ielded by any other organization in existence. Can it be possible that
there is one man among us who wishes to take away from the Companies the
unique position which it has now gained?"

It was evident that Litchfield had been appointed the spokesman for the
committee, as he immediately assumed the responsibility of replying to
Gorham's remarks.

"May I not ask our president if he does not overestimate the importance
of standing up so straight that there is danger of falling over
backward? There is no difference of opinion as to the commercial value
of the great asset which he has established for the Companies, in so
completely winning the confidence of the people at large as well as
those who hold high positions of trust. We should stultify ourselves
were we to take any such stand, for the profits of the Companies are an
irrefutable argument. The question before us, then, is not one of fact,
but rather of degree. Why should we spend these further millions to gain
that which we have already secured? We should still so administer the
affairs of the Companies as to hold this great advantage, but I maintain
that we should pay no more to hold it than is absolutely necessary."

Gorham glanced around to see if any one else was disposed to add to what
Litchfield had said, but the silence which prevailed indicated more
clearly than words that the speaker had expressed the consensus of
opinion.

"I am waiting for some one to remind Mr. Litchfield that he has
overlooked, in his statement, a fact which possesses vital
significance," Gorham said at length. "The Consolidated Companies has
received from the people concessions which it has succeeded in making
immensely valuable. It has accepted these concessions in trust upon the
distinct understanding that those who gave them should receive equal
benefit. So far, this trust has been religiously observed. Every dollar
of profit which the stockholders have divided represents a like amount
paid back to those to whom it belongs. To pay them less would be not
only a breach of faith, but would be to retain that which does not
belong to us. It is not for Mr. Litchfield or for me to determine the
amount--the proportion has already been settled by our original
covenant."

Litchfield moved uneasily in his chair as Gorham ceased speaking.

"You put it in rather a disagreeable form, Mr. Gorham. Perhaps the fact
that you have been talking this side of the enterprise for so long has
made yo