ed in his own mind, and
for which he demands so great a recompense. The Consolidated Companies
considers itself bound to use franchise privileges and corporate
organization for the equal benefit of all those who contribute of their
capital, with due regard for those public interests which corporations
are created to serve, and to rest content with a fair return upon its
own capital and a reasonable compensation for their services, on the
part of the officers of the enterprises of which it assumes the
responsibility and direction."

"How long do you think the Consolidated Companies can be run upon such
altruistic principles?"

"As long as Robert Gorham remains its president and as long as those men
whose names you have seen there remain its directors. This is my pledge.
When the Consolidated Companies, intrusted with the power, credit, and
resources of the many corporations which are and will be included in
it, but which are not agencies of its own creation and do not belong to
it, begins to take advantage of these for personal profit beyond
legitimate return upon investment and fair compensation for services
rendered, it will be guilty of a gross betrayal of trust. When it issues
securities in excess of the requirements of its business and manipulates
them for its own profit; when it makes use of its power, its funds, or
its credit in enterprises which are not for the equal benefit of all who
have contributed to its capital or in the interest of the public, which
gives it its power; when it employs its profits so as to affect the
market value of securities and then speculates in these for its own
advantage,--then it will be flagrantly abusing a power which has been
given to it in trust, and its unique position in the business world will
be destroyed."

There was another long silence, which this time was not broken until the
Senator was quite ready to speak. When the moment came the question was
asked abruptly:

"How much can you consistently tell me of any of the corporation's
transactions? I know of them, of course, by hearsay, but I should be
glad to receive more intimate information."

"Nothing, without assurances of your serious interest, provided I can
demonstrate to your satisfaction the strength of the facts I have
mentioned; everything when you care to give me these assurances."

The Senator winced. He had expected to meet a man with whose type he was
perfectly familiar, to explain to him that the private