n is so gigantic that it must
fall of its own weight unless every part of its structure be sound and
effective in bearing its share of the load. There is no stability where
there is lack of harmony, and what you gentlemen have said to-day shows
beyond question that radical and immediate action is imperative to
preserve to our stockholders what we have already gained for them, and
to secure the future benefits which are assured, provided the Companies
itself can act as a unit. Now, in order that we may clearly understand
the situation, will not Mr. Litchfield state specifically the criticism
implied in his remarks?"

Litchfield rose deliberately from his seat. He was the head of certain
large gas-works which the corporation had acquired in connection with
its consolidation of the lighting interests in Philadelphia.

"Before complying with Mr. Gorham's request," he began, "I wish to say
that nothing is further from my intentions than to cast aspersions
either upon our president or his motives. During the time I have served
on this committee I have been amazed by the increasing realization which
has come to me of the marvellous success he has achieved in developing
the Consolidated Companies to the point it has reached to-day. Many of
us have contributed in a smaller or greater degree to its success, but
it has been his master mind which has anticipated the conditions and
provided the means to make the most of them. But it is also true that in
doing this Mr. Gorham has, in my opinion, deliberately neglected to
secure for the Companies as large returns as might have been gained. In
the Philadelphia Lighting Company, for example, with which I am
naturally more familiar than with any of the other ramifications of the
Consolidated Companies, Mr. Gorham has voluntarily reduced the rates
when the consumers had expressed no general discontent with the former
prices. It is true that the consolidation effected great economies in
the production, but it is entirely obvious that the profits to the
company would be greater if we were receiving the full advantage of the
economies by still selling our product at the old rates. And this case
which I have cited is, I understand, a fair sample of Mr. Gorham's
policy in all other directions. I can appreciate the desirability in the
past of giving the people the advantage in a few transactions in order
to create public confidence; but to continue to make a practice of so
doing appears to me