ith the
particular grade of business "morality" permeating those possessed of
opportunity and fortified by responsibility. Covington was never able to
reconcile Gorham's willingness to do business with men of this stamp,
and the apparent personal stand which he took against both their
practices and their methods.

"It is all perfectly consistent," Gorham assured him on more than one
occasion. "It is often necessary to walk through filth and slime in
order to reach high ground. It is a serious fault in our business system
that these crimes can be committed, but the Consolidated Companies is
not responsible for the system. To accomplish its own high ends, the
Companies must possess itself of certain properties. These properties
are at present in the hands of dishonest stewards, but these same
dishonest stewards are legally authorized to sell them. The Companies
buys, therefore, from those who have to sell, and its moral
responsibility begins only upon its acquisition."

The transaction, large as it was, proved not a lengthy one. The
franchise was formally made over to the Consolidated Companies, and the
controlling stock in the New York Street Railways Company changed
ownership. Properly certified checks for the franchise and for the stock
were duly delivered into Brady's hands, and the business of the
conference seemed to be completely settled to the satisfaction of all
concerned. Still, Mr. Gorham and those who had come with him showed no
disposition to depart.

"There ain't anything more, is there?" asked Brady, eager to terminate
the conference, "except to congratulate the Consolidated Companies on
acquirin' a damned valuable property."

"Only a little more," Gorham replied, quietly. "I have asked my friends,
Mr. Littleton and Mr. Graham, to be present this morning, as I found
that they, like the other and smaller stockholders, had very little
knowledge of how their affairs were being handled for them by their
directors. They have received their dividends regularly and promptly and
were satisfied."

"What in hell is this a preamble to?" Brady whispered to Harris. "My
nerves ain't quiet yet, even with the cash in my jeans."

But Gorham was still talking in the same low, quiet voice.

"These gentlemen," he was saying, "have honored the Consolidated
Companies by becoming stockholders, so I thought it might be
illuminating for them to be present at this conference, which will
serve, I believe, as well as any to d