u assimilate more of your own theories than is ordinarily the
case. Of course, in the beginning, it was necessary to make the
statements strong in order to be convincing, but there was no
'covenant,' as you call it, and the people are not in a position to
exact an equal division unless we choose to give it to them."

"Can it be that I understand you correctly?" Gorham demanded, with
mingled indignation and amazement. "Do you mean to imply that I have not
been sincere in stating to the public the original basis upon which we
incorporated? Do you suggest that when one party to the agreement has
lived fairly up to his end of it we, the other party, should neglect to
do the same, simply because he has no access to our books and no power
to demand an accounting?"

"You are far too literal in your interpretation of my remarks,"
Litchfield protested, with some warmth. "This parallel you have drawn is
absurd on the face of it. There has been no legal agreement that we
should treat the dear public as if it were in actual partnership with
us. You have held out certain inducements which have secured for us the
concessions, and we have made good the promise you gave that our success
meant advantage to the people. But all this was a means to an end. For
five years the public has shared equally with those of us who have put
money and brains into the Consolidated Companies. No one suggests that
the people should not still continue to receive benefits, but those of
us here present are unanimous in our conviction that the time has now
come to conduct the Companies upon a strictly business basis. This is
not the age for quixotic sentimentality, and the Consolidated Companies
not only possesses the right, but the power to maintain its position
upon the same basis as other smaller and less powerful organizations.
Speaking for myself alone, I am amazed that Robert Gorham, with his
exceptional and acknowledged business acumen, should take a position
with his Executive Committee which is as disadvantageous to his own
interests as it is to the stockholders'."

No one but Gorham himself saw the mist which momentarily rose before his
eyes, yet, when it passed, his vision was clearer than it had ever been.
The men sitting around him represented the flower of the business world,
each one of whom stood before his fellow-men as a tangible expression of
honor and integrity. Yet not one was able to comprehend Gorham's
viewpoint, not one could be any