es in conception and operation.

"We are accused of discrimination, Mr. Gorham," the President
explained, after the first greetings. "You and I have discussed the
Consolidated Companies upon various occasions; I have watched its
operations carefully, and I am free to say that my early apprehensions
have thus far proved groundless. I believe that I have acted
conscientiously in pushing the investigations and prosecutions against
those combinations which are really a menace to the country; but there
are some who disagree with me, and flaunt the Consolidated Companies in
my face as an evidence of insincerity on my part. I have asked you and
Senator Kenmore to meet me here this afternoon, to talk over the
question quite informally with the senator from New York and with the
Attorney-General."

"I appreciate the opportunity, Mr. President," Gorham replied, quietly.

"Then we are all ready for the discussion," said the President, touching
a button. "They are waiting--I will send for them."

Upon the arrival of the others, he repeated to them what he had said to
Gorham, and then, settling back in his chair, became an interested
listener, leaving Gorham and the senator from New York as the principal
disputants, with Kenmore and the Attorney-General joining in the
argument from time to time.

"Do I understand that Mr. Gorham speaks for the Administration in this
matter?" asked Senator Hunt, with some asperity.

"I speak for the Consolidated Companies, and for that alone," Gorham
replied, promptly.

"Then you will perhaps explain why your corporation, the largest trust
in existence to-day, is immune, while other trusts are being persecuted
to the extent of the Government's power."

"I am not authorized to answer any question which has to do with the
Government," Gorham continued; "but it may be that it is due to the same
reason that some of the 'other trusts' you mention are not as yet
incorporated as a part of the Consolidated Companies."

"Then they have been approached?" the Senator asked, quickly.

"Several of them have approached us; but they have thus far been
unwilling to accept the principles upon which the Consolidated Companies
is founded."

"You refer to its alleged benevolent aspect?"

"Yes, if you choose to call it that," Gorham replied, smiling. "We
prefer to call it reciprocity. If we receive favors in the form of
concessions from the people, we believe it to be not only fair, but also
sound business