to be unnecessary and, I may say, unbusinesslike."

After Litchfield sat down Gorham called upon several others, some of
whom expressed themselves, with more or less frankness, along the same
line.

"Then it all sums itself up in this," he said at length, after having
invited remarks from those who cared to take part in the discussion:
"Your president has been guilty of not making the most of the
opportunities which he himself has created."

This seemed to be the sense of the meeting.

"Then let me ask a few questions," continued Gorham. "Mr. Litchfield has
told us of the reduced cost of production in his plants as a result of
our consolidation. Will he not further state how great that economy is?"

"Thirty-three and one-third per cent.," was the prompt reply.

"And we have reduced the rate how much?"

"Fifteen per cent."

"How much has the business increased during the past year?"

"About twenty per cent."

"And the balance-sheet shows what as to profits?"

"About twenty-five per cent. larger than any previous year."

"In spite of the reduced rates," Gorham added, significantly.

"But they would have been larger still if the old rates had prevailed,"
Litchfield insisted.

"I cannot agree with you," Gorham said, firmly. "Your concern had been
standing still for six years when we took hold of it--the business had
even gone backward the last year--yet in two years' time, under our
administration, it shows a gross gain of thirty-three and one-third per
cent. and a net gain of twenty-five. I am enlarging on Mr. Litchfield's
case because, in a measure, it is an answer to you all, and a full
justification of the basis upon which I have rested and shall continue
to rest the operations of the Companies. It has been my pride that it
was possible to administer the affairs of this corporation in such a way
that not only could we boast that during the five years of our business
existence we had lived up to the principles on which we originally
built, but also that we have proved it a sound financial proposition.
Never before in the history of the world has any body of men associated
themselves in business with the avowed purpose of making their
organization an advantage to the people, without either failing signally
in their undertaking or proving themselves false to their
responsibilities. We have reached a point where failure is impossible;
we find ourselves receiving greater returns upon our investment than is
y