dividends which these lines do not
earn. I know that the first large dividend was paid out of capital. And
the stock which you sold to poor Garvin was so hopelessly watered that it
never could have been anything but worthless. If, in spite of these
facts, you do not deem yourself responsible for the misery which has been
caused, if your conscience is now clear, it is my duty to tell you that
there is a higher bar of justice."

The intensity of the fire of the denunciation had, indeed, a momentary
yet visible effect in the banker's expression. Whatever the emotions
thus lashed to self-betrayal, anger, hatred,--fear, perhaps, Hodder could
not detect a trace of penitence; and he was aware, on the part of the
other, of a supreme, almost spasmodic effort for self-control. The
constitutional reluctance of Eldon Parr to fight openly could not have
been more clearly demonstrated.

"Because you are a clergyman, Mr. Hodder," he began, "because you are
the rector of St. John's, I have allowe